On December 23, according to Cointelegraph, VanEck analysts stated that the total network computing power of Bitcoin decreased by 4% in the month ending December 15. This may create favourable information for Bitcoin prices in the coming months, as miner capitulation has historically been viewed as a bullish reverse indicator.

VanEck's Head of Crypto Research, Matt Sigel, and Senior Investment Analyst, Patrick Bush, noted in a report released on Monday: "When the decline in Computing Power lasts for an extended period, the probability of future positive returns increases, and the gains are often larger."
They also stated that since 2014, under the condition of a decrease in the overall computing power of Bitcoin in the previous 30 days, the probability of positive forward returns over a 90-day period reached 65%; while in the case of rising computing power, this ratio was only 54%. This pattern holds true over longer time dimensions as well: when the computing power growth rate over the previous 90 days was negative, the probability of Bitcoin price rising over the subsequent 180 days reached 77%, with an average increase of about 72%; whereas in the case of computing power growth during the same period, the probability of positive returns over 180 days was only 61%.