VanEck: Bitcoin Hash Rate Falls 14% in 90 Days as Long-Term Holder Selling Eases

Bitcoin's hash rate dropped roughly 14% over the past 90 days while selling by holders with more than one year of tenure has moderated, VanEck said in a mid-February 2026 onchain report. The firm noted Bitcoin's price fell about 29% in the prior 30 days, with the NUPL indicator approaching the "anxiety zone" and briefly entering the "fear zone," while open interest retreated to levels last seen in September 2024. VanEck added that medium-term holders (1 to 5 years) currently dominate realized sales, and miner profit margins face pressure amid the hash rate decline, which historically has often preceded stronger returns.