Galaxy Digital: The Wave of Old Bitcoin Sales Is Almost Over

The cryptocurrency landscape witnessed a significant shift in 2024-2025 as a massive number of dormant Bitcoins became active. According to Alex Thorn, head of the research division at Galaxy Digital, this substantial redistribution of coins is nearly finished. This period’s activity, he noted, was second only to the surge seen in 2017.

Old Coins Revived During Market Growth

Thorn shared a chart illustrating old Bitcoin activity since 2016. The data highlighted major waves of these “awakened” coins during strong Bitcoin price growth periods in 2017, 2021, and recently in 2024 and 2025. However, Thorn pointed out that this extensive process is almost complete. He anticipates that by the end of 2026, activated old Bitcoins could be less than half the volume recorded in 2025.

Quantum Threats: A Possible Reason for Selling?

During discussions, Thorn was questioned on whether concerns over quantum computing developments have driven the sale of old Bitcoin reserves. He responded by asserting that although Galaxy Digital collaborates with many significant cryptocurrency holders, none cited quantum technology as their reason for selling. Nonetheless, he acknowledged hearing from some institutional investors who are hesitant to buy due to potential quantum threats.
In addition, Thorn mentioned ongoing efforts to develop quantum protection mechanisms. As these technologies advance, such fears are likely to diminish over time.
Earlier reports by CryptoQuant indicated that long-term investors are accumulating Bitcoin while the market bottom forms.
This comprehensive analysis demonstrates how the cryptocurrency market is evolving with technological advancements potentially influencing investor behavior. As we move forward, continued monitoring and adaptation will be crucial for stakeholders within this dynamic space.