Dormant Bitcoin movement slumped to its lowest level since the third quarter of 2022 during the second quarter of this year, according to data shared by Alex Thorn, Galaxy’s head of firmwide research.
Coin Days Destroyed Also Declines
Coin days destroyed, a metric that assigns greater weight to older, longer-held coins when they are spent, recorded a similar drop over the same period. The parallel decline across both measures reinforces the picture of sharply reduced activity from wallets that had been dormant for extended stretches.
Thorn attributed the earlier spikes in both metrics to ‘OGs taking profit,’ a pattern he compared directly to behaviour seen during Bitcoin’s 2017 bull market. His analysis suggests long-term holders meaningfully slowed their selling after running elevated distribution levels throughout 2024 and 2025.
What Dormant Coin Movement Measures
Dormant coin movement tracks Bitcoin that has sat untouched for extended periods before being moved or spent again. Analysts watch the metric closely because surges in activity from long-term holders have historically lined up with phases of heavy profit-taking and increased selling pressure on the open market. Conversely, quiet readings indicate those same investors are choosing to hold rather than distribute their coins into market demand.
A Quiet Signal, Not a Catalyst
The subdued reading removes one source of persistent sell-side pressure, since coins that stay dormant are not being distributed into market demand. It is worth noting, though, that reduced selling from long-term holders is not the same as fresh buying, so the signal points to easing supply pressure rather than a new demand catalyst. The data comes as Bitcoin continues to trade in the mid-$60,000s.
