VanEck's latest report reveals that Bitcoin's recent sell-off is primarily driven by mid-cycle holders, rather than long-term whales. The 'Mid-November 2025 Bitcoin ChainCheck' report highlights that wallets with coins moved in the past five years are responsible for most of the selling activity, while older wallets have remained stable. The report notes that over the past two years, more than 278,000 BTC with a five-year history have transitioned into the long-term cohort, indicating sustained long-term conviction among holders. This analysis comes as Bitcoin trades near multi-month lows, recently priced at $86,696, marking a 3.2% drop in 24 hours and a 31.2% decline from its October 6 all-time high. Analysts cite forced liquidations, long-term holder distribution, and offshore derivatives volatility as contributing factors to the decline.