Most of Bitcoin’s recent wave of dormant coin movements appears to be over, according to Alex Thorn, Head of Firmwide Research at Galaxy Digital. After record levels of old BTC came back onchain in 2024 and 2025, activity has slowed sharply in 2026.
In a statement on X, Thorn said the amount of long-dormant Bitcoin that moved onchain during 2024 and 2025 was comparable only to the surge seen in 2017. The analyst called the period a “great distribution,” with older holders transferring or redistributing their coins as Bitcoin rallied.
Historical data dating back to 2016 shows that awakenings of older Bitcoin tend to cluster around major bull markets, with noticeable spikes occurring in 2017, 2021, 2024, and 2025. Those periods coincided with strong price gains and increased activity from long-term holders.
According to Thorn, that distribution phase is largely complete, with 2026 on track to see fewer than half the dormant coins reactivated compared with last year.
After reaching an all-time high above $126,000 in October 2025, Bitcoin has fallen about 48%. The crypto asst was changing hands at $65,265 at press time, up 2% on the day.