**[VanEck Releases November 2025 Bitcoin ChainCheck Report]** VanEck released its mid-November 2025 Bitcoin ChainCheck report, which shows that long-term Bitcoin whales are still holding their assets, with the price of Bitcoin held for over five years continuing to rise. Sell-offs are primarily concentrated among mid-term holders, while the futures market remains sluggish, with funds and open interest in an oversold state. Data indicates that since October 10, 2025, Bitcoin ETP balances have decreased by 49,300 BTC, accounting for 2% of total assets under management. Whale holdings have seen a long-term decline but a short-term increase. Whales holding between 10,000 and 100,000 BTC reduced their holdings by 6% and 11% over the past six and twelve months, respectively. These Bitcoins have been absorbed by investors holding between 100 and 1,000 BTC, who increased their holdings by 9% and 23% over the same periods. Additionally, speculative activity in the futures market shows signs of resetting, with perpetual futures basis almost consistently remaining positive.