Bitcoin “diamond hand” selling signals structural shift, not 2017/2021 repeat
Recent on-chain analysis shows Bitcoin long-term holders have sold record amounts of dormant coins during 2024 and 2025, but analysts say this trend does not simply mirror past market peaks in 2017 or 2021.
Data from the blockchain analytics firm CryptoQuant reveals that holders who had kept Bitcoin dormant for two years or more are now bringing aged coins back into circulation at the highest levels in the asset’s history.
Analysts note that unspent transaction outputs (UTXOs) older than two years have been reactivated more frequently since 2024, indicating significant profit-taking and a potential shift in investor behavior. Unlike previous cycles, this resurgence of “revived supply” is occurring amid comparatively lower market noise and speculative inflows.
The “diamond hand” selling, a reference to holders who normally resist selling even during market volatility, has been a major talking point for analysts this cycle. CryptoQuant contributor Kripto Mevsimi describes 2024–2025 as the period with the largest long-term Bitcoin supply release ever recorded. While earlier bull markets saw revived supply rise alongside strong price momentum, the current revival is different: it involves significantly older coins and a quieter broader market structure.
This shift may signal a broader transition in Bitcoin ownership dynamics. Long-term holders, many who accumulated before 2017, appear to be reassessing their market exposure, particularly after Bitcoin’s price surpassed key milestones such as $40,000. Patterns observed this year suggest that some early participants are choosing to lock in gains as institutional and retail demand evolves.
Analysts caution that the revived selling trend should not be interpreted as a simple replay of past cycle peaks. In 2017, long-dormant coins were reactivated in tandem with explosive speculative demand, while in 2021, market euphoria drove rapid turnover of both old and new supply. By contrast, the current cycle’s distribution of revived supply is more muted and lacks the same frothy speculative backdrop.
Early data from 2026 shows a moderation in long-term holder selling compared with the peaks seen in 2024 and 2025, though it’s too early to know if this indicates temporary exhaustion or the start of a new accumulation phase. Market observers will be watching whether selling pressure continues to ease or if fresh demand emerges to absorb older coins.
This evolving dynamic underscores that Bitcoin is not only in a price cycle but may be in the midst of a structural transition in how its holders behave, a factor that could have implications for future price patterns.
Source: Cointelegraph
UBS considers crypto trading for select private banking clients
UBS Group is considering offering cryptocurrency trading services to a limited group of private banking clients, marking a potential expansion of its digital asset strategy as global banks accelerate their push into crypto markets. The plans were reported by Bloomberg, citing sources familiar with the matter.
With approximately $4.7 trillion in client assets under management as of September 30, UBS is the world’s largest wealth manager. According to the report, the Swiss banking giant has been evaluating potential partners for a crypto trading offering over the past several months. While discussions are said to be advanced, UBS has not yet made a final decision on the timing, structure, or scope of a potential rollout.
If implemented, the move would represent a notable step for UBS, shifting beyond pilot programs and indirect crypto exposure toward direct trading capabilities for a subset of its private banking clientele. The initial offering would likely remain narrow in scope and is not expected to extend to mass-market or retail customers in the near term.
UBS’s cautious approach reflects its broader, multi-year experimentation with blockchain-based financial products rather than speculative crypto trading. In recent years, the bank has focused heavily on tokenization initiatives, including the launch of a tokenized money market fund on Ethereum and pilot programs designed to streamline fund issuance and settlement using distributed ledger technology.
In Asia, UBS has also allowed select high-net-worth clients in Hong Kong to gain crypto exposure through futures-based exchange-traded funds. These products provide price exposure without requiring clients to directly hold or custody digital assets, aligning with the bank’s emphasis on regulated structures and risk management.
The potential expansion into spot crypto trading mirrors a broader shift across the global banking sector. As regulatory clarity improves in key jurisdictions, large financial institutions are increasingly responding to rising demand from institutional and wealthy investors. Peers such as Morgan Stanley and Standard Chartered have recently outlined plans to expand crypto trading, custody, and prime brokerage services.
While UBS has long signaled interest in digital assets, any move toward direct crypto trading would underscore how traditional wealth managers are gradually integrating cryptocurrencies into mainstream financial services, carefully balancing client demand, regulatory requirements, and operational risk.
Source: The Block
Ledger eyes $4bn+ NYSE IPO as demand for self-custody surges
Ledger, the French crypto hardware wallet maker best known for its self-custody devices, is reportedly preparing for an initial public offering on the New York Stock Exchange later this year, targeting a valuation of more than $4 billion. The plans were first reported by the Financial Times.
According to people familiar with the matter, Ledger is working with Goldman Sachs, Jefferies and Barclays to coordinate the potential listing. The company, founded in 2014, was last valued at approximately $1.5 billion in 2023 following a funding round backed by investors including True Global Ventures and 10T Holdings.
Ledger’s IPO ambitions come amid a sharp increase in demand for self-custody solutions, driven by a wave of security breaches across centralized exchanges and decentralized finance platforms. In November, Ledger chief executive Pascal Gauthier told the Financial Times that the company’s annual revenue had climbed into the “hundreds of millions,” as crypto hacks reached record levels and users increasingly sought to control their own assets.
The company’s Ledger Nano devices have long positioned it as a market leader in offline storage for digital assets, supporting Bitcoin, Ethereum and thousands of other tokens. Analysts note that heightened cybersecurity concerns and regulatory scrutiny have reinforced the appeal of hardware wallets, particularly during periods of market stress.
Ledger’s potential listing follows the recent public debut of BitGo, one of the sector’s largest custodial service providers. BitGo priced its IPO at $18 per share and ended its first trading day with a valuation above $2 billion, marking the first major crypto-related IPO of 2026. The listing came after a challenging period for publicly traded digital asset firms, many of which underperformed during Bitcoin’s volatile price action in 2025.
However, Ledger’s IPO plans also arrive under renewed scrutiny. Earlier this month, a breach at third-party payment processor Global-e exposed personal data belonging to Ledger customers, highlighting risks tied to external vendors. The company has faced previous incidents, including a major customer data leak in 2020 and a separate exploit involving its Connect Kit in 2023. While none of these breaches compromised Ledger devices themselves, they are likely to feature prominently in investor due diligence.
If completed, Ledger’s NYSE listing would serve as a key test of institutional appetite for crypto infrastructure companies focused on security and custody. For Ledger, the IPO represents both a milestone and a stress test — capitalizing on surging self-custody demand while convincing public-market investors it is ready for sustained scrutiny.
Source: Ecoinmist