VanEck: Bitcoin accumulation signals strong despite whale selling

MGR Online•Economy•5d ago

Reader Briefing

VanEck reports that Bitcoin supply on exchanges has hit a 5-year low as long-term investors continue to accumulate.

•VanEck's Bitcoin ChainCheck report in mid-August 2026 indicates market structure is shifting from short-term speculators to long-term holders.
•Bitcoin supply on exchanges has dropped to the lowest level in 5 years.
•Spot Bitcoin ETF funds in the US, particularly BlackRock and Fidelity, have seen net inflows for three consecutive weeks.
•Global financial liquidity and US Treasury bond issuance remain primary pressures on the market.

•VanEck released the Bitcoin ChainCheck report in mid-August 2026.
•Bitcoin supply on trading exchanges has decreased to its lowest level in 5 years.
•Long-term investors have increased their holdings for three consecutive weeks.
•The Puell Multiple recovered from below 0.5 to nearly 0.8 during the second quarter, indicating miners have passed the capitulation phase.
•BlackRock and Fidelity spot Bitcoin ETFs in the US have experienced net inflows for three consecutive weeks.
•Short-term price volatility is increased because the proportion of ETF trading relative to the spot market has risen, driven by speculative money.
•VanEck warns that miners with high electricity costs may sell again if prices remain sideways until the end of the third quarter.
•Market pressure persists due to the US Federal Reserve's cautious stance on inflation and the US Treasury absorbing liquidity through bond issuance.

Full article content is available on the original source.

An investment firm that issued the Bitcoin ChainCheck report.

BlackRock(แบล็กร็อก)ℹ️

A provider of a spot Bitcoin ETF in the US experiencing net inflows.

Fidelity(ฟิเดลิตี้)ℹ️

A provider of a spot Bitcoin ETF in the US experiencing net inflows.

Fed(เฟด)

The US Federal Reserve whose interest rate decisions and balance sheet affect market liquidity.

US Treasury(กระทรวงการคลังสหรัฐ)ℹ️

The US government body absorbing liquidity through the issuance of bonds.

Matthew Siegel(แมทธิว ซีเกล)

Head of Digital Assets Research at VanEck.