Bitcoin Consolidates at $63,700 as Long-Term Holders Tighten Supply, VanEck Reports

According to VanEck's mid-July Bitcoin ChainCheck report, Bitcoin consolidated near $63,700 through the month with long-term holders strengthening their positions. The share of bitcoin held longer than one year reached 60.8% of total supply, climbing from 59.1% six months earlier despite the price decline.

VanEck characterized the current setup as a cautious pause rather than a capitulation bottom. Derivatives showed fear rather than panic, with perpetual-futures funding rates at +4.5% on a 30-day average, well below the long-run +8.4%. Miner economics remained under pressure, with implied hashprice near $30.6 per petahash per day, a multi-year low. However, the firm noted that regimes with long-term supply share above 60% and rising have historically aligned with above-average returns across most time horizons.