Bitcoin’s recent decline is being driven by mid-cycle holders, not long-term whales, according to new on-chain research from VanEck analysts.

The firm noted in a recent report that long-term holders continue to accumulate while short-term futures markets show deeply oversold conditions following tariff-driven liquidations.

Despite widespread speculation that early Bitcoin whales triggered the selloff, on-chain data shows that coins held for five years or more continue to rise. 

These older cohorts increased their holdings by roughly 278,000 BTC over the past two years, signaling limited turnover among wallets with the longest histories.

In contrast, supply among wallets…

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