VanEck to Launch Bitcoin ChainCheck in Mid-November 2025
VanEck is preparing to introduce Bitcoin ChainCheck, scheduled for launch in mid-November 2025. The cryptocurrency landscape is currently marked by significant fluctuations, particularly regarding Bitcoin (BTC) holdings among various investor types.
Current Market Dynamics
Recent data from Glassnode highlights that long-term Bitcoin holders, often referred to as whales, remain steadfast. Coins that have been held for over five years have continued to grow. However, selling activity is mainly concentrated among mid-cycle holders rather than the oldest accumulators of Bitcoin.
ETP Outflows and Price Action
In the past month, Bitcoin has experienced a notable decline, falling by 13%. This downturn coincides with ETP balances shedding approximately 49,300 BTC, about 2% of total assets under management (AUM). The selling pressure seems to stem from investors who purchased during the price peak, influenced by uncertainty surrounding interest rates and market narratives.
Whale Behavior and Distribution
- One notable transaction involved a “Satoshi Era” whale selling $1.5 billion in BTC in mid-November 2025.
- Despite this significant sale, long-term holders have maintained their positions, with a net increase of 278,000 BTC in wallets held for over five years over the past two years.
- Conversely, holders whose coins were last moved between three and five years ago have seen a 32% drop in supply, indicating a shift in possession to newer investors.
Whale Accumulation Trends
An analysis over multiple periods reveals that whales holding more than 10,000 BTC have reduced their holdings by 6% to 11% in the last year. In contrast, smaller investors, or “minnows,” have increased their holdings by 9% in the past six months. This indicates a trend where smaller players are absorbing the supply being offloaded by larger holders.
Bitcoin Futures Market Insights
The futures market has shown a complex picture. Open interest in Bitcoin futures has fluctuated, with data indicating a 20% drop since October 9, 2025. The annualized basis costs for perpetual futures have also decreased significantly, with the market reflecting oversold conditions, common during downturns.
Market Sentiment and Indicators
- The fear/greed index recently dropped to its lowest level since March 2025, signaling a bearish sentiment within the market.
- Bitcoin’s price reached $105,666, while daily active addresses on the network totaled approximately 695,396.
- Mining difficulty and power consumption for Bitcoin remain relatively stable, with miner revenues recorded at about $48 million.
As the launch of Bitcoin ChainCheck approaches, the market will be closely monitored to assess the reaction of long-term holders and the influence of futures trading on Bitcoin’s price trajectory. This new tool aims to provide greater insight into holding patterns and investment strategies within the fluctuating cryptocurrency landscape.
