Dormant Bitcoin movement in the second quarter fell to its lowest level since the third quarter of 2022, according to data shared by Alex Thorn, Galaxy’s head of firmwide research. Coin days
Dormant Bitcoin movement in the second quarter fell to its lowest level since the third quarter of 2022, according to data shared by Alex Thorn, Galaxy’s head of firmwide research.
Coin days destroyed, a metric that gives greater weight to older coins, showed a similar decline.
Thorn said the earlier spikes were driven by “OGs taking profit,” similar to the pattern seen during Bitcoin’s 2017 bull market, suggesting long-term holders have slowed selling after elevated distribution in 2024 and 2025.
Dormant coin movement tracks Bitcoin that has remained untouched for extended periods before being spent again. Analysts monitor the metric because increased activity from long-term holders has historically coincided with periods of profit-taking and heightened selling pressure, while subdued activity can suggest those investors are holding rather than distributing their coins.
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