Alex Thorn, head of research at Galaxy Digital, said a large amount of long-dormant Bitcoin was reactivated and moved on-chain across 2024 and 2025, marking the second-largest such wave after 2017. Thorn said the current round of the so-called "Great Distribution," driven by the awakening of old BTC, is now largely over. He added that the amount of Bitcoin expected to be reactivated in 2026 will likely be less than half of the 2025 total. The remarks point to a sharp slowdown in the movement of older coins after two years of elevated activity.
According to BlockBeats, Galaxy Digital Head of Research Alex Thorn said on July 15 that a large amount of long-dormant Bitcoin was reactivated and moved on-chain during 2024 and 2025, in a wave second only to 2017.
Thorn said the current phase of the "Great Distribution" tied to the awakening of old BTC has largely run its course. He added that the amount of BTC expected to be reactivated in 2026 will be less than half of the 2025 level.
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