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💬 VanEck estimates that the capitulation of miners could indicate that a bottom is near.
In December, Bitcoin's hashrate fell by 4% month-on-month, its largest monthly decline since April 2024.
Historically, this is a bullish signal according to VanEck, who noted that since 2014, when the hashrate declines over 30 days, Bitcoin progresses in the following 90 days in 65% of cases.