Dormant Bitcoin awakenings sink to lowest level since 2022, Galaxy says

Dormant Bitcoin activity dropped in the second quarter. It fell to its lowest level since the third quarter of 2022. The figures were shared by Alex Thorn, head of firmwide research at Galaxy Digital, in a post on X.

The reawakening of old coins has historically coincided with profit-taking by Bitcoin’s longest-term holders.

Dormant Bitcoin awakenings slow after two-year sell-off

Dormant coin movement is when Bitcoin sits still for years, then moves again. It’s closely watched by analysts, and activity from long-held wallets has often coincided with selling. Quiet wallets indicate holders are holding tight.

“OGs taking profit,” Thorn said, comparing the pattern to Bitcoin’s 2017 bull run. Most of the Bitcoin veterans who wanted to sell into 2024 and 2025 strength, in his reading, are done. That’s one less local selling pressure on the market. Coin days destroyed tells a similar tale. That metric, which measures spending weighted by how long coins were sitting idle, also fell in Q2.

Thorn called the two-year period “a great distribution” in mid-July. He wrote that 2024 and 2025 moved as much long-dormant Bitcoin onchain as the entire 2017 rally, and nothing in between came close. And he pegged the pace for 2026 to be less than half of last year’s dormant coin reactivations.

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