(Seoul=Yonhap Infomax) Jang Won Lee – Global asset manager VanEck has attributed the recent decline in Bitcoin prices to selling by 'mid-cycle holders,' rather than long-term whales, according to its latest analysis.


On the 20th (U.S. local time), CoinDesk reported that VanEck’s mid-November “Bitcoin Chain Check” report found that wallets belonging to 'mid-cycle holders'—those who last moved their coins within the past five years—accounted for the majority of recent selling activity.


In contrast, VanEck noted that the oldest investor group, who have held coins for over five years, have remained “remarkably stable” despite weakening market sentiment and have continued to accumulate Bitcoin.


Small whale wallets holding between 100 and 1,000 Bitcoins have increased their holdings by 9% over the past six months and by 23% over the past year, further accumulating coins.


VanEck stated, “The amount of coins held for 3–5 years has decreased by 32% over the past two years,” adding, “This reflects a rotation among cycle traders rather than capitulation.”


The report also highlighted a decline in speculative activity in the futures market. According to VanEck, open interest in Bitcoin perpetual futures has plunged 32% in dollar terms and 20% in Bitcoin terms since October 9.


Funding rates have also fallen to levels similar to previous market liquidation events.


VanEck characterized the current environment—marked by the stability of long-term holders and futures market liquidations—as a “reset.”


Historically, such resets in the Bitcoin market have often preceded tactical rebounds.



jang73@yna.co.kr


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