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Detailed Report on the Current State of the Bitcoin (BTC) Market Published: Hashrate Drops Sharply
Asset management company VanEck has released a new report containing an in-depth analysis of Bitcoin.
The report states that the recent rise in Bitcoin was driven primarily by spot market purchases rather than leveraged trading, while the mining sector experienced the longest and deepest hashrate decline in its history.
According to the report, Bitcoin gained approximately 11.8% over the past 30 days, reaching $78,272. However, stagnant open interest in options and a 51% decline in put option premiums indicate that the rally was largely driven by spot buying activity. Analysts at VanEck stated that demand for downside hedging in the options market has dropped sharply, although investors remain cautious overall.
Investor interest in the futures market also remained limited. The annualized basis rate for Bitcoin futures contracts fell from 1.27% to -0.45% over the past month, placing it above only 15% of all recorded readings since November 2020.
Another notable element of the report was transaction volume on the Bitcoin network. Daily transaction counts increased to approximately 590,000, ranking among the highest levels ever recorded. However, declining numbers of active and new addresses compared with last year suggest that network usage is being sustained primarily by existing users rather than new investors.
VanEck also highlighted a historic downturn in Bitcoin mining. According to the company, the 30-day average Bitcoin network hashrate is currently 13.2% below the peak level of 964 EH/s recorded in November 2025. This is considered the longest and steepest hashrate decline in Bitcoin mining history.
The report further noted that publicly traded US mining companies are beginning to exit the sector. During the first quarter of 2026, the 11 largest publicly listed American miners collectively lost around 7 EH/s of mining capacity, while energy infrastructure increasingly shifted toward AI-focused data center operators signing contracts lasting 10–15 years. According to VanEck, states with underutilized hydroelectric and natural gas resources are expected to become the new major players in Bitcoin mining.
Significant changes have also been observed in the behavior of long-term investors. Recently, there has been a substantial increase in transfers involving bitcoins that had remained dormant for more than 10 years. However, VanEck emphasized that not all such movements indicate selling activity; possible explanations include transfers to quantum-resistant wallets, contributions to digital asset reserves, and routine wallet maintenance operations.
On the other hand, realized profit-and-loss data showed that selling pressure in the market has weakened. Investors who had previously been losing an average of $139 million per day are now averaging approximately $26 million in daily profits over the past 30 days.
See also: "Quantum Threat and AI Boom. Top 5 Cryptocurrencies With the Strongest Weekly Growth"
