On-chain data from Galaxy Research shows dormant Bitcoin activity has fallen to its lowest level since the third quarter of 2022, signaling that long-term holders are increasingly unwilling to move older coins. The report found that between August 16 and August 26, only 553 BTC moved from six old wallets, an exceptional case rather than typical network behavior.
When old coins do not move, they do not flow to exchanges, do not create sell-side pressure, and do not test market liquidity. Galaxy Research argued the current trend reduces available supply and supports further upside rather than downside, with Bitcoin testing the $81,000 mark amid momentum tied to U.S. government Treasury purchases.
Separate on-chain tracking showed roughly $40 million worth of Bitcoin from wallets dormant for about a decade moved in a single stretch in 2026, but those transfers largely avoided exchange deposit addresses. Analysts caution that movement alone does not equal selling, as wallet migrations and custody changes can produce similar activity. However, if such coins eventually reach exchanges, the supply picture could shift.
The combination of declining dormant activity and old-coin transfers avoiding exchanges suggests Bitcoin supply is tightening. Galaxy Research views the structural outlook as positive, with lower circulating supply pressure reducing resistance to price gains in the current macro environment.
