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

Movements of long-idle Bitcoin are closely tracked because the reactivation of old coins has historically coincided with profit-taking by some of Bitcoin’s longest-term holders. A decline in such activity can indicate that older wallets are moving fewer coins after a period of distribution, though onchain transfers do not by themselves prove that a sale has occurred.

Dormant Bitcoin awakenings slow after two-year sell-off

Dormant coin movement refers to Bitcoin that remains unmoved for years and then transfers again. Analysts monitor the activity because coins held for long periods have often moved during periods when holders sell. By contrast, quieter wallets suggest that long-term holders are keeping coins stationary.

Thorn described the recent pattern as “OGs taking profit,” comparing it with Bitcoin’s 2017 bull run. In his reading, many Bitcoin veterans who intended to sell into the strength seen in 2024 and 2025 have already done so, reducing one source of local selling pressure.

The metric known as coin days destroyed shows a similar trend. The measure weighs Bitcoin spending by how long coins had remained idle before moving, and it also declined in the second quarter. Because the indicator gives more weight to older coins, a drop can show that very old supply is contributing less to current transfer activity than it did during earlier phases of the cycle.

In mid-July, Thorn referred to the previous two-year period as “a great distribution.” He wrote that 2024 and 2025 saw as much long-dormant Bitcoin move onchain as the entire 2017 rally, with no intervening period coming close. He also estimated that the 2026 pace of dormant coin reactivations would be less than half of last year’s level.

Galaxy’s charts, which date back to 2016, show a recurring cycle in which older coins wake up during rallies, including in 2017, 2021, and again across 2024 and 2025. Holders of coins aged between one and 10 years moved large amounts, mostly to sell, according to the data cited. The distribution peaked at the end of 2025, when coins aged between one and two years accounted for about 900,000 BTC moved in one month. That flow has since declined sharply this year.

Q2 dormant coin awakening volume was the lowest since Q3 2022 and down substantially from the elevated levels of 2024 and 2025 pic.twitter.com/thrC9K6Gdx

— Alex Thorn (@intangiblecoins) July 25, 2026

Bitcoin trades near $65,000 as whale selling eases

The slowdown in dormant Bitcoin activity follows a steep decline in Bitcoin’s price. The token reached an all-time high of more than $126,000 in October 2025, then fell by around 48% to trade near $65,265 by mid-July. At the time of writing, Bitcoin was trading at $64,808.55.

Thorn also rejected one theory circulating online about why large holders had been selling. “We work with a lot of whales and none has mentioned quantum as a reason for selling,” he said. According to Thorn, Galaxy works with a large group of institutional investors, and none cited quantum risk as a reason to close a position. He said concerns about quantum computing more often discourage outside buyers than motivate existing holders to sell.

Large holders had been visibly selling for months before the slowdown. On July 3, Cryptopolitan reported that several whale wallets, including one belonging to venture capitalist Tim Draper and others containing mining-firm reserves, were moving coins to exchanges. Bitcoin was trading at about $57,950 at the time, a 21-month low. Exchange inflows are commonly watched because they can precede selling, but they can also reflect custody changes, collateral movements, or other treasury activity.