Research Warns Bitcoin ‘Diamond Hand’ Selling Is Not a Repeat of 2017 or 2021

• Bitcoin's two-year-plus long-term holders set a new record in sales during 2024 and 2025, differentiating this bull market from previous ones and signaling a potential shift in investor strategy.

• CryptoQuant's analysis highlights ongoing sales of aging Bitcoin coins, attributing this to strategic reassessment as prices crossed the $40,000 threshold.

• The market is amidst a transition phase, with predictions indicating potential changes in Bitcoin’s four-year cycle and holder demographics.

Historic Bitcoin Sales Mark Divergent Bull Market Phase

In a noteworthy turn of events, Bitcoin has seen record-breaking activity from long-term holders during 2024 and 2025, as per onchain analytics platform CryptoQuant. These investors, who traditionally held onto their coins for two years or more, have been selling at unprecedented rates, setting this bull market apart from its predecessors. The trend reflects an ongoing reassessment of market exposure due to price dynamics crossing the $40,000 mark.

Data from CryptoQuant unveils that the quantity of previously dormant Bitcoin changing hands in 2024 and 2025 eclipses the distribution levels at the tail end of the notable 2017 bull run when Bitcoin reached $20,000. Commentator Kripto Mevsimi notes that while past cycles like those in 2017 and 2021 coincided with vigorous price momentum and speculative investments, the current market activity involves significantly older coins making a comeback amidst a backdrop of reduced market hype.

Moreover, as prices persist upward, early 2026 data still indicates ongoing long-term holder activity, though at moderated levels compared to the previous years. Whether this is a momentary lapse or the onset of a fresh accumulation phase remains to be seen as market participants continue to navigate this evolving landscape.

Bitcoin’s Evolution and Its Implications

Amid Bitcoin’s underperformance against other major assets post-Q4 2025, industry discussions flourish over the potential deviation from traditional four-year cycles. With 2026 projected as a bear market year and forecasted price reductions from the current $90,000, the crypto community questions the relevance of existing market paradigms. CryptoQuant summarizes that more than just Bitcoin's valuation is shifting; the profiles of its holders and their motives are evolving as well. This on-chain behavior showcases the most explicit signs of an ongoing transformation in Bitcoin's market identity.