VanEck: The current bitcoin sell-off is driven by mid-term holders, while long-term holders remain stable

ChainCatcher news, according to CryptoCurrency, VanEck's report points out that Bitcoin wallets that have not made any transactions in the past five years are the main source of recent sell-offs, while the wallets with the longest holding periods remain "remarkably stable."

In the past two years, the number of coins in the 3-5 year age group has decreased by 32%, indicating that the holding addresses of these coins have changed. VanEck believes this trend is related to the rotation of cyclical traders, rather than the abandonment by those who have held for more than ten years.

The report also highlights the adjustment of speculative positions: since October 9, the open interest of Bitcoin perpetual contracts has dropped by 20% when denominated in BTC, and by 32% when denominated in USD, causing funding rates to fall back to levels similar to previous market downturns. The balance of small wallets holding 100 to 1000 BTC has increased by 9% in six months and by 23% in one year, while the largest whale groups have reduced their positions.