According to glassnode, Bitcoin's old coin spending from long-term holders has shown significant peaks over the current cycle, with the highest outflow recorded in October 2024 at $9.25 billion, primarily led by the 1-2 year holding cohort. Other major spending events occurred in March 2024 ($6.11B, 2–3 year cohort), February 2025 ($5.42B, 2–3 year), November 2024 ($4.39B, 3–5 year), and May 2025 ($4.02B, 3–5 year). These surges in spending by older cohorts often precede major price volatility and can signal profit-taking or market distribution phases, which are critical for traders monitoring short-term price pressure and liquidity shifts in the Bitcoin and broader crypto markets (source: glassnode, May 28, 2025).