Bitcoin long-term holders’ selling activity slowed noticeably in the second quarter.

On July 26 (local time), blockchain outlet Cointelegraph reported that the amount of bitcoin moving after long periods of inactivity fell to its lowest level since the third quarter of 2022.

The trend was confirmed through data disclosed by Alex Thorn (알렉스 손), head of firmwide research at Galaxy Digital. A key metric is the scale at which long-inactive bitcoin begins to be used again. The market views this figure as a signal for gauging long-term holders’ profit-taking and selling pressure.

The Coin Days Destroyed indicator presented alongside it also pointed in the same direction. Because it assigns greater weight to older coins, it is used to assess whether long-held supply is actually coming to market. The fact that the second-quarter reading also fell is taken to mean that long-term holders’ overall distribution intensity has weakened.

Thorn said the earlier spike in the indicators was driven by early holders taking profits. That means dormant coin movement increased as early bitcoin holders moved to realize gains. He noted that this pattern was similar to the bitcoin bull market in 2017.

The trend later changed. Thorn said selling by long-term holders appears to have slowed after large-scale distribution in 2024 and 2025. The recent decline in the indicators can be interpreted as a sign that long-term holders are continuing to hold and are not immediately bringing coins to market.

Dormant coin movement is detected when long-untouched bitcoin is used again. If this indicator rises, it increases the likelihood that long-term holders have begun taking profits or that sell supply is increasing in the market. If activity tapers off, it increases the likelihood that those investors are choosing to hold rather than distribute.

That is also why market participants watch this indicator. Actual moves by long-term holders are more directly linked to changes in supply-and-demand structure than short-term prices are. In particular, old bitcoin supply tends to have a strong psychological impact regardless of its size, so even an increase in movement alone can heighten concerns about selling pressure.

This change in indicators shows that bitcoin long-term holders’ selling trend has eased. With Coin Days Destroyed also falling, more weight is given to the view that the inflow of long-held supply into the market has slowed.

Q2 dormant coin awakening volume was the lowest since Q3 2022 and down substantially from the elevated levels of 2024 and 2025 pic.twitter.com/thrC9K6Gdx