Bitcoin’s Great Distribution ends as veteran sales drop

The two-year “Great Distribution” of old Bitcoin is over. Veteran holders have sharply reduced sales in 2026, with dormant wallet activity dropping by over 50%. Redistribution is expected to cool further.

Recent reports indicate that the large-scale redistribution of long-dormant Bitcoin, known as the "Great Distribution," has largely concluded in 2026. On-chain data from Alex Thorn of Galaxy Digital reveals that activity among old Bitcoin wallets, which peaked in late 2025 with nearly 900,000 BTC moved in a single month by the one-to-two-year holding cohort, has dropped by more than half in 2026. This marks the end of a two-year period during which veteran holders sold significant amounts of Bitcoin, often during market rallies. The reactivation of dormant coins is now expected to be less than half of previous years, suggesting that most long-term holders who intended to sell have already done so. No major holders cited quantum computing risks as a reason for selling. The current phase signals a significant reduction in selling pressure from veteran wallets, with future on-chain movements from dormant wallets projected to decrease sharply.