Bitcoin OG Selling Eases as Dormant Coin Movement Hits Four-Year Low

The movement of dormant Bitcoin has reached its lowest level since Q3 2022, according to data from Alex Thorn, Galaxy's head of firmwide research. This suggests that long-term holders have slowed down their distribution after heavy profit-taking earlier in the year. The earlier spikes were driven by 'OGs taking profit', similar to the pattern seen during Bitcoin's 2017 bull market.

The metric used to track dormant coin movement, known as Coin Days Destroyed, also showed a decline. This metric gives greater weight to older coins, indicating that long-term holders are holding rather than distributing their coins.

Analysts monitor this metric because increased activity from long-term holders has historically coincided with periods of profit-taking and heightened selling pressure. Conversely, subdued activity can suggest those investors are holding onto their coins rather than selling them.