Bitcoin's Dormant Movement Hits 4-Year Low

A recent analysis by Alex Thorn, Galaxy's head of firmwide research, has found that dormant Bitcoin movement has reached its lowest level since the third quarter of 2022. This metric, known as coin days destroyed, which gives greater weight to older coins, showed a similar decline.

The earlier spikes in dormant coin movement were driven by 'OGs taking profit,' according to Thorn, indicating long-term holders have slowed down their selling after elevated distribution in 2024 and 2025. This pattern is reminiscent of the 2017 bull market, where OGs took profits.

Dormant coin movement tracks Bitcoin that has remained untouched for extended periods before being spent again. Analysts monitor this 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.