Galaxy data shows Q2 dormant Bitcoin movement hit its lowest since Q3 2022, a sign long-term holders slowed selling after heavy 2024-2025 profit-taking.
Bitcoin News
The movement of long-dormant Bitcoin (BTC) dropped in the second quarter. It fell to its lowest level since the third quarter of 2022, according to Alex Thorn, head of firmwide research at Galaxy.
A second metric showed the same trend; Coin Days Destroyed also fell. That metric gives more weight to older coins.
What Dormant Coin Movement Shows
Dormant coin movement tracks Bitcoin that has sat untouched for a long time. Analysts watch it for a reason. Heavy movement from long-term holders has often lined up with profit-taking. It has also lined up with more selling pressure. Quiet readings can mean those holders are holding rather than selling.
Thorn linked the earlier spikes to older holders taking profit. He compared the pattern to Bitcoin's 2017 bull market. He said long-term holders have slowed selling after heavy selling in 2024 and 2025.
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Bitcoin Trades Near $65K as Whale Selling Eases
The slowdown comes after a steep drop in price. Bitcoin reached an all-time high above $126,000 in October 2025. It then fell about 48% to trade near $65,265 by mid-July.
Thorn also pushed back on one theory circulating online. Some had 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. Thorn said not one cited quantum risk as a reason to close a position. He said quantum fear more often discourages outside buyers than it pushes existing holders to sell.
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