Catenaa, Tuesday, March 24, 2026- Long‑term holders of bitcoin slowed their selling activity in mid‑March, while miner selling pressure remained steady despite tighter economics, according to a VanEck report that described the development as a “potentially constructive” signal for the market.
VanEck’s Mid‑March 2026 Bitcoin ChainCheck report shows transfer volume from long‑term holder cohorts declined month‑over‑month across all age brackets, reflecting reduced distribution pressure from experienced holders. The firm said this slowdown in distribution activity typically signals diminished selling pressure that can support price stability.
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Despite weakening mining profitability, miners did not markedly increase selling. Total miner revenues fell 11 % month‑over‑month and bitcoin mining stocks slid 7 %, but miners’ outflows to exchanges rose by just 1 % in bitcoin terms. VanEck noted that most miners appear to be preserving reserves rather than aggressively liquidating holdings.
Aggregate miner balances, excluding wallets associated with the pseudonymous creator Satoshi Nakamoto, were around 684,000 BTC, down only 0.5 % from a year earlier, even as roughly 164,000 BTC were mined over the same period. The report said miners have effectively sold newly issued supply to fund operations and capital expenses.
The analysis comes amid broader shifts in the mining industry, with several firms moving toward artificial intelligence‑focused business models. Bitdeer sold its entire bitcoin treasury, while Core Scientific and Marathon Digital Holdings have plans to divert resources toward AI infrastructure, underscoring capital pressures as pure bitcoin mining economics tighten.
The trends also coincide with subdued onchain activity overall. VanEck found total transfer volume down about 31 %, and daily transaction fees off 27 %, partly because trading has shifted to offchain venues such as derivatives and exchange‑traded products.
Bitcoin was trading near $70,375 as of early Friday, up about 1.1 % in the prior 24 hours, while markets remain volatile amid geopolitical uncertainty and the Federal Reserve’s decision to hold interest rates steadily, signaling a hawkish U.S. monetary stance.
