Bitcoin on‑chain data shows dormant activity at four‑year low and short‑term holder losses as price hovers near $64,000

On‑chain metrics reveal that dormant Bitcoin activity has fallen to its lowest level since the third quarter of 2022, indicating that long‑term holders have slowed distribution after a period of heavy profit‑taking in 2024‑2025. The metric "coin days destroyed" also declined, reinforcing the slowdown among veteran investors.

Fidelity Digital Assets reports that nearly 15 million BTC have remained untouched for at least 155 days, a record‑high level of long‑term holder supply, while about 40 % of these holders are sitting on unrealized losses. At the same time, short‑term holder market capitalization has dropped to $236.2 billion, the lowest figure since mid‑2024, as recent buyers incur deeper losses.

Technical analysis highlights a critical support zone around $63,800‑$62,400; a break below could expose the next downside target near $60,000. Analysts note that August historically brings a roughly 19 % drawdown, which could push Bitcoin toward the $52,000‑$53,000 range. Despite the bearish pressure, some market participants maintain a long‑term bullish view, citing past cycle patterns and potential recovery later in the year.