Despite a Volatile December For Bitcoin, Bullish Signals Are Emerging: VanEck

VanEck's mid-December "ChainCheck" report indicates a nuanced picture for Bitcoin following a volatile Q4, where prices dropped nearly 9% in December. Analysts note that while on-chain activity is weak, liquidity conditions are improving, and speculative leverage is resetting. A key bullish signal is the active accumulation by Digital Asset Treasuries (DATs), which bought 42,000 BTC, contrasting with reduced exposure from Bitcoin ETP investors. Furthermore, Bitcoin miners faced a challenging environment with a 4% drop in network hash rate, which VanEck historically views as a contrarian bullish indicator preceding positive forward returns. The firm uses its GEO framework (Global Liquidity, Ecosystem Leverage, Onchain Activity) to assess structural health, finding that institutional accumulation and improving liquidity counterbalance softer on-chain metrics. VanEck concludes that Bitcoin is undergoing a structural recalibration, suggesting that this consolidation period at the end of 2025 could lead to strong positive price moves in the first quarter of the following year.

(Source：Bitcoin Magazine)