VanEck reports that Bitcoin's recent decline is primarily driven by mid-term holders with less than five years of holding, while long-term holders with over five years remain stable. Over the past 30 days, Bitcoin has fallen approximately 13%, with BTC ETPs experiencing a net outflow of about 49,300 coins, as market sentiment hits a yearly low. On-chain data reveals that in the past 6-12 months, large addresses holding 10,000 to 100,000 BTC have been reducing their holdings, while addresses holding 100 to 1,000 BTC have absorbed some of the supply.