Bitcoin has been a study in patience this year. It has mostly traded sideways, hovering around the $100,000 mark since the start of 2025. For many, this feels like a holding pattern, a quiet moment before the next big move.
- A significant amount of dormant Bitcoin, held for months or years, has recently re-entered circulation. This “great awakening” involves long-term holders selling their assets.
- The $100,000 price level, the four-year cycle narrative, and concerns about quantum computing are contributing factors to these sales.
- This redistribution of old coins signifies a major wealth transfer, with new buyers stepping in to acquire these long-held assets.
But beneath the calm surface, something significant has been happening. A vast amount of Bitcoin, once tucked away and forgotten, has stirred. These are coins that have sat dormant for months, even years, now finding their way back into active circulation.
The Great Awakening of Dormant Bitcoin
It turns out the old guard, the “OGs” as some call them, have been quite busy. They are the long-term holders, the ones who bought Bitcoin when it was a fraction of its current price. Many of them are now selling.
Just how much Bitcoin has changed hands? Analyst James Check, known to many as Checkmate, has been tracking this. He reports that the cumulative revived supply, meaning coins dormant for over six months, hit 4.655 million BTC in 2025.
To put that in perspective, this isn’t just a trickle. It is a substantial flow. Checkmate’s data breaks it down further, showing us where these coins came from. About 1.91 million BTC came from holders who kept their coins for two years or longer.
Another 844,000 BTC emerged from those holding for one to two years. Then there’s a sizable chunk, 1.9 million BTC, from holders who kept their Bitcoin for six to twelve months. It is a broad spectrum of long-term commitment, all now making moves.
In dollar terms, Checkmate estimates this revived supply reached $500 billion this year. That is a staggering sum, slightly more than the $470 billion seen in 2024. However, in pure Bitcoin terms, 2024 saw nearly 7 million BTC revived, making this year’s 4.655 million BTC a bit less in quantity, but still very important.
Why Now? The Forces Behind the Sales
So, what is prompting these long-term holders to finally part with their digital gold? The $100,000 price level itself plays a big role. It is a significant psychological milestone, a round number that screams “profit-taking opportunity” to many.
Some of these seasoned investors are simply diversifying their portfolios. They are taking some profits off the table and moving into other assets. Gold is a classic choice, a traditional safe haven. Others are looking at the booming AI equity market, seeking growth there.
Then there are the more futuristic concerns. Some holders are wary of emerging threats, like the potential impact of quantum computing on cryptography. It is a distant threat for now, but it is enough to make some consider their long-term holdings.
The four-year cycle narrative also plays a part. Bitcoin’s market often follows predictable patterns tied to its halving events. We are now roughly 18 months past the latest halving. This period often aligns with market peaks and, predictably, increased profit-taking by long-term holders. It is almost like clockwork for some.
Old Hands, New Money: A Massive Redistribution
Galaxy Research reached similar conclusions, reinforcing Checkmate’s findings. Alex Thorn, Head of Research at Galaxy, reported that more than 470,000 BTC held for over five years has changed hands in 2025. This amount is worth about $50 billion.
This makes it the second-largest notional amount on record for such old coins, only behind 2024. Think about that for a moment. These are coins that have been sitting untouched for half a decade or more. Their movement signals a profound shift.
When you combine the activity from 2024 and 2025, the numbers become even more striking. Nearly half of all five-plus year old Bitcoin ever spent was moved during these two years. That is a huge chunk of history being rewritten.
In dollar terms, these two years account for 78% of all such BTC spent. In total, more than $104 billion in long-dormant coins have been redistributed from old hands to new. It is a massive transfer of wealth, a quiet changing of the guard.
This movement of old coins tells us something important about the current market. It shows that even at $100,000, there are still plenty of sellers willing to realize gains. It also suggests a new generation of buyers is stepping in, ready to take on the mantle of long-term holding. The market, it seems, is always finding its equilibrium, one transaction at a time.
