Dormant Bitcoin movement declined during the second quarter to its lowest level since the third quarter of 2022, according to Galaxy Digital research head Alex Thorn.
The slowdown suggests long-term holders moved fewer older coins after two years of unusually heavy activity across the Bitcoin network.
Thorn shared the findings in a post on X, noting that dormant coin movement has often aligned with profit-taking by Bitcoin’s longest-standing holders. The metric tracks Bitcoin that remains inactive for years before returning to circulation, making it a closely watched indicator of activity among older wallets.
Dormant Bitcoin Activity Reaches Four-Year Low
Long-held wallets became less active in the second quarter, while coin days destroyed also declined. That measure weighs spending according to how long each coin remained inactive before moving.
“OGs taking profit,” Thorn said while comparing the recent pattern with Bitcoin’s 2017 bull market. In his assessment, many early holders who intended to sell during the strength of 2024 and 2025 have already completed those transactions. Their reduced activity removes one source of local selling pressure.
Thorn described the previous two years as “a great distribution” in mid-July. He said 2024 and 2025 produced as much movement from long-dormant Bitcoin as the entire 2017 rally, while no period between those cycles approached the same level. He also estimated that 2026 is on pace to record less than half of the dormant coin activity seen in 2025.
Older Bitcoin Holders Reduce Distribution
Galaxy’s charts, which begin in 2016, show older coins becoming active during the rallies of 2017, 2021, 2024, and 2025. Bitcoin held for between one and ten years moved in large amounts, primarily as holders sold.
The distribution reached its highest point near the end of 2025. Coins aged between one and two years accounted for about 900,000 BTC moved during a single month. That flow has since declined sharply in 2026. The decline reflects the broader cooling in dormant wallet activity overall.
Bitcoin Trades Near $65,000 After Decline
Bitcoin’s reduced dormant activity follows a steep market correction. The asset reached a record above $126,000 in October 2025 before falling roughly 48% to about $65,265 by mid-July. It traded at $64,808.55 at the time of writing.
Thorn also rejected claims that quantum computing concerns caused large holders to sell. “We work with a lot of whales, and none has mentioned quantum as a reason for selling,” he said. He added that Galaxy’s institutional clients had not cited quantum risk when closing positions.
Whale selling had remained visible before the recent slowdown. On July 3, several wallets linked to venture capitalist Tim Draper and mining-company reserves moved Bitcoin to exchanges. Bitcoin traded near $57,950 at that time, marking a 21-month low.
