Crypto
VanEck: Bitcoin’s Summer Lull Masks a Tightening Supply Base
According to VanEck's latest Bitcoin ChainCheck report, Bitcoin has spent the past month consolidating around $63,700.
Key takeaways
- Bitcoin's quiet summer trading masks a tightening supply base, with long-term holders continuing to accumulate.
- The derivatives market is flashing fear rather than capitulation, signaling near-term downside pressure over a quick rebound.
- The share of bitcoin held longer than a year reached 60.8% of supply and is projected to reach 62% in three months.
- Miner economics are near multi-year lows, with daily miner revenue down 39.5% year over year.
According to VanEck's latest Bitcoin ChainCheck report, Bitcoin has spent the past month consolidating around $63,700. While near-term pressure remains due to defensive derivatives positioning and weak miner economics, the long-term structural picture stays constructive. Long-term holders continue to accumulate, with the share of supply held for over a year rising to 60.8%. Meanwhile, miner revenues have dropped 39.5% year-over-year, pushing some to pivot toward artificial-intelligence hosting deals.
By the numbers
- $63,700
- Approximate price around which Bitcoin spent the past month
- -29%
- Drop in daily spot volume from post-2019 norm
- 60.8%
- Share of Bitcoin supply held longer than a year
- $19B
- Value of TeraWulf's 20-year lease deal with Anthropic
- $6.6B
- Value of CleanSpark's AI infrastructure deal
How it unfolded
- Bitcoin closed flat against prior month at $63,742
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Common questions
- What happened with VanEck?
- Bitcoin's quiet summer trading masks a tightening supply base, with long-term holders continuing to accumulate.
- Where can I read the original report?
- Read the full report at bitcoin_magazine.
