TL;DR:
- VanEck published its mid-March Bitcoin ChainCheck report, detecting a slowdown in selling activity among long-term holders.
- Transfer volume fell across all age cohorts, which the firm describes as a “potentially constructive” signal for the market.
- Total miner revenue dropped 11% month-over-month and mining stocks fell 7%, though BTC outflows to exchanges rose just 1%.
Asset management firm VanEck published its Bitcoin ChainCheck report for mid-March 2026, identifying a reduction in distribution activity among long-term bitcoin holders as a favorable signal for the market. According to the document, transfer volume fell month-over-month across all age cohorts of the asset, a behavior the firm’s analysts described as “a potentially constructive signal“.
“The decrease in transfer activity across these cohorts typically signals reduced distribution pressure from experienced market participants,” the analysts wrote in the report published on Thursday.
VanEck: Miners Under Pressure, but No Mass Liquidations
According to VanEck, selling pressure from miners remained stable despite deteriorating profitability. Total sector revenue fell 11% month-over-month and mining-related stocks retreated 7%, though BTC outflows to exchanges grew just 1% in nominal terms of the cryptocurrency. “Most operators are attempting to preserve their remaining reserves rather than liquidate positions aggressively,” the report noted.
Aggregate miner balances, excluding wallets attributed to Satoshi Nakamoto, stood at approximately 684,000 BTC, reflecting a decline of just 0.5% year-over-year. During that same period, roughly 164,000 new BTC were mined, implying that the sector sold virtually all of the new issuance to fund operations and capital expenditures.
The Pivot Toward Artificial Intelligence
VanEck also highlighted a structural reconfiguration within the mining industry. Several companies are redirecting their business model toward artificial intelligence infrastructure. Bitdeer liquidated its entire BTC treasury, while Core Scientific and MARA plan to divest their holdings to finance their business transition. “This highlights the growing capital pressures facing miners as the economics of pure bitcoin mining tighten,” VanEck warned.
The report also recorded a 31% drop in overall onchain transfer volume and a 27% decline in daily fees, partly as a result of activity shifting toward derivatives and ETFs.
