According to CryptoQuant, the share of Bitcoin held for at least 18 months in realized capital reached 26.98% on September 16, its highest level since mid-November 2024. The platform notes that a decline in this share after rising has historically preceded strong rallies, although the trend remains modest and would signal only the beginning of a bullish cycle. Only the cohort of coins held for between 18 months and two years is currently in net loss, with a cost basis of $93,193, while older cohorts remain collectively in profit. Galaxy Digital describes this bear market as the “shallowest” on record, with a maximum drawdown of 53%, and reports that 1.11 million BTC dormant for at least five years were absorbed by ETFs and digital asset treasury companies, with monthly distribution volume falling to 34,000 BTC in 2026.
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