VanEck releases Bitcoin on-chain report: Selling by holders with over 1-year positions slows down, hashrate contraction may lay the foundation for stronger future returns

BlockBeats News, February 21, VanEck released its mid-February 2026 Bitcoin On-Chain Report. The report pointed out, "BTC continues to decline, and market sentiment has weakened: Over the past 30 days, Bitcoin has dropped by 29%, pushing the NUPL (Net Unrealized Profit/Loss) indicator close to the 'Anxiety Zone' and even briefly into the 'Fear Zone.' Meanwhile, leverage has been reset, and open interest has fallen back to levels last seen in September 2024."

Mid-term holders dominate distribution, but selling is slowing: Realized selling is still mainly concentrated among those holding coins for 1 to 5 years. However, over the past month, the distribution speed of coins held for more than 1 year has significantly slowed down.

Miner profit margins under pressure, hashrate contracts: Over the past 90 days, the total network hashrate has decreased by about 14%, reflecting tightening mining economics. Historically, similar situations have often signaled stronger subsequent returns for Bitcoin."