VanEck Releases Bitcoin On-Chain Report: HODLer Net Position Change Flat, Miner Capitulation May Have Ended

BlockBeats News, February 21, VanEck released the mid-February 2026 Bitcoin On-Chain Report. The report pointed out that "BTC continues to decline, market sentiment weakens: In the past 30 days, Bitcoin has fallen by 29%, pushing the NUPL (Net Unrealized Profit/Loss) indicator close to the 'Anxiety' zone, and at one point entering the 'Fear' zone. At the same time, leverage has been reset, and the open interest of futures contracts has fallen to the level last seen in September 2024.

Mid-term holders lead distribution, but selling pressure is slowing: Realized selling still mostly concentrated in the 1 to 5-year holder group, but over the past month, the distribution speed of holders over 1 year has significantly slowed down.

Miner profitability under pressure, hashrate shrinking: In the past 90 days, the network's hashrate has dropped by about 14%, reflecting a tightening mining economy. Similar historical scenarios have often foreshadowed a stronger subsequent return for Bitcoin."