VanEck Releases Bitcoin ChainCheck for Mid-November 2025

Jinse Finance reported that VanEck released its mid-November 2025 Bitcoin ChainCheck, indicating that long-term holding whales are still holding, and the price of coins held for more than 5 years continues to rise. The sell-off is mainly concentrated among users holding mid-term stocks, rather than the earliest holders. The futures market is sluggish, with both capital and open interest at oversold levels. Data shows that ETP outflows have led to early weakness, with the balance of Bitcoin ETPs decreasing by 49,300 bitcoins since October 10, 2025, accounting for about 2% of total assets under management. Meanwhile, whale dynamics show a long-term decline and short-term increase in whale holdings. Whales holding between 10,000 and 100,000 bitcoins have reduced their holdings by 6% and 11% over the past 6 and 12 months, respectively. These sold bitcoins have been absorbed by "small fish" holding 100 to 1,000 bitcoins. This group of smaller investors has increased their holdings by 9% and 23% over the past 6 and 12 months, respectively. Finally, there are signs of a reset in speculative activity in the futures market. Since perpetual futures never settle, their prices are kept in line with spot prices by charging interest to the counterparty. If the perpetual futures price is higher than the spot price, the long side of the trade must pay interest to the short side proportional to the spot/perpetual futures price difference. Due to the asymmetric upside potential of cryptocurrencies, the basis for perpetual futures is almost always positive.