VanEck releases Bitcoin ChainCheck in mid-November 2025

Golden Finance reports that VanEck released a ChainCheck for Bitcoin in mid-November 2025, indicating that long-term holding Whales are continuing to hold, with the prices of coins held for over 5 years continuously rising. Selling is mainly concentrated among users holding mid-term stocks, rather than those who held stocks the earliest. The futures market is in a state of desolation, with both funds and open contracts at Oversold levels. Data shows that the outflow of ETP funds has led to early weakness, with the balance of Bitcoin ETPs decreasing by 49,300 Bitcoins since October 10, 2025, accounting for about 2% of the total assets under management. The dynamic of the Whale shows a phenomenon where Whale positions are long-term declining and short-term rising. Whales holding between 10,000 to 100,000 Bitcoins have reduced their holdings by 6% and 11% over the past 6 months and 12 months, respectively. These reduced Bitcoins have been absorbed by “small fish” holding between 100 to 1,000 Bitcoins. This smaller scale of investors has increased their holdings by 9% and 23% over the past 6 months and 12 months, respectively. Finally, there are signs of a reset in speculative activities in the futures market. Since perpetual futures never settle, their prices are aligned with spot prices by charging interest to the counterparty. If the price of perpetual futures is higher than the spot price, the long position in the trade must pay interest proportional to the difference between the spot/perpetual futures prices to the short position. Due to the asymmetric upside potential of cryptocurrencies, the basis of perpetual futures is almost always positive.