VanEck: This round of Bitcoin dumping is driven by medium-term holders, while long-term holders remain stable.

According to ChainCatcher news and reports from CryptoCurrency, a VanEck report indicates that Bitcoin wallets that have not been traded in the last five years are the main source of recent dumping, while the wallets with the longest holding time remain “remarkably stable.” In the past two years, the number of coins in the 3-5 age group has decreased by 32%, and the holding addresses of these coins have changed. VanEck believes this trend is related to the replacement of cyclical traders rather than the abandonment by those holding for more than ten years. The report also emphasizes the adjustment of speculative positions: Since October 9, the open interest of Bitcoin perpetual contracts has decreased by 20% in BTC terms and 32% in USD terms, causing the funding rate to fall to levels similar to previous market downturns. The balances of small wallets holding 100 to 1000 BTC have increased by 9% over six months and by 23% over a year, while the largest whale group has reduced their positions.