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Bitcoin transfers by long-dormant coins slow sharply in 2026

Galaxy Research charts shared by Alex Thorn show one-year-plus bitcoin moving on-chain in 2026 at less than half of 2025 levels, suggesting the earlier distribution wave has cooled.

Reported · Written up by our desk · Market Structure

Bitcoin activity among coins aged one year or more has slowed sharply in 2026, according to on-chain analysis shared by CryptoSlate. The outlet cites Galaxy Research charts presented by analyst Alex Thorn, showing the total volume of such older coin movement in 2026 is less than half of 2025's figure.

CryptoSlate reports that Thorn views the slowdown as evidence that Bitcoin's “Great Distribution” has largely run its course, referring to the prior wave of dormant supply moving during the rally. However, the analysis cautions that on-chain transfers do not prove a change in beneficial ownership, since some movement can reflect internal wallet and custodial churn rather than outright sales.

The piece also highlights that exchange and custody activity can distort age-based readings. It notes Coinbase's roughly $69.5 billion internal wallet migration as an example of why raw activity by coin age should be read as older coins moving, not necessarily old coins changing hands.

CryptoSlate further points to Glassnode’s latest view that Bitcoin's bottoming process is still developing. It says multiple long-term-holder indicators are moving at once, including profit-taking nearing disappearance, the long-term-holder share of realized losses no longer climbing, and entity-adjusted realized losses turning down from a cycle peak reached about two weeks earlier.

Latest closeBitcoin $64,407.92 ▼0.5%

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