Asset management company VanEck has published a new report that provides an in-depth analysis of Bitcoin (BTC).
The report states that the recent rise in Bitcoin was driven by spot market purchases rather than leverage, while the mining sector experienced its longest and deepest hashrate decline to date.
According to the report, Bitcoin rose approximately 11.8% in the last 30 days, reaching $78,272. However, the flat trend in options open positions and the 51% drop in put premiums indicate that the rally was primarily driven by spot buying. VanEck analysts stated that demand for downward hedging in the options market has decreased sharply, but investors are still cautious.
In the futures market, investor appetite remained limited. The annualized basis rate on Bitcoin futures contracts fell from 1.27% to -0.45% in the last month, a level higher than only 15% of the measurements since November 2020.
Another notable element in the report was the transaction volume on the Bitcoin network. The daily number of transactions rose to approximately 590,000, placing it among the highest figures of all time. However, the year-on-year decrease in the number of active and new addresses indicated that network usage was being sustained more by existing users than new investors.
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VanEck also pointed to a historic break in Bitcoin mining. According to the company’s data, the 30-day average hashrate of the Bitcoin network is 13.2% below the peak of 964 EH/s seen in November 2025. This is said to be the longest and sharpest hashrate decline in the industrial history of Bitcoin mining.
The report notes that US publicly traded mining companies are also beginning to withdraw from the sector. It states that in the first quarter of 2026, the 11 largest US public miners lost approximately 7 EH/s of capacity in total, while energy infrastructure is shifting to AI data center operators with 10 to 15-year contracts. According to VanEck, states with untapped hydroelectric and natural gas resources are expected to become the new main players in Bitcoin mining.
Significant changes have also been observed in long-term investor behavior. In particular, a substantial increase in transfer activity has been noted recently for Bitcoins that have been inactive for more than 10 years. However, VanEck noted that not all of this movement signifies selling; quantum-resistant wallet transfers, digital asset reserve contributions, and routine wallet maintenance operations could also be contributing factors.
On the other hand, actual profit/loss data indicated that selling pressure in the market had eased. It was reported that investors, who were losing an average of $139 million per day in the previous period, had turned an average profit of $26 million per day in the last 30 days.
*This is not investment advice.
