2024

Bitcoin

April

when

<p class="is-style-lead">Bitcoin’s network activity is flashing a signal that has often appeared near market lows.</p>
<div id="cn-block-summary-block_bfb0ed1daeffe5d05f704ca5bfccd39d" class="cn-block-summary">
 <div class="cn-block-summary__nav tabs">
  <span class="tabs__item is-selected">Summary</span>
 </div>
 <div class="cn-block-summary__content">
  <ul class="wp-block-list">
   <li>Bitcoin hashrate fell&nbsp;4%, the steepest drop since April 2024.</li>
   <li>Corporate treasuries bought&nbsp;42,000 BTC&nbsp;as exchange-traded product holdings declined.</li>
   <li>Past hashrate drops saw&nbsp;180-day Bitcoin price gains averaging 72%.</li>
  </ul>
 </div>
</div>
<p>The latest data shows pressure across miners, traders, and short-term holders, even as long-term conviction stays intact.</p>
<p>Bitcoin’s network hashrate fell about 4% over the past 30 days, the sharpest drop since April 2024, according to VanEck’s latest <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-mid-december-2025-bitcoin-chaincheck/" rel="noopener noreferrer nofollow">report</a>. The pullback followed a rough month for price action, with Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) down 9% and volatility spiking above 45%, the highest since April this year.</p>
<h2 class="wp-block-heading" id="miner-stress-deepens-as-hashrate-slips">Miner stress deepens as hashrate slips</h2>
<p>Mining economics have tightened fast. The breakeven electricity cost for a 2022-era S19 XP miner dropped from $0.12 in December 2024 to about $0.077 this month. Fees are also weaker, with daily fee revenue down 14% month over month, while new address growth slipped 1%.</p>
<p>VanEck notes that <a href="https://crypto.news/bitmex-unknown-organization-controls-47-of-bitcoin-hashrate/" rel="noopener noreferrer nofollow">hashrate</a> declines often appear when miners are forced offline or scale back. Historically, these periods have tended to mark exhaustion rather than the start of deeper sell-offs.</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-trades-narrow-range-as-market-awaits-breakout/" rel="noopener noreferrer nofollow"> Bitcoin trades in narrow range as market awaits breakout: analyst </a></p>
<p>VanEck’s long-term data shows that Bitcoin has often performed better after hashrate weakness. Since 2014, when 90-day hashrate growth turned negative, 180-day forward returns were positive 77% of the time, with an average gain of 72%. Outside those periods, average returns were closer to 48%.</p>
<p>The current slowdown is also tied to external factors. In China’s Xinjiang region, about 1.3 GW of mining capacity was reportedly shut down amid policy scrutiny, potentially removing up to 10% of global hashpower. Around 400,000 machines may have gone offline.</p>
<h2 class="wp-block-heading" id="corporate-buyers-step-in-as-leverage-fades">Corporate buyers step in as leverage fades</h2>
<p>While spot Bitcoin ETP holdings fell 120 basis points month over month to 1.308 million BTC, corporate <a href="https://crypto.news/tether-backed-twenty-one-capital-jolted-as-bitcoin-slide-hits-dat-valuations/" rel="noopener noreferrer nofollow">treasuries</a> moved the other way. Digital asset treasuries added 42,000 BTC between mid-November and mid-December, lifting total holdings to 1.09 million BTC. That was the largest accumulation since July.</p>
<p>Much of the buying came from Strategy, which added 29,400 BTC as its market NAV stayed above 1. Other firms are now shifting away from common stock issuance and toward preferred shares to fund future purchases.</p>
<p>On-chain data also shows a clear split among holders. Coins held for 1–5 years saw sharp balance declines, including a 12.5% drop in the 2–3 year cohort. In contrast, coins held for over five years barely moved, with balances largely flat or slightly higher</p>
<p>For now, VanEck sees a familiar pattern. Short-term pressure is shaking out weaker hands, miners are under strain, and long-term holders are not selling. In past cycles, that mix has often set the stage for steadier price action in the months that followed.</p>
<p>Read more: <a href="https://crypto.news/strategy-ups-cash-reserves-to-2-19b-puts-btc-buying/" rel="noopener noreferrer nofollow"> Strategy ups cash reserves to $2.19b, puts Bitcoin buying on hold </a></p>

Bitcoin hashrate drop may point to a potential price rebound: VanEck

Table of Contents

crypto.news

Other articles published on Dec 23, 2025

Gate Ventures Outlook for 2026: Five Trends Reshaping Crypto

Coinomize.biz: Comprehensive Guide to Secure Bitcoin Mixing

Sui Moves Closer to Wall Street as Bitwise Submits ETF Filing to SEC

AI Hub V2 Goes Live: A Closer Look at ChainGPT’s New Tools for Web3 Users

DAWN Raises $13 Million in Series B to Expand Decentralized Broadband Network

BNB Chain Recent Updates: Network Changes, Growing Onchain Activity & More

Join our free newsletter for daily crypto updates!