It’s been a turbulent and volatile fourth quarter for Bitcoin in 2025. BTC has endured a turbulent December, with prices dropping nearly 9% and volatility spiking to levels not seen since April 2025.
In its latest mid-December “ChainCheck” report, VanEck’s digital asset analysts painted a nuanced picture: while on-chain activity remains weak, liquidity conditions are improving, and speculative leverage appears to be resetting, offering cautious optimism for long-term holders.
The firm highlighted the contrasting behaviors between different investor groups. Digital Asset Treasuries (DATs) have been actively buying the dip, accumulating 42,000 BTC — their largest addition since July — bringing aggregate holdings above one million BTC.
This contrasts with Bitcoin exchange-traded product (ETP) investors, who have reduced exposure, underscoring a shift toward corporate accumulation over retail-led speculation. more info
Analysts at VanEck noted that some DATs are exploring alternative financing methods, including issuing preferred shares rather than common stock, to fund purchases and operations, reflecting a more strategic, long-term approach.
Onchain data also revealed a divergence between medium- and long-term holders. Tokens held for one to five years have seen significant movement, suggesting profit-taking or portfolio rotation, while coins held for more than five years remain largely untouched.
VanEck interprets this as a signal that cyclical or shorter-term participants are offloading assets, whereas the oldest cohorts maintain conviction in Bitcoin’s future.