"In its latest mid-December "ChainCheck" report, VanEck's digital asset analysts painted a nuanced picture: while on-chain activity remains weak, liquidity conditions are improving, and speculative leverage appears to be resetting, offering cautious optimism for long-term holders. The firm highlighted the contrasting behaviors between different investor groups. Digital Asset Treasuries (DATs) have been actively buying the dip, accumulating 42,000 BTC - their largest addition since July - bringing aggregate holdings above one million BTC."
"Onchain data also revealed a divergence between medium- and long-term holders. Tokens held for one to five years have seen significant movement, suggesting profit-taking or portfolio rotation, while coins held for more than five years remain largely untouched. VanEck interprets this as a signal that cyclical or shorter-term participants are offloading assets, whereas the oldest cohorts maintain conviction in Bitcoin's future."
Bitcoin experienced significant December volatility with prices dropping nearly 9% and volatility rising to levels not seen since April 2025. On-chain activity remains weak, but liquidity conditions are improving and speculative leverage appears to be resetting, suggesting cautious optimism for longer-term holders. Digital Asset Treasuries accumulated 42,000 BTC, pushing aggregate holdings above one million BTC, while Bitcoin ETP investors reduced exposure. Some treasuries are exploring alternative financing such as preferred shares. Medium-term coins (one to five years) show movement consistent with profit-taking, whereas coins older than five years remain largely unmoved. Miners faced a 4% hashrate decline and tighter margins.
Read at Bitcoin Magazine
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