VanEck's latest Bitcoin analysis report indicates that as sell-off pressure from long-term holders eases, the market is sending positive signals, with Bitcoin trading volumes declining across all age cohorts. Despite miner revenues dropping by 11% and mining equity declining by 7%, miner selling volumes have remained stable, with Bitcoin inflows to exchanges increasing by only 1%. Currently, miners hold approximately 684,000 Bitcoin in total positions, down only 0.5% year-over-year, as the industry has sold through all newly issued Bitcoin. The report emphasizes that financial pressure is prompting some miners to pivot toward AI-focused models, while warning that sustained low Bitcoin prices could force miners to accelerate selling to offset dollar costs.