**[VanEck Releases Bitcoin On-Chain Report: Selling by Holders Over 1 Year Slows Down, Hashrate Contraction May Lay Foundation for Stronger Future Returns]** BlockBeats News, February 21: VanEck released its mid-February 2026 Bitcoin on-chain report. The report states, "BTC continues to decline, market sentiment weakens: Over the past 30 days, Bitcoin has dropped 29%, pushing the NUPL (Net Unrealized Profit/Loss) indicator close to the 'Anxiety Zone' and briefly entering the 'Fear Zone.' Meanwhile, leverage has been reset, and the size of open interest has fallen back to levels last seen in September 2024. Mid-cycle holders dominate distribution, but selling is slowing: Realized selling remains primarily concentrated among holders who have held BTC for 1 to 5 years. However, over the past month, the distribution speed of coins held for over 1 year has significantly slowed. Miner profit margins under pressure, hashrate contracts: Over the past 90 days, the total network hashrate has decreased by approximately 14%, reflecting tighter mining economics. Historically, similar situations often signal stronger future Bitcoin returns."