On-chain analysts report large-scale reactivation of long-dormant Bitcoin in 2025. Checkmate estimates 4.655 million BTC moved so far in 2025 (1.91M from >2 years, 844K from 1–2 years, 1.9M from 6–12 months), about $500 billion notional; this follows nearly 7M BTC revived in 2024 (~$470B). Galaxy Research confirms heavy movement of very old coins, noting >470K BTC held 5+ years (~$50B) moved in 2025 and that 2024–2025 activity accounts for roughly half of all 5+ year coins ever spent (~$104B redistributed). Reported selling drivers include profit-taking around $100,000, diversification into gold and AI equities, quantum-computing concerns, and typical post-halving cycle dynamics.

Large, quantified reactivation of dormant supply: Checkmate reports 4.655M BTC revived in 2025 (~$500B notional) with detailed age breakdown; Galaxy Research reports >470K BTC aged 5+ years moved in 2025 and ~ $104B of 5+ year coins redistributed across 2024–2025. Reported sell drivers include $100,000 profit-taking, diversification, quantum concerns, and post-halving timing — facts that point to material selling pressure and increased circulating supply.