VanEck: The decline in mining activity is a "bullish signal" for Bitcoin prices.

On December 23, VanEck's latest report shows that the recent decline in Mining activity may indicate that Bitcoin prices are about to rise, resonating with historical market patterns. VanEck analysts stated in a report titled “ChainCheck Mid-December 2025” released on Monday that Bitcoin has historically been more likely to achieve positive returns after periods of declining Mining activity. Since 2014, when the Computing Power of the Bitcoin network decreased, the probability of positive 90-day Bitcoin forward returns was 65%, while this probability was 54% when Computing Power rose. VanEck analysts noted, “Some empirical evidence suggests that a decline in Computing Power may be beneficial for long-term holders,” describing this pattern as a 'reverse signal' related to Miner capitulation, where weaker operators exit the network under financial pressure. This historical correlation is reemerging as Bitcoin's Computing Power fell by 4% over the month ending December 15, marking the largest fall since April 2024. The report states: “Moreover, when the compression of Computing Power persists for longer periods, positive expected returns tend to occur more frequently and with greater magnitude.”