Bitcoin OG selling eases as dormant BTC hits 4-year low
Bitcoin selling eases among dormant long-term holders as second-quarter dormant BTC movement fell to its lowest level since the third quarter of 2022, according to data shared by Galaxy head of firmwide research Alex Thorn, signaling OG profit-taking has cooled after elevated distribution through 2024 and 2025. That shift matters for traders watching whether veteran holders keep adding sell-side pressure or step back.
Key Takeaways
- Dormant Bitcoin movement in the second quarter fell to its lowest level since the third quarter of 2022, per Galaxy research lead Alex Thorn.
- Coin days destroyed, which weights older coins more heavily, showed a similar decline alongside the dormant-activity drop.
- Thorn linked earlier spikes to “OGs taking profit,” echoing profit-taking patterns seen in Bitcoin’s 2017 bull market.
- Subdued dormant-coin spending can suggest long-term holders are holding rather than distributing after heavy 2024–2025 selling.
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What does the dormant Bitcoin data show right now?
According to Cointelegraph’s report on Thorn’s figures, dormant Bitcoin movement in the second quarter fell to its lowest level since the third quarter of 2022—about a four-year low.
Dormant coin movement tracks bitcoin that remained untouched for extended periods before being spent again. Analysts monitor the metric because increased activity from long-term holders has historically coincided with profit-taking and heightened selling pressure.
When dormant activity is subdued, that can suggest those investors are holding rather than distributing their coins. Thorn’s latest readout points to that quieter phase after heavier OG distribution in prior years.
Why does bitcoin selling eases dormant activity matter for markets?
Thorn said earlier spikes were driven by “OGs taking profit,” similar to the pattern seen during Bitcoin’s 2017 bull market. That framing ties the 2024 and 2025 elevated distribution period to veteran holders unlocking gains, then slowing.
A sharp fall in dormant transfers does not, by itself, dictate Bitcoin’s next move. It does suggest one major sell-side cohort may be easing distribution, reducing one source of on-chain supply pressure from older wallets.
Coin days destroyed moving lower in tandem reinforces the same story: older coins are contributing less to recent spend activity, matching the dormant-movement decline Thorn highlighted.
How should investors read Thorn’s OG profit-taking signal?
The key takeaway from Galaxy’s research lead is behavioral: bitcoin selling eases dormant-wallet activity after a stretch of OG profit-taking, not that a new bull phase is confirmed.
Investors who track holder cohorts can treat low dormant movement as a supply-side relief flag while remembering the metric is one lens among many. Pair it with broader market context before drawing hard conclusions.
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