Bitcoin Market Volatility Intensifies: Long-Term Holders Slow Down Selling

Market Sentiment Weakens as Bitcoin Prices Decline

According to VanEck's mid-February 2026 Bitcoin on-chain data, Bitcoin prices dropped 29% over the past 30 days, causing investor sentiment to weaken. The NUPL (Net Unrealized Profit/Loss) indicator has approached the 'anxiety zone' and briefly entered the 'fear zone', signaling increased caution in the market.

Mid-Term Holders Reduce Selling Pressure

While the 1- to 5-year holding group remains the main source of selling, data shows that the distribution rate of coins held for more than one year has significantly slowed in the past month. This trend could indicate that a market bottom is forming and long-term confidence may be returning.

Mining Profitability Drops as Hash Rate Contracts

In the past 90 days, the Bitcoin network's hash rate has declined by approximately 14%, reflecting rising economic pressures on miners. Historically, similar hash rate contractions have often preceded stronger return cycles for Bitcoin.