VanEck On-Chain Report: Long-Term Holder Selling Pressure Eases, Hash Rate Contraction May Improve Future Return Structure

Odaily News VanEck released its mid-February 2026 Bitcoin on-chain report, indicating that Bitcoin's price has fallen approximately 29% over the past 30 days. The NUPL indicator has approached the "anxiety zone" and briefly entered the "fear zone." Concurrently, open interest has retreated to levels last seen in September 2024, suggesting a release of leverage risk.

The report shows that the current realized selling pressure primarily originates from mid-cycle holders who have held coins for 1 to 5 years. However, the distribution rate among the cohort holding coins for over one year has noticeably slowed in the past month.

Furthermore, miner profit margins are under pressure, with the network's hash rate declining by approximately 14% over the last 90 days. VanEck points out that historically, periods of hash rate contraction have often been followed by improvements in subsequent return performance.