Long-term Bitcoin holders slow distribution as onchain activity declines: VanEck
Long-term Bitcoin holders cut sales month over month as miner outflows to exchanges rose 1% despite an 11% revenue drop, VanEck found. Miner balances were about 684,000 BTC, down 0.5% year on year.
According to the recent VanEck report, long-term Bitcoin (BTC) holders slowed distribution in the latest month, with transfer volumes declining across every age cohort, according to its Mid-March 2026 Bitcoin ChainCheck. “Declining transfer activity among these cohorts typically signals reduced distribution pressure from experienced market participants,” the analysts wrote.
The report also observed softer onchain usage. Overall transfer volume on the Bitcoin network fell 31% in the latest period, and daily fees declined 27%, with VanEck citing a shift in trading to offchain venues such as derivatives markets and exchange-traded products.
On crypto mining, the firm found selling pressure largely unchanged. Total miner revenue fell 11% month over month and Bitcoin mining equities slid 7%, yet “miners did not meaningfully increase selling pressure,” the report stated. Miner outflows to exchanges rose 1% in BTC terms.
Aggregate miner balances, excluding wallets attributed to Satoshi Nakamoto, were about 684,000 BTC, down 0.5% from a year earlier. Over the same 12 months, miners produced roughly 164,000 BTC. “Miners effectively sold the entire newly issued supply,” the report noted. Holdings have edged lower since late 2023 as companies funded operating costs and capital expenditures.
VanEck pointed to a shift among several miners into artificial intelligence infrastructure. Bitdeer exited its Bitcoin treasury, and Core Scientific and Marathon Digital plan to liquidate holdings to finance AI-focused operations, according to the report. “Should bitcoin prices remain depressed, miners may be forced to accelerate BTC sales to cover recurring dollar-denominated costs,” it added.
Bitcoin rose 1.1% over the past 24 hours to $70,375 as of March 20, 2026.
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