According to Wu Blockchain, Galaxy Digital's Head of Research Alex Thorn tweeted that a large amount of early Bitcoin became active again and moved on-chain in 2024 and 2025, second only to 2017 in scale. Alex Thorn stated that this round of the 'great distribution' is mostly over, and it's expected that the number of awakened Bitcoins in 2026 will be less than half of that in 2025.