Analyst: Bitcoin whales not selling over quantum fears

On July 15, Alex Thorn, managing director and head of firmwide research at Galaxy Digital, wrote on X that the large bitcoin holders he works with have not identified quantum computing fears as a reason to sell. He added that some institutional investors have cited quantum concerns as a reason not to buy.

Thorn posted that he has worked with many whale investors and “none has mentioned quantum as a reason for selling.” He also wrote he has “heard quantum fears as a reason not to buy from institutional investors, though.” The comments separate the motivations of existing large holders from those of some prospective institutional buyers.

Galaxy Research data cited by Thorn show a large wave of older bitcoin returning to on-chain activity during 2024 and 2025. Thorn described the period as a “great distribution,” writing that “an enormous amount of old BTC came online and moved onchain in 2024 and 2025, rivaled only by 2017.” He added that 2026 is on pace for less than half the amount of awakened coins seen last year.

The firm noted that on-chain movement alone does not reveal whether coins were sold, transferred between wallets, handled by custodians, or used for other purposes. The data indicate that the flow of older coins into activity slowed in 2026 compared with the prior two years.

The debate over quantum computing and bitcoin concerns whether future quantum machines could break cryptographic protections used for wallet signatures and transaction validation. Researchers have examined potential vulnerabilities in digital signatures and proposed approaches to strengthen cryptography. Thorn wrote that “work is being done on quantum and more work is coming, so I think those fears will assuage,” pointing to ongoing research and development.

Institutional research teams have flagged quantum risk as a long-term item to monitor and have outlined mitigation strategies. One institutional platform has described quantum computing as a factor to watch and has listed potential steps to address the threat.

Any major cryptographic change for bitcoin would require coordination among developers, miners, node operators, exchanges and custodians. For now, Galaxy’s analysis distinguishes recent large-holder activity from the quantum debate and reports that the large wave of older bitcoin entering circulation in 2024 and 2025 has eased in 2026.