Bitcoin OG selling eases as dormant BTC movement hits 4-year low: Galaxy
الملخص:Dormant Bitcoin movement in the second quarter dropped to its lowest level since Q3 2022, according to Galaxy‘s Alex Thorn, who noted that coin days destroyed—a metric weighting older coins—also declined. Thorn attributed earlier spikes to long-term holders (“OGs”) taking profit, echoing patterns from Bitcoin’s 2017 bull market, suggesting these investors have slowed selling after elevated distribution in 2024 and 2025. The dormant coin movement metric tracks Bitcoin that has remained untouched for extended periods before being spent again; analysts monitor it because increased activity from long-term holders has historically coincided with profit-taking and selling pressure, while subdued activity indicates holding rather than distributing coins.
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, Galaxys 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 Bitcoins 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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