Dormant Bitcoin Comes Back to Life as 4.65 Million BTC Reenters Circulation in 2025
Bitcoin’s on-chain data highlights a major ownership shift in 2025, as older wallets move coins to new holders. The “revived supply” measuring bitcoin spent after at least six months of inactivity has surged to 4.655 million BTC, marking one of the largest reactivations in recent years.
This trend reflects long-term holders (LTHs) increasingly distributing their assets, continuing a pattern that began in 2024. Many early investors appear to be realizing profits or rebalancing portfolios after Bitcoin’s strong rallies, while new participants absorb the supply. The rotation signals renewed market confidence and changing investor demographics within the network.
Revived supply spikes as OG wallets distribute
Analyst James Check (aka “Checkmate”) estimates 2025 revived supply at 4.655M BTC, broken down as: 1.91M BTC from 2+ year cohorts, 844k BTC from 1–2 years, and 1.9M BTC from 6–12 months. In USD terms, 2025’s revived supply is ≈$500B (vs. ≈$470B in 2024). By contrast, 2024 saw nearly 7M BTC revived in coin terms larger than 2025’s revived coin count but slightly smaller in dollars. CoinDesk+1
What’s driving the spending?
Multiple factors appear at work: the psychological $100k mark, portfolio diversification into gold and AI equities, and cycle dynamics roughly 18 months post-halving. Market commentary also notes distribution from whales and reduced momentum following a recent dip below $100k.
The 5+ year cohort: second-largest year on record
Galaxy Research’s Alex Thorn reports that >470,000 BTC held for over five years—worth about $50B at recent prices has changed hands in 2025, the second-largest notional year after 2024. Together, 2024–2025 account for ≈$104B in long-dormant BTC spent, a large share of all 5+ year coins moved in dollar terms.
Price context: a broad ~$100k range
Through 2025, bitcoin has largely traded in a wide band around $100,000, even slipping below that level during bouts of risk-off sentiment. That sideways drift has provided ample liquidity for LTH profit-taking and new buyer absorption.
Dormant Bitcoin Reenters Circulation 2025: what it means for market structure
Large revived-supply waves typically coincide with ownership redistribution and changing cost bases. While heavy LTH spending can pressure price in the short run, it can also refresh the holder mix if demand persists. Monitoring cohort-level flows helps assess whether distribution is being fully absorbed by new entrants.
Context & Analysis
The 2025 pattern resembles prior late-cycle rotations where aging supply is monetized into strength. The difference this time is scale: post-ETF flows and higher nominal prices lift the USD value of revived supply even when BTC counts are smaller than 2024’s. If price remains near $100k, revived-supply spikes may persist; sustained absorption would indicate healthier distribution rather than structural weakness.
Conclusion
Data confirms a significant handover from older to newer Bitcoin holders in 2025, as long-dormant coins continue returning to circulation. The revived supply trend remains elevated, underscoring how long-term holders (LTHs) are distributing their assets after years of accumulation.
With Bitcoin’s price stabilizing near the $100K mark, the next market phase depends on whether fresh demand can keep absorbing this ongoing supply. Sustained inflows from institutions and retail investors will be key to maintaining momentum and preventing profit-taking pressure from long-term holders.
FAQs
Q : What does “revived supply” mean?
A : Coins spent after ≥6 months of inactivity, indicating dormant holdings returning to circulation.
Q : How much long-dormant BTC moved in 2025?
A : About 4.655M BTC across all cohorts, led by 2+ year wallets.
Q : How much 5+ year BTC was spent in 2025?
A : Over 470,000 BTC (≈$50B) changed hands — the second-largest year after 2024.
Q : Has bitcoin’s price been stable during this activity?
A : It has mostly ranged around ~$100k in 2025, even dipping below recently.
Q : Why are long-term holders selling?
A : Profit-taking near $100k, diversification, and post-halving cycle dynamics; research also cites whale distribution and rotation into AI/gold.
Q : Does dormant bitcoin reenters circulation 2025 signal a top?
A : Not necessarily; it shows redistribution. Impact depends on whether demand absorbs the supply.
Q : Where can I track these metrics?
A : Glassnode and Checkonchain publish cohort and revived-supply dashboards.
Facts
Event
Large volumes of long-dormant BTC reenter circulation in 2025Date/Time
2025-11-06T19:50:00+05:00Entities
Bitcoin (BTC); James Check/“Checkmate”; Galaxy Research; Alex Thorn; CoinDeskFigures
4.655M BTC revived (2025); >470k BTC (5+ years, ≈$50B) spent (2025); ≈$104B long-dormant BTC spent across 2024–2025; BTC near ~$100k range (2025) CoinDesk+3CoinDesk+3The Block+3Quotes
“While the structural investment logic for bitcoin remains solid, cyclical dynamics have changed.” Alex Thorn, Galaxy Research (client note summarized in news reports). BitgetSources
CoinDesk article + URL; The Block/Yahoo Finance summaries + URLs (see below)