Dormant Bitcoin movement declined in the second quarter to its lowest level since the third quarter of 2022, according to data shared by Alex Thorn, Galaxy’s head of firmwide research.

The slowdown suggests that long-term Bitcoin holders have reduced distribution after a period of elevated profit-taking. Thorn said earlier spikes in the metric were driven by “OGs taking profit,” a pattern he compared with activity seen during Bitcoin’s 2017 bull market.

The data was shared in an X post by Thorn: https://x.com/intangiblecoins/status/2080988460060475473

Coin days destroyed, a related metric that assigns greater weight to older coins when they are spent, showed a similar decline. The measure is often used to assess whether coins that have remained inactive for long periods are returning to circulation.

Dormant coin movement tracks Bitcoin (BTC) that has stayed untouched for extended periods before being spent again. Analysts monitor the metric because increased movement from long-term holders has historically coincided with profit-taking and greater selling pressure. By contrast, lower dormant coin activity can indicate that those holders are retaining their coins rather than distributing them.

As with other on-chain indicators, dormant coin movement does not identify the intent behind every transaction. Transfers can reflect sales, wallet reorganization, custody changes, or exchange-related movements, so the metric is typically interpreted alongside other market and on-chain data.

According to Thorn, the latest decline follows heightened distribution during 2024 and 2025, when older Bitcoin wallets showed increased activity. The second-quarter drop places dormant BTC activity at its lowest level in nearly four years.