Seasoned Bitcoin holders are holding onto their assets tightly. Recent data shared by Alex Thorn, Head of Firmwide Research at Galaxy, shows that dormant Bitcoin movement in the second quarter of 2026 fell to its lowest level since the third quarter of 2022. This marks a significant turning point after the market saw heavy flows of older coins over the past two years.
The dormant coin movement metric - an indicator tracking coins that remained inactive for extended periods before being spent - confirms this pause. A similar decline was also recorded in the Coin Days Destroyed (CDD) metric, a tool designed to give more weight to the movement of older coins on the blockchain.
A Pause After a Long Distribution Phase
The slowdown in older coin movement marks a noticeable phase shift among long-term holders. Previously, the market witnessed sharp spikes in vintage Bitcoin transfers. Thorn noted that the earlier wave of activity was largely driven by crypto veterans - or OGs - taking profits from lower entry points, closely mirroring the behavior of early investors during Bitcoin’s 2017 bull run.
Now, the sharp drop in Q2 2026 delivers a contrasting message. The data indicates that long-term holders have slowed down their distribution following heavy selling that dominated the market throughout 2024 and 2025. With ancient coin holders choosing to keep their coins stationary rather than sending them to exchanges, sell-side pressure from older holdings has subsided.
Holding Through Discounted Prices
Historically, analysts note that surges in long-term holder activity typically coincide with profit-taking cycles and elevated selling pressure. Conversely, when dormant activity metrics sit at lows like today, the trend is widely interpreted as a strong signal that veteran holders prefer holding their assets over releasing fresh supply to buyers.
Interestingly, this pause from OGs comes as the market searches for direction. As an institutional benchmark, Bitcoin is currently trading below the average purchase price logged by companies like MicroStrategy, which stood around $64,463 as of July 24.
For a market often swayed by short-term panic, the persistence of long-term holders demonstrates a high level of patience. With prices currently subdued, OGs appear disinclined to rush for the exit, choosing instead to lock down their positions until market conditions improve.
Reported by Cointelegraph.
Also read: What Is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
