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Dormant Bitcoin transfers hit lowest since Q3 2022 in second quarter

Dormant Bitcoin transfers hit lowest since Q3 2022 in second quarter

Galaxy Digital's Alex Thorn said movement of long-held Bitcoin and coin days destroyed both fell in Q2, suggesting a key source of selling pressure from older holders has eased.

BTC

Fact Check
The claim is directly confirmed by the primary source. Alex Thorn's X post (status 2080988460060475473) explicitly states 'Q2 dormant coin awakening volume was the lowest since Q3 2022 and down substantially from the elevated levels of 2024 and 2025.' A companion post (status 2080991944151384509) confirms 'the same general pattern is observable using coin days destroyed,' verifying the CDD component. The Cryptopolitan article corroborates that this signals veteran/long-term-holder selling pressure has eased. Every element of the claim maps to statements from Galaxy Digital's Alex Thorn.
Summary

Transfers of long-dormant Bitcoin fell to their lowest level since the third quarter of 2022 in the second quarter, with Galaxy Digital research head Alex Thorn saying the slowdown points to fading selling pressure from some of Bitcoin's longest-term holders. Thorn said movement of older coins and coin days destroyed both dropped after elevated activity in 2024 and 2025, a period he described as a major distribution phase comparable to the 2017 bull run. Galaxy's data shows old coins typically reawaken during major rallies, including in 2017, 2021, and across 2024 and 2025, with the distribution peaking at the end of 2025 when coins aged one to two years accounted for about 900,000 BTC moved in one month. Thorn said most veterans who wanted to sell into recent strength appear to have done so, reducing one local source of market pressure, and rejected the idea that whales are selling because of quantum computing risk. Bitcoin, which topped $126,000 in October 2025, was trading at $64,808.55 at the time of writing after falling about 48% to around $65,265 by mid-July.

Terms & Concepts
  • coin days destroyed: A metric that measures coin spending weighted by how long the coins had remained inactive.
  • distribution: A period when existing holders move or sell assets into the market, often during strong price rallies.
  • dormant Bitcoin transfers: Movements of Bitcoin that had remained inactive in wallets for long periods.