Bitcoin’s latest sell-off is being driven by mid-cycle holders rather than long-term whales, according to VanEck’s "Mid-November 2025 Bitcoin ChainCheck" report. The asset management firm said wallets whose coins last moved within the past five years account for most of the recent selling, while the oldest cohorts have remained “remarkably steady” despite weakening sentiment. VanEck also noted that coins that were last moved more than five years ago continue aging into the cohort, adding roughly +278,000 ...