Long-Term Holders Slow Down Selling as Dormant Bitcoin Movement Hits New Lows
The movement of long-dormant Bitcoin (BTC) has hit its lowest level since Q3 2022, according to Galaxy data. This trend is significant because it suggests that long-term holders have slowed down their selling after a period of heavy profit-taking in 2024 and 2025.
Alex Thorn, head of firmwide research at Galaxy, points out that this pattern has lined up with Bitcoin's 2017 bull market. During this time, older holders took profits, which led to increased selling pressure.
The price of Bitcoin fell by about 48% from its all-time high above $126,000 in October 2025 to trade near $65,265 by mid-July.
Thorn also addressed the theory that quantum computing risk is driving selling. He noted that none of the whales he works with have mentioned this as a reason for selling, and instead, it seems to discourage outside buyers more than existing holders.