Long-Term Holders Ease Selling as Bitcoin Market Stabilizes

Asset manager VanEck reports that selling pressure from long-term Bitcoin holders is declining, a trend viewed as a positive signal for the market. In its mid-March 2026 ChainCheck report, the firm noted that transfer volumes dropped across all holding age groups, indicating that experienced investors are slowing distribution.

According to analysts, reduced movement of older coins typically reflects stronger conviction among long-term participants and less immediate sell pressure. This shift suggests that, despite recent volatility, a portion of the market is choosing to hold rather than exit positions.

Miner Selling Remains Controlled Despite Profit ضغط

While miner profitability has weakened, selling activity from miners has not accelerated. Revenues fell by 11% month-over-month, and mining-related equities declined by around 7%, yet outflows of Bitcoin to exchanges rose by only 1%. This indicates that most miners are attempting to preserve reserves instead of aggressively liquidating holdings.

Total miner balances—excluding wallets associated with Satoshi Nakamoto—stand at roughly 684,000 BTC, showing only a slight year-over-year decline. Over the same period, around 164,000 new BTC were mined, meaning that miners have largely sold newly issued supply while gradually reducing reserves to cover operational and capital costs.

Industry Shifts Toward AI and Market Uncertainty Persists

The report also highlights a broader transition within the mining sector, with several companies pivoting toward AI infrastructure. Firms like Bitdeer have already liquidated Bitcoin reserves, while Core Scientific and MARA are planning similar moves as they adapt to tightening margins.

VanEck warns that if Bitcoin prices remain under pressure, miners could be forced to increase selling activity to cover ongoing costs, potentially adding new supply to the market. At the same time, on-chain activity has weakened, with transfer volumes down 31% and fees falling 27%, partly due to a shift toward off-chain trading via derivatives and exchange-traded products.

Amid this backdrop, Bitcoin has shown modest short-term gains but continues to experience heightened volatility, influenced by geopolitical uncertainty and the Federal Reserve’s decision to maintain interest rates with a hawkish stance.