VanEck Analysts Link Bitcoin Hash Rate Decline to Historically Strong Forward BTC Returns

On December 25, 2025, VanEck's digital asset research team said that a recent decline in Bitcoin's hash rate could precede higher BTC prices based on past data. The analysts found that when the network's hashing power shrinks over 30- and 90-day periods, subsequent 90- to 180-day returns for Bitcoin have more often been positive and on average stronger. At the time of their report, Bitcoin was trading at $86,960, slightly lower on the day.