Dormant Bitcoin Transfers Fall to Lowest Since Q3 2022
Galaxy researcher Alex Thorn shared data showing dormant Bitcoin transfers fell to their lowest level since Q3 2022 in Q2, indicating reduced movement by long-term holders after heavy distribution in 2024-25.
Dormant Bitcoin transfers fell to their lowest level since the third quarter of 2022 during the second quarter, according to data shared by Alex Thorn, head of firmwide research at Galaxy.
Coin days destroyed, a metric that gives greater weight to older coins when they move, showed a similar decline. Coin days destroyed multiplies the number of coins transferred by the number of days since those coins last moved.
Dormant coin movement tracks coins that have not been spent for long periods before being transacted again. Analysts monitor the metric because past increases have coincided with periods when long-term holders sold into rallies and realized gains, creating selling pressure.
Thorn attributed earlier spikes in dormant transfers and coin days destroyed to “OGs taking profit,” comparing the pattern to behavior during Bitcoin’s 2017 bull market.
The data do not identify individual traders; they report aggregate movement across the Bitcoin network. Market observers combine dormant movement and coin days destroyed with price data and other on-chain indicators to assess whether long-held supply is entering circulation or remaining immobile.
On a quarter-to-quarter basis, the recent reading is the weakest level of dormant transfer activity in roughly two years, following elevated distribution in 2024 and 2025.
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