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Dormant $BTC coin movement has fallen to a four-year low, its weakest reading since Q3 2022, with Galaxy attributing the decline to long-term holders stepping back from distribution after a period of heavy profit-taking.
The data point is a supply-side signal.
What Galaxy's data shows Galaxy frames the slowdown as a behavioral shift among holders commonly called Bitcoin OGs, the early accumulators whose spending decisions carry outsize weight in supply-side analysis.
Their distribution cadence matters because the cost basis on these coins is typically far below recent market levels, meaning even modest movement creates real selling pressure.
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