Bitcoin OG selling eases as dormant BTC movement hits 4-year low: Galaxy

cointelegraph2026-07-27 tarihinde yayınlandı2026-07-27 tarihinde güncellendi

Özet

According to research from Galaxy, the movement of long-dormant Bitcoin reached its lowest level in four years during the second quarter, indicating a significant reduction in selling pressure from long-term holders. The metric "coin days destroyed," which emphasizes older coins, showed a similar decline. Analyst Alex Thorn noted that earlier spikes in activity were driven by veteran holders, or "OGs," taking profits, mirroring patterns from the 2017 bull market. The current low level of dormant coin movement suggests these long-term investors have largely slowed their distribution after a period of elevated selling in 2024 and 2025, opting instead to hold their assets.

Dormant Bitcoin movement in the second quarter fell to its lowest level since the third quarter of 2022, according to data shared by Alex Thorn, Galaxy’s head of firmwide research.

Coin days destroyed, a metric that gives greater weight to older coins, showed a similar decline.

Thorn said the earlier spikes were driven by “OGs taking profit,” similar to the pattern seen during Bitcoin’s 2017 bull market, suggesting long-term holders have slowed selling after elevated distribution in 2024 and 2025.

Dormant coin movement tracks Bitcoin (BTC) that has remained untouched for extended periods before being spent again. Analysts monitor the 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.

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İlgili Sorular

QWhat key Bitcoin metric, according to Galaxy's head of research, fell to a multi-year low in Q2 2025?

ADormant Bitcoin movement fell to its lowest level since the third quarter of 2022.

QAccording to the article, what does the decline in 'coin days destroyed' indicate about older Bitcoin holdings?

AThe decline in 'coin days destroyed' suggests that older, long-held Bitcoin coins are being moved or spent less frequently.

QWhat reason did Alex Thorn give for the earlier spikes in dormant coin movement?

AAlex Thorn said the earlier spikes were driven by 'OGs taking profit,' similar to patterns seen during Bitcoin's 2017 bull market.

QHow do analysts typically interpret an increase in activity from long-term Bitcoin holders?

AAnalysts interpret increased activity from long-term holders as a signal of profit-taking and heightened selling pressure in the market.

QWhat does subdued dormant coin activity suggest about the behavior of long-term Bitcoin investors?

ASubdued dormant coin activity suggests that long-term investors are holding onto their coins rather than selling or distributing them.

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