Long-term Bitcoin holders retreat from selling as inactive coin transfers reach lowest point in four years: Thorn
Inactive Bitcoin transfers dropped to their most subdued levels since the third quarter of 2022, indicating veteran holders have reduced their coin distribution following significant profit realization.
Inactive Bitcoin transfers during the second quarter reached their most subdued levels since the third quarter of 2022, based on information provided by Alex Thorn, Galaxy's head of firmwide research.
The coin days destroyed indicator, which assigns more significance to coins held for longer periods, demonstrated a comparable downturn.
According to Thorn, the previous surges were fueled by "OGs taking profit," mirroring the behavior observed throughout Bitcoin's 2017 bull market, indicating that veteran holders have reduced their selling activity following increased distribution throughout 2024 and 2025.
Inactive coin transfers measure Bitcoin that has stayed unmoved for prolonged timeframes before being transacted once more. Market analysts track this indicator because heightened activity from veteran holders has traditionally aligned with phases of profit realization and increased distribution pressure, whereas reduced activity may indicate these investors are maintaining their positions instead of selling their coins.