Dormant Bitcoin Movement Drops to Lowest Level Since 2022, Signaling Reduced Selling

Dormant Bitcoin movement fell to its lowest point since the third quarter of 2022 during the second quarter of this year, according to data shared by Galaxy’s head of firmwide research, Alex Thorn.

What the Data Shows

Coin days destroyed, a metric that weighs older coins more heavily, showed a similar downward trend during the same period. Thorn attributed earlier spikes in dormant coin activity to long-term holders, often called OGs, taking profits, a pattern he compared to behavior seen during Bitcoin’s 2017 bull run. The recent decline suggests these holders have slowed distribution after a period of elevated selling throughout 2024 and 2025.

Why the Metric Matters

Dormant coin movement tracks Bitcoin that has sat untouched for long stretches before being moved again. Analysts watch this figure closely because rising activity from long-term holders has historically lined up with profit taking phases and increased selling pressure on the market. Conversely, when the metric stays low, it often points to holders choosing to keep their coins rather than sell them, a sign some interpret as reduced downward pressure on price.