According to the latest report from VanEck, the Bitcoin market may be approaching a short-term Dip as signs of Miners "surrendering" emerge – a signal that has repeatedly preceded significant rallies in the past. VanEck stated that on-chain data as of December 15th shows that the Bitcoin network's hashrate has decreased by approximately 4% in just one month, marking the sharpest decline over a 30-day period since April 2024. This development reflects increasing pressure on Bitcoin mining companies, especially given high operating costs, escalating electricity prices, and shrinking profit margins following recent BTC price fluctuations.
VanEck emphasized that the phenomenon of Miners "capitulating," meaning being forced to shut down their machines, sell off their Bitcoin holdings, or withdraw from the market due to losses, often occurs at the end of correction cycles. Historical statistics from 2014 show that in periods of sharp hashrate declines within 30 days, the price of Bitcoin increased in the following 90 days in 65% of cases. This led VanEck to XEM the current weakening hashrate as a "contrarian" but positive signal, implying that selling pressure from Miners may be gradually easing.
