VanEck: Bitcoin miners' recent large-scale "Capitulation" may signal that the market bottom is near.

[VanEck: Bitcoin miners' recent large-scale “capitulation” may indicate that the market bottom is near] VanEck analysts stated that in the month leading up to December 15, Bitcoin's computing power (Hashrate) decreased by 4%. This phenomenon may provide favourable information for Bitcoin prices in the coming months, as miner capitulation has historically often been a bullish reverse indicator. VanEck's Head of Crypto Research, Matt Sigel, and Senior Investment Analyst, Patrick Bush, pointed out in a report released on Monday: “When Computing Power compression persists over a longer period, the probability of achieving positive returns in the future is higher, and the rise is usually greater.” They further pointed out that since 2014, when the computing power of the Bitcoin network has decreased in the previous 30 days, the returns for the next 90 days are positive 65% of the time; in contrast, when the computing power is rising, this proportion is only 54%. Even when extending the observation period, this rule still holds: when the 90-day Computing Power growth is negative, the probability of Bitcoin price rising in the subsequent 180 days reaches 77%, with an average increase of about 72%, which is significantly better than the 61% probability of positive returns in the case of rising Computing Power.