- Dormant Bitcoin movement dropped to its lowest level since Q3 2022 in the second quarter.
- Coin days destroyed, a metric weighting older coins, similarly declined.
- Alex Thorn of Galaxy attributed earlier spikes to long-term holders taking profit, similar to the 2017 bull market pattern.
- The data suggests long-term holders have slowed distribution after elevated selling in 2024 and 2025.
Dormant Bitcoin activity fell to its lowest level since the third quarter of 2022 during the second quarter, according to data shared by Alex Thorn, Galaxy’s head of firmwide research. The drop in coin days destroyed, a metric that gives greater weight to older coins, reinforced the trend.
Thorn said the earlier spikes were driven by “OGs taking profit,” mirroring the pattern observed during Bitcoin’s 2017 bull market. Consequently, the slowdown suggests long-term holders have eased their selling after heavy profit-taking in 2024 and 2025. Meanwhile, the decline in dormant coin movement indicates a shift in distribution behavior among veteran investors.
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