Bitcoin Long-Term Holders Finish Bulk of Profit-Taking, Galaxy Digital's Thorn Says

Most of the large-scale selling by long-term Bitcoin holders has already ended, according to Galaxy Digital.

On July 15, Alex Thorn, Galaxy Digital's head of research, wrote on X that massive volumes of older Bitcoin moved on-chain in 2024 and 2025, at levels comparable with 2017. Most of that heavy selling is now over, he wrote, and Bitcoin transfers in 2026 are on track to come in at less than half of last year's total.

Data he shared showed a sharp jump in transfers of Bitcoin held for more than a year in 2024 and 2025. In particular, movement of coins held for two to five years or longer increased significantly, reaching levels similar to those seen during the 2017 bull market.

By contrast, transfers of long-held coins have fallen sharply in 2026. If the current trend continues, this year's transfer volume will amount to less than half of last year's.