K33: The sustained selling pressure from long-term Bitcoin holders appears to be nearing saturation.

According to ME News, on December 17th (UTC+8), Vetle Lunde, Head of Research at K33, pointed out in a report dated December 16th that the supply of unspent transaction outputs held for more than two years has been steadily declining since 2024. During this period, approximately 1.6 million Bitcoins (worth $138 billion at current prices) have been reactivated, indicating continued on-chain selling by early holders. 2024 and 2025 will be the second and third largest years in Bitcoin history in terms of long-term supply reactivation, second only to 2017. Vetle Lunde believes that unlike previous cycles driven by Altcoin trading, ICO participation, and protocol incentives, the current wave reflects direct selling, primarily attributed to the ample liquidity created by US spot Bitcoin ETFs and substantial corporate funding needs. Vetle Lunde stated that he expects on-chain selling pressure to near saturation, and that with reduced selling by early holders and the emergence of net buying demand, Bitcoin's supply will end its two-year decline and surpass its current level of approximately 12.16 million Bitcoins by the end of 2026. (Source: ME)