VanEck says Bitcoin is showing a reinforced bullish setup as deeply negative funding rates and clustered hash rate declines—historically tied to strong forward returns—signal cautious sentiment rather than capitulation.
Bitcoin faced a turbulent Q4 in 2025, with December seeing a nearly 9% drop and record volatility since April, yet VanEck’s mid-December “ChainCheck” report notes improving liquidity and resetting speculative leverage, providing cautious optimism for long-term holders.