Galaxy Digital reports that the largest movement of dormant Bitcoin since 2017 has largely concluded, with activity from older coin cohorts slowing significantly in 2026.
The firm's analysis tracks the reactivation of Bitcoin wallets that had remained inactive for extended periods. In 2025 and early 2026, wallets inactive for multiple years showed increased activity as holders moved billions in BTC.
Galaxy's research division monitors on-chain metrics related to wallet age cohorts and transaction patterns. The firm attributes much of this movement to longtime holders accessing their holdings, either to reallocate or liquidate positions.
The redistribution cycle from 2017 onward differs from earlier periods in scale and composition. That cycle began after Bitcoin's 2017 bull run, when a wave of dormant wallets from earlier market cycles activated. Galaxy's current assessment places much of that multi-year reactivation event at or near completion.
Slowing activity from older cohorts in 2026 means fewer dormant wallets remain at the stage of initial reactivation. This leaves open the question of how remaining dormant supply distributes across later cohorts and whether fresh activation cycles will emerge from wallets inactive for shorter durations.
Galaxy Digital is a diversified digital asset and blockchain infrastructure company with operations spanning trading, investment, and research. The firm publishes regular on-chain analysis and market commentary.
