Dormant Bitcoin Movement Hits Lowest Since 2022 Amid Slowing Long-Term Selling Pressure
The movement of long-dormant Bitcoin (BTC) dropped in the second quarter to its lowest level since Q3 2022, according to Alex Thorn, head of firmwide research at Galaxy. This trend is reflected in a second metric: Coin Days Destroyed also fell.
Dormant coin movement tracks Bitcoin that has sat untouched for a long time. Analysts watch it because heavy movement from long-term holders often lines up with profit-taking and increased selling pressure. Quiet readings can mean those holders are holding rather than selling.
Thorn linked earlier spikes to older holders taking profits, comparing the pattern to Bitcoin's 2017 bull market. He said long-term holders have slowed selling after heavy selling in 2024 and 2025.
The slowdown comes after a steep drop in price: Bitcoin reached an all-time high above $126,000 in October 2025, then fell about 48% to trade near $65,265 by mid-July. Thorn also pushed back on one theory circulating online that linked the selling to quantum computing risk.
'We work with a lot of whales and none has mentioned quantum as a reason for selling,' he said. Galaxy works with a large pool of institutional investors; not one cited quantum risk as a reason to close a position, according to Thorn. He added that quantum fear more often discourages outside buyers than it pushes existing holders to sell.