Bitcoin long-term holder selling slows, signaling ‘potentially constructive’ trend: VanEck

VanEck’s recent Bitcoin ChainCheck report indicates a potentially constructive trend in the market, as long-term holders are reducing their selling activity. Transfer volume across all age cohorts of Bitcoin has declined month-over-month, suggesting reduced distribution pressure from experienced market participants. Simultaneously, Bitcoin miner selling pressure has remained steady despite declining profitability, with miner outflows to exchanges rising only slightly. While miners are effectively selling their entire newly issued supply to fund operations, they aren’t aggressively liquidating holdings. This occurs as some miners shift towards AI-centric business models, selling their BTC treasuries to invest in AI infrastructure, highlighting increasing capital pressures. Overall onchain activity remains subdued, with transfer volume and daily fees down, potentially due to increased trading on offchain venues.

(Source：The Block)