CryptoQuant analysis points to the early stages of a Bitcoin bull market as the realized cap share of coins dormant for at least 18 months declines. The cohort's share has remained broadly stable since mid-September, moving from 26.98% to 26.59%. CryptoQuant said similar reversals preceded earlier bull markets, but the current reversal remains small. Coins dormant for at least five years have supplied an average of 34,000 BTC monthly in 2026, half the volume in 2024.