Dormant Bitcoin Movement Hits 4-Year Low

The movement of dormant Bitcoin has slowed down significantly, according to data from Alex Thorn, Galaxy's head of firmwide research. In the second quarter, this metric reached its lowest level since the third quarter of 2022.

Coin days destroyed, a measure that gives more weight to older coins, showed a similar decline. This suggests that long-term holders are no longer selling as much as they were earlier in the year, when 'OGs taking profit' drove earlier spikes.

Thorn noted that this pattern is reminiscent of Bitcoin's 2017 bull market, where long-term holders would sell and take profits, contributing to increased selling pressure. The recent slowdown in dormant coin movement may indicate a shift towards holding rather than distributing coins.