BlockBeats News, February 21 — VanEck released its Bitcoin on-chain report for mid-February 2026. The report states, "BTC continues to decline, market sentiment weakens: over the past 30 days, Bitcoin has fallen 29%, pushing the NUPL (Unrealized Profit/Loss) indicator close to the ‘Anxiety Zone’ and temporarily into the ‘Fear Zone.’ Meanwhile, leverage has been reset, and the open interest has fallen back to levels not seen since September 2024.
Mid-term holders are leading distribution, but selling is slowing down: realized selling remains mainly concentrated among holders with 1 to 5 years of holdings, but over the past month, the distribution of coins held for more than 1 year has significantly slowed.
Miner profitability is under pressure, and hash rate has contracted: over the past 90 days, the total network hash rate has decreased by approximately 14%, reflecting tightening mining economics. Historically, similar situations often indicate stronger future Bitcoin returns."
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