checkmate

For every buyer, there’s a seller — and in 2025, those sellers have been louder than ever. Bitcoin may have hovered stubbornly around the $100,000 mark this year, but behind the calm surface, an enormous wave of dormant supply has quietly come back to life.

Data from on-chain analyst James Check, better known as #Checkmate , shows that long-term holders have revived a staggering 4.65 million BTC in 2025. These are coins that had not moved for at least six months, now reentering circulation. It’s a level of distribution unseen since Bitcoin’s early cycles — and it’s reshaping ownership across the market.

The breakdown tells the story clearly. Around 1.91 million BTC came from holders who had been inactive for more than two years. Another 844,000 BTC came from those holding between one and two years, and roughly 1.9 million BTC came from the 6–12 month group. Altogether, these movements represent roughly half a trillion dollars’ worth of revived supply — an extraordinary amount of old Bitcoin flowing into new hands.

To put that in context, 2024 saw even greater revived activity in BTC terms, with nearly 7 million coins moving for the first time in years. But because Bitcoin’s price is now substantially higher, the 2025 figure has surpassed it in dollar value — $500 billion this year versus about $470 billion last year. This shows how the financial impact of each revived coin has grown, even as total volumes have slightly eased.

The triggers behind this selling are varied but interconnected. The $100,000 price level has served as both a psychological milestone and a profit-taking magnet. For many early holders — the so-called “OGs” who accumulated coins when prices were a fraction of today’s levels — the six-figure zone represents a natural exit or diversification point.

Some long-term holders have reportedly rotated capital into gold and AI-focused equities, seeking balance after years of outsized crypto exposure. Others are motivated by concerns over emerging risks such as quantum computing, which, while still theoretical, has become part of the broader conversation about Bitcoin’s future-proofing. Then there’s the cyclical perspective: Bitcoin is about 18 months past its most recent halving, a period that historically coincides with market peaks and distribution phases. For seasoned participants who’ve lived through multiple cycles, this timing looks familiar — and prudent.

Galaxy Research’s recent report adds further weight to the trend. According to Head of Research Alex Thorn, more than 470,000 BTC held for over five years — worth around $50 billion — has been sold or transferred in 2025. That’s the second-largest notional amount of long-term Bitcoin spending ever recorded, following the record-breaking activity of 2024.

When viewed together, 2024 and 2025 represent an extraordinary consolidation of ownership. Nearly half of all Bitcoin held for five years or more that has ever been spent was moved during these two years. In dollar terms, these two years account for 78% of all value ever spent from 5+ year wallets. Over $104 billion worth of long-dormant coins have effectively changed hands — a monumental reshuffling of the Bitcoin landscape.

Despite this, Bitcoin’s price behavior has remained surprisingly stable. Trading has stayed mostly range-bound, fluctuating within about 20% of the $100,000 zone. This suggests that while supply has been distributed from long-term holders, there’s been equal and steady demand from new entrants and institutions willing to absorb it. For every seller unlocking old Bitcoin, there’s a buyer betting on the next chapter of the digital asset’s story.

What we’re witnessing may be less about panic selling and more about generational turnover. The market is evolving from the early adopters who accumulated Bitcoin in its infancy to a broader, more diversified set of holders — including funds, ETFs, and retail investors who view Bitcoin as a macro asset rather than an experiment.

In this sense, the revival of dormant coins marks an important transition point. Ownership is broadening, liquidity is deepening, and Bitcoin’s network is moving toward greater maturity. Each revived coin tells a quiet story — of early conviction giving way to realized gains, of old holders stepping aside for new believers, of a market that continues to evolve without losing its core momentum.

As Checkmate and Thorn’s data show, the numbers are striking. Nearly five million coins revived in one year, $500 billion redistributed, and a market that has somehow absorbed it all without losing its structure. That balance between distribution and accumulation defines Bitcoin’s resilience in 2025 — a reminder that even when old supply awakens, new demand is always waiting to meet it.
$BTC #BITCOIN