According to VanEck’s latest report, Bitcoin experienced a 29% price decline in February 2026, leading to a bearish market trend and a significant reduction in leverage. However, on-chain data indicates that Bitcoin\u2019s fundamental structure remains robust and is outperforming current price levels. Despite the price drop over the past 30 days, the net unrealized profit\/loss (NUPL) indicator entered the “distress” zone, reflecting intermittent fear among holders. Concurrently, open interest in the derivatives market fell to its lowest level since September 2024, signaling a leverage reset that typically reduces unnecessary risk and stabilizes the system in the short term. Medium-term holders, who have held Bitcoin for one to five years, remain the largest distributors but have recently slowed their selling pace. In particular, holders with more than one year of tenure are cautiously refraining from selling at weak prices, indicating a stabilization of selling pressure. The report also notes a decline in Bitcoin sales by miners, suggesting structural strength in the market. The tightening of miner supply combined with reduced leverage underscores the relative stability of the network\u2019s fundamentals despite ongoing price volatility. VanEck\u2019s analysis highlights that the current price trend does not fully reflect Bitcoin\u2019s on-chain strength. Despite macroeconomic uncertainty and bearish trends, reduced selling by medium- and long-term holders, constrained miner supply, and a reset in the derivatives market collectively reflect Bitcoin\u2019s underlying health. Market experts are closely watching to determine whether the recent decline represents a profound structural shift or a temporary correction within a broader trend.<\/p>\n