According to Alex Thorn, head of research at Galaxy, the activity of dormant Bitcoin wallets hit its lowest level since the third quarter of 2022 in the second quarter of this year. A similar trend is observed in the Coin Days Destroyed metric, which more accurately reflects the movement of older coins. The expert noted that previous spikes in sales were typically driven by early holders taking profits, a pattern reminiscent of the bullish phase experienced in 2017. However, after significant sell-offs in 2024-2025, this group of investors seems less inclined to liquidate their positions.