For every buyer there is a seller, and in 2025 these sellers have been particularly active.
Bitcoin has mostly traded sideways, swinging within a 20% range around $100,000 since the start of 2025.
The prevailing narrative is that “OGs” or long-term holders have unloaded coins. That’s true, but how much bitcoin has actually changed hands?
According to analyst James Check, also known as Checkmate, the cumulative revived supply has reached 4.655 million BTC in 2025. The total number of coins returning to circulation after being dormant for more than six months has reached 4.655 million BTC in 2025.
- 1.91 million BTC from dormant holders for two years or longer.
- 844,000 BTC from 1-2 year holders.
- 1.9 million BTC from 6-12 month holders.
In dollar terms, Checkmate estimates the revived supply to have reached $500 billion in 2025, slightly above $470 billion in 2024. However, in BTC terms, nearly 7 million BTC were revived in 2024, compared to 4.655 million BTC this year.
There are several factors driving this sales activity. The $100,000 price level represents a significant psychological and profit-making milestone.
Some long-term owners have sought diversification into gold or AI stocks.
Some are wary of new threats like quantum computers, while others are reacting to the four-year cycle narrative. Bitcoin is now about 18 months from halving, a period that often coincides with market tops and increased profit-taking by long-term owners.
Galaxy Research reached a similar conclusion. According to Alex Thorn, head of research at Galaxy, more than 470,000 BTC held for over five years worth about $50 billion will have changed hands in 2025, the second largest nominal amount ever after 2024.
Combining 2024 and 2025, nearly half of all 5+ year old bitcoin ever spent was moved during those two years, accounting for 78% of all such BTC spent in dollars.
In total, the two years have seen more than $104 billion in long-dormant coins redistributed from old hands to new ones, according to the note.
