Bitcoin OG Selling Eases, Dormant BTC Movement Hits 4-Year Low

Dormant Bitcoin movement fell to its lowest level since Q3 2022 in the second quarter, according to Galaxy’s Alex Thorn.

Bitcoin OG Selling Eases, Dormant BTC Movement Hits 4-Year Low

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Written by

Yohan Yun

staff editor

Reviewed by

Robert Lakin

staff editor

Written by

Yohan Yun

staff editor

Reviewed by

Robert Lakin

staff editor

Bitcoin OG selling eases as dormant BTC movement hits 4-year low: Thorn

Markets

Published

Jul 26, 2026

Dormant Bitcoin activity fell to its lowest level since Q3 2022, suggesting long-term holders have slowed distribution after heavy profit-taking.

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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