VanEck: The current wave of Bitcoin sell-off is driven by medium-term holders, while long-term holders remain stable

VanEck's November report indicates that Bitcoin wallets that have not traded in the past five years are the main source of recent sell-offs, while the longest-held wallets remain "remarkably stable."

In the past two years, the number of coins aged 3-5 years has decreased by 32%, with changes in the holding addresses of these coins. VanEck believes this trend is related to the turnover of cyclical traders rather than long-term holders giving up after ten years.

The report also emphasizes adjustments in speculative positions: since October 9, the open interest in Bitcoin perpetual contracts has decreased by 20% in BTC terms and 32% in USD terms, leading to funding rates falling to levels similar to those during previous market downturns. The balances of small wallets holding 100 to 1000 BTC have increased by 9% over six months and 23% over a year, while the largest whale group has reduced their positions.