VanEck: The recent "Capitulation" of Bitcoin Miners may indicate that the price bottom is near.

On December 23, according to Cointelegraph, VanEck analysts pointed out that Bitcoin's hash rate fell by 4% in the month ending on December 15, which could be a positive signal, as miner capitulation has historically been a "bullish counter-indicator".
VanEck's research shows that since 2014, when network hash rate declines in the first 30 days, there is a 65% chance that Bitcoin's returns 90 days later will be positive, compared to 54% when hash rate increases. This trend is even more pronounced over a longer period; after a 90-day negative growth in hash rate, there is a 77% chance that Bitcoin's returns will be positive 180 days later, with an average return of 72%.
Analysts indicate that the recent decrease in hash rate may be due to the shutdown of approximately 1.3 gigawatts of mining capacity in China, with some of that capacity potentially shifting to artificial intelligence demands, which is expected to lead to a 10% reduction in Bitcoin hash rate.