One of the cleaner signals this quarter isn’t what moved.

It’s what didn’t.
Dormant Bitcoin barely woke up in Q2.
Compared to 2024 and 2025, the amount of long-held BTC returning to circulation dropped sharply, reaching its lowest level since Q3 2022.
That changes how I think about the current market.
> Older holders aren’t rushing to distribute.
> Long-term conviction still looks intact.
> New demand is absorbing supply without forcing dormant coins back into circulation.
Markets usually become fragile when old holders begin selling into strength.
That’s not the environment these charts describe.
No single metric tells the whole story.
But when dormant supply remains quiet during higher prices, it often suggests conviction is still outweighing the temptation to exit.