VanEck: Bitcoin miners' profit margins are narrowing, and crypto market sentiment is deteriorating.

PANews reported on February 21 that VanEck released its Bitcoin analysis report for mid-February 2026, which pointed out that Bitcoin experienced dramatic market sentiment and leverage resets, but the resilience of on-chain activity, the slowdown in the distribution speed in the middle of the cycle, and the tightening of miner supply indicate that its fundamentals are stronger than reflected in the price.

1. Market sentiment deteriorated as Bitcoin fell: Bitcoin has fallen 29% in the past 30 days, pushing NUPL into anxiety zone and briefly into panic, while leverage was reset and open interest returned to levels not seen since September 2024.

2. Mid-term holders drive distribution, but sales slow: Actual sales remain concentrated in the 1 to 5-year group, although distribution of tokens older than 1 year has slowed significantly in the past month.

3. Miners' profit margins are narrowing and computing power is shrinking: Over the past 90 days, computing power has decreased by about 14%, and the mining economic situation is tightening. This situation has historically indicated that Bitcoin's future returns will be stronger.