New on-chain data from analytics firm Glassnode reveals that older Bitcoin wallets are once again becoming active, with long-term holders moving over $4.02 billion worth of BTC in May 2025—the highest level of spending since February.
This increase was led primarily by the 3–5 year holding cohort, which accounted for $2.16 billion of the outflow.
The 2–3 year group followed with $1.41 billion, while wallets holding BTC for 1–2 years moved around $450 million. These figures make May’s activity the fifth-largest spike in 1–5 year cohort spending this cycle.
How May Compares to Previous Peaks
Here’s how this month’s $BTC spending compares with prior high-activity periods in the current market cycle:
- October 2024: $9.25B (1–2 year cohort dominant)
- March 2024: $6.11B (2–3 year led)
- February 2025: $5.42B (primarily 2–3 year holders)
- November 2024: $4.39B (3–5 year dominant)
- May 2025: $4.02B (3–5 year dominant)
Despite being lower than prior peaks, May’s figure signals a strong return of older coins to the market, which historically coincides with rising volatility and potential macro inflection points.
What It Could Mean for the Market
Spending by long-dormant wallets typically indicates that seasoned holders are either taking profits or rebalancing as BTC reaches key price levels. According to Glassnode’s data, these movements often precede or coincide with major market shifts.
Currently, Bitcoin’s price is trading upward, approaching the $110K–$115K region. Increased distribution by long-term holders at these levels could indicate a phase of profit realization, especially given the overlap with prior cycle highs.
Still, the data shows that total activity remains well below the all-time high of $9.25B from October 2024, suggesting there may still be room for further upside before a full rotation out of older hands occurs.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
