VanEck: Mid-Cycle Traders Driving Bitcoin Selloff While Long-Term Whales Keep Holding

According to on-chain research from VanEck analysts, the recent decline in Bitcoin's price is primarily driven by holders who last moved their coins three to five years ago, whom the analysts categorize as mid-cycle traders exiting positions. Conversely, long-term holders (coins held for five years or more) continue to accumulate, increasing their supply by about 278,000 BTC over the last two years, signaling strong conviction. The selloff was partly fueled by outflows from Bitcoin ETPs and retail fear, aligning with volatility from tariff news. Furthermore, Bitcoin's futures markets experienced a significant reset, with open interest dropping sharply and funding rates hitting lows. While some large holders reduced supply over longer periods, mid-sized holders absorbed this, and recent data suggests some large cohorts have become net buyers, indicating that the longest-term holders remain steadfast.

(Source：Bitcoin Magazine)