Dormant Bitcoin movement has declined to its lowest level since the third quarter of 2022, signaling a slowdown in coin distribution by long-term holders after an extended period of profit-taking, according to research from Galaxy.
The metric tracks Bitcoin that has remained untouched for extended periods before being spent. Coin days destroyed, which weights older coins more heavily, showed a similar decline during the same period.
Long-term holders distributed coins heavily throughout 2024 and 2025. Alex Thorn, head of firmwide research at Galaxy, characterized this behavior as “OGs taking profit.” Increased activity from these investors has historically coincided with periods of profit-taking and heightened selling pressure.
The recent pullback in dormant coin movement suggests long-term holders are now holding rather than distributing their positions. Subdued activity in this metric typically indicates reduced selling pressure from the oldest and most established Bitcoin investors.
The pattern echoes the 2017 bull market, when similar profit-taking behavior from long-term holders preceded shifts in market dynamics. The current slowdown marks a reversal from the elevated distribution levels seen over the past two years.
