As Bitcoin undergoes a modest pullback following its recent rally, blockchain analytics firm Glassnode has reported a notable uptick in movement from long-term holders. The total volume of BTC spent by wallets holding coins for one to five years has reached $4.02 billion — the highest level since February.

According to Glassnode, this marks the fifth-largest spending spike in this current bull cycle. Most of the volume comes from holders who have kept their BTC for 3–5 years, with $2.16 billion in outflows — their second-largest exit since the $6 billion surge in March 2024.

Other cohorts also showed movement: 2–3 year holders moved around $1.41 billion, and 1–2 year holders around $450 million. This trend could reflect either profit-taking behavior following recent gains or a broader reallocation strategy as investors anticipate further price action.

Historically, significant long-term holder spending was recorded in March, October, and November 2024, as well as February 2025. The largest outflow occurred in October 2024, totaling $9.25 billion — led by the 1–2 year cohort.

At present, Bitcoin is in a mild correction phase, having declined more than 4% from its recent all-time high of $111,970. As of this writing, BTC is trading near $107,540, down 3% for the week and 1.2% over the past 24 hours.

The key question now is whether these recent outflows indicate preparation for renewed growth or a deeper market sell-off. If long-term holders are realizing profits, BTC could see further downside — potentially falling below $106,000. However, if the activity represents internal redistribution, the market may instead consolidate in the current range.

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