VanEck's latest Bitcoin on-chain report reveals a significant reduction in selling activity among long-term Bitcoin holders. Over the past 30 days, Bitcoin's price has dropped by approximately 29%, with the NUPL indicator nearing the 'anxiety zone' and briefly entering the 'fear zone.' Despite this, the distribution rate among holders who have kept their coins for over a year has slowed considerably. The report also highlights a decline in Bitcoin's network hash rate by about 14% over the past 90 days, putting pressure on miner profit margins. However, VanEck suggests that historically, periods of hash rate contraction have often led to improved returns, indicating potential future gains for Bitcoin investors.