Research from Galaxy, led by Alex Thorn, reveals that the frequency of transactions from dormant Bitcoin wallets has hit its lowest point since Q3 2022, as observed in Q2 of this year. The Coin Days Destroyed metric, which better represents the movement of older coins, shows a similar downward trend. Thorn pointed out that earlier surges in selling activity were mainly attributed to early Bitcoin holders cashing in on profits, echoing trends seen during the bullish market of 2017. However, following substantial sell-offs anticipated in 2024-2025, these early investors appear to be more hesitant to sell their holdings.