VanEck's mid-February 2026 Bitcoin On-Chain Report indicates that Bitcoin's price has fallen by approximately 29% over the past 30 days, with the NUPL indicator approaching the "anxiety zone" and briefly entering the "fear zone." Meanwhile, open interest has fallen back to levels not seen since September 2024, suggesting some release of leverage risk. The report shows that the current sell-off primarily comes from mid-term holders of 1 to 5 years, but the distribution rate among those holding more than one year has slowed significantly in the past month. Furthermore, miner profit margins are under pressure, with the network hashrate declining by approximately 14% over the past 90 days. VanEck points out that historically, hashrate contractions have often been accompanied by subsequent improvements in returns.