K33: Long-term Bitcoin holders account for a record high bear market or is coming to an end

On June 17, K33 's latest report pointed out that Bitcoin has rebounded by about 6% in the past week after falling sharply for two consecutive weeks and is currently hovering around US$65,000. According to the report, as of June 6, only 218,400 old coins more than two years were reactivated in 2026, which was significantly lower than the level of the same period in the past two years, indicating that selling pressure on the chain is weak. At the same time, long-term holders currently hold 79% of Bitcoin's circulation supply, a record high. K33 believes that this reflects the decline in currency holders 'willingness to sell, the market environment is gradually stabilizing, and the bear market may be coming to an end. However, institutions such as Wintermute, Glassnode and Bitfinex still warned that ETF capital flows, stablecoin growth and institutional demand are not enough to confirm that the market has experienced a sustained reversal.