Based on Coindesk, VanEck's 'Mid-November 2025 Bitcoin ChainCheck' report indicates that Bitcoin's recent sell-off is primarily driven by mid-cycle holders, not long-term whales. Wallets with coins moved in the past five years account for most of the selling, while older wallets have remained stable. Over the past two years, more than 278,000 BTC with a five-year history have aged into the long-term cohort, signaling continued long-term conviction. The report comes as Bitcoin trades near multi-month lows, with BTC recently at $86,696, down 3.2% in 24 hours and 31.2% from its October 6 all-time high. Analysts attribute the decline to forced liquidations, long-term holder distribution, and offshore derivatives volatility.
VanEck Report: Bitcoin Sell-Off Led by Mid-Cycle Holders, Long-Term Whales Remain Steady
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