BTC Recovers From Panic in 30 Days, VanEck On-Chain Data Reveals Market Turning Point

According to VanEck’s mid-February on-chain Bitcoin report, the market has experienced a shift from panic to recovery over the past 30 days. The report noted that Bitcoin had been under sustained pressure earlier, with the unrealized profit/loss indicator entering the “fear zone.” However, recent data shows a clear change in market sentiment, with 30-day price changes turning positive and demonstrating a strong rebound.

Anxiety and Fear Intertwined, Long-Term Holders as Market Indicators

VanEck’s report pointed out that the recent sell-off was mainly concentrated among mid-term holders with 1 to 5 years of holdings. More notably, long-term investors holding over a year have shown a significant slowdown in exiting the market over the past 30 days. This shift suggests that underlying confidence is gradually returning—slowing sales by long-term holders often signals a bottoming process.

At the same time, the report mentioned that leverage markets have completed resetting, with open interest falling back to levels seen since September 2024. The liquidation of excessive leverage has ended, creating a more stable foundation for further market gains.

Hashrate Contraction and Miner Pressure, Historical Patterns Hint at Long-Term Opportunities

On-chain data further reveals that the total network hashrate has decreased by about 14% over the past 90 days, reflecting short-term challenges in mining economics. During periods of pressure, miners with marginal profitability are typically eliminated, improving overall network efficiency.

VanEck emphasized in the report that similar hashrate contractions in history often precede stronger Bitcoin returns. This suggests that current short-term pain may be setting the stage for the next rally. The pattern of 30-day price performance shifting from negative to positive appears to be playing out.