BTC selling is rising as mid-cycle holders exit while old Bitcoin whales stay steady, according to new VanEck data tracking market behavior.
According to VanEck in its recent Mid-November Bitcoin ChainCheck, BTC has faced a strong wave of selling over the past month as newer holders rushed for the exits.
The report shows that the strongest wallets have stayed patient, yet mid-cycle traders have pushed supply into the market. Price swings have also shaken futures traders who reacted to aggressive liquidations related to tariff concerns.
Bitcoin Whales Shift Positions As Volatility Rises
BTC dropped over 13% in the last month. Many blamed long-term whales, yet the data show a different story.
Glassnode’s figures reveal that the oldest wallets have remained steady and their holdings have grown across several study periods.
The pressure the market currently faces has come from wallets active within the past five years. These mid-cycle users have moved larger amounts during the recent slump.
Motivated selling also came from exchange-traded products. Since October 10, ETPs have shed more than 49,000 BTC. That is roughly 2% of their total AUM.
Many of those sellers bought near the previous peak and folded as market sentiment weakened.
A widely discussed wallet from the early Bitcoin era even unloaded its full balance during this period, which added to fear. The fear and greed index fell to a level not seen since early this year.
How BTC Holdings Are Shifting Across Wallet Sizes
Glassnode’s breakdown by wallet size shows a rotation rather than an exit from major holders.
Van Eck notes that whales holding over 1,000 BTC have been trimming since late 2023. Over the past year, the 10,000 to 100,000 BTC group reduced its holdings by 11%. That supply did not disappear, it moved to smaller holders.
Wallets in the 100 to 1,000 BTC band increased holdings by 23% during the same period. This group absorbed much of the supply released by larger holders. It is similar to past cycles where smaller and more active investors stepped in during volatile periods.
Short-term data shows a different trend. The largest whales turned into net buyers over the last 30 to 90 days. Their holdings rose across each short range.
This came after a sharp liquidation event that wiped out roughly 19% of futures open interest in half a day.
Mid-Cycle Traders Are Driving Current Selling
Tokens last moved between three and five years ago show the largest drawdowns across all measured periods. Their supply fell by more than 30% over two years. Many of these coins were stacked in quieter market phases and are now rotating to new participants.
Tokens last moved more than five years ago tell a different story. Their supply increased by more than 278,000 BTC over two years and most of that growth comes from younger coins ageing into the category rather than new purchases. Even so, it shows that these holders are avoiding rapid churn.
Related Reading: Bitcoin ETFs Have Bled $3 Billion So Far In November As BlackRock Leads
Futures Markets Point Toward Exhausted Speculation
The futures market gives further clues about market behaviour. Perpetual futures funding rates dropped to levels last seen in late 2023.
These contracts rarely trade below spot for long. But when they do, it means that long traders have stepped back.
Open interest fell by more than 30% in USD terms since early October. That slump comes after large liquidations as prices broke below support zones. Historically, deep resets like this occur near the end of major selloffs.