The so-called 'Great Distribution' of Bitcoin by long-term holders has come to an end, according to fresh on-chain data from Galaxy Digital. Head of Research Alex Thorn reported that the two-year selling spree by veteran whales sharply declined in 2026, with the rate of 'waking' old wallets falling by more than half compared to the previous year. This marks the first time since 2024 that the market is free from selling pressure by its oldest participants.
The End of a Two-Year Sell-Off
Galaxy Research's historical data, spanning back to 2016, reveals a clear cyclical pattern: every major Bitcoin rally—whether in 2017, 2021, or the 2024–2025 period—triggers a wave of old coins becoming active. Investors holding Bitcoin for one to ten years typically move large amounts, often to sell. According to Thorn, the current distribution cycle peaked in late 2025, when the monthly volume of coins moved by the one-to-two-year cohort surged to nearly 900,000 BTC.
However, that flow has since dried up. Veteran wallets have entered a deep sleep, suggesting that everyone who wanted to lock in profits during the two-year rally has already done so. The local selling pressure from long-term holders has disappeared, leaving the market in a stabilization phase.
Addressing the Quantum Panic
Within this context, Thorn also tackled rumors that large holders were selling due to fears of quantum computing threats. Galaxy Digital, which works with a large pool of institutional investors, confirmed that not one of the selling whales cited quantum risk as a reason for closing positions. Thorn noted that the quantum factor currently works in the opposite direction, scaring some outside investors and preventing them from entering the market.
Bitcoin's developer community has already begun working on quantum-resistant network upgrades to address the issue in the future. For now, the market has been freed from the selling pressure of its oldest holders and has entered a more stable period.