Core Insights - VanEck reported a 4% decline in Bitcoin's network hash rate, the largest drop since April 2024, which may indicate a market bottom as companies begin to acquire cheaper Bitcoin [1][2] Group 1: Hash Rate and Mining Economics - The 30-day moving average for Bitcoin's hash rate decreased by 4% after reaching a peak in early November, attributed to government actions in Xinjiang, China, leading to the shutdown of 1.3 gigawatts of mining capacity, affecting around 400,000 mining machines and potentially removing up to 10% of the network's total hash rate [2] - The economic conditions for Bitcoin miners have worsened, with the breakeven electricity price for an S19 XP mining machine dropping to $0.077/kWh in December 2025 from approximately $0.12 a year earlier [3] - Despite poor profitability, many miners continue operations due to their belief in Bitcoin's future, with up to 13 nations reportedly mining with support from their central governments [4] Group 2: Market Behavior and Accumulation - VanEck's research indicates that "miner capitulation" often precedes positive price performance, with negative hash rate growth over a 90-day period correlating with an average Bitcoin return of 72% over the following 180 days, compared to 48% during periods of hash rate growth [5] - Despite a 9% decline in Bitcoin's price over the last 30 days, corporate treasuries significantly increased their Bitcoin accumulation, adding 42,000 BTC between mid-November and mid-December, marking the largest monthly accumulation since July 2025 [6] - Corporate accumulation was led by Strategy (NASDAQ: MSTR), which acquired 29,400 BTC through common stock issuance, while Japanese firm Metaplanet (TSE: 3350) planned to expand its holdings through a shareholder vote for preferred stock issuance for Bitcoin purchases [7]

4️⃣ Why it matters:🔹 Institutional flows from ETFs and funds are absorbing sell-pressure🔹 Supply held by long-term holders remains near record highs🔹 Miner capitulation hasn’t appearedOf course, market cycles evolve. Maybe this time, the rhythm stretches. Maybe we’re still mid-cycle. ...

JUST IN: Bitcoin hash ribbons indicator flashes bullish cross. 🚨Miner capitulation is over and rallies have often followed 📈 https://t.co/NkOJist7Lj ...