Wu Says Learned that Alex Thorn, research director at Galaxy Digital, posted on X that a large amount of early Bitcoin reactivated in 2024 and 2025 and moved on-chain, with its scale second only to 2017. Alex Thorn said that most of this round of “great distribution” has already ended, and the number of Bitcoin waking up in 2026 is expected to be less than half of 2025.

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