Galaxy Digital's Head of Research: 2026 dormant BTC activation volume is projected to be less than half of last year, with the "large distribution" phase largely complete.
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Galaxy Digital Head of Research Alex Thorn stated that between 2024 and 2025, a significant volume of long-dormant Bitcoin (BTC) was reactivated and transferred on-chain, with the activity’s scale second only to 2017. He noted that the "Great Distribution" phase driven by this wave of old BTC reactivation has now largely concluded, and it is projected that the number of BTC reactivated in 2026 will be less than half of the 2025 figure.
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