VanEck's latest analysis indicates that the recent Bitcoin (BTC) price dip was mainly fueled by selling pressure from mid-term holders, rather than a mass exodus of long-term investors. According to VanEck, the majority of BTC sold recently originated from addresses that last moved their coins within the last five years. Interestingly, long-term holders have largely maintained their positions, suggesting strong conviction despite market volatility. VanEck also points out a significant 32% decrease in BTC held in wallets active for 3-5 years over the past two years. They attribute this to a shift in ownership between traders, rather than a complete capitulation by investors. Additionally, the open interest in BTC perpetual futures has fallen by 20% since October 9th, with funding rates mirroring bear market conditions. This signals reduced speculative activity. VanEck believes the resilience of long-term holders, the exchange of coins between traders, and the flushing out of futures traders have placed Bitcoin in a "reset" phase. This "reset" could pave the way for a potential recovery in the future, as the market has already priced in a lot of fear and uncertainty. ```