Bitcoin’s latest onchain and derivatives data point to a constructive setup, with VanEck highlighting negative funding rates and a clustered hash rate drawdown alongside softer volatility and cautious positioning.
The firm notes in their latest report that realized volatility fell from about 56% to 41% as US‑Iran tensions eased, while the 7‑day average funding rate dropped to roughly -1.8%, its lowest level since 2023 and in the 10th percentile of readings since late 2020.
Since 2020, bitcoin’s average 30‑day return during periods of negative funding has been 11.5%, compared with 4.5% across all periods, with a 77% hit rate for positive performance. When annualized funding sank below -5%, subsequent 30‑day returns averaged 19.4%, and 180‑day returns reached 70%, making negative funding a recurrent contrarian buy signal. VanEck also reports that 19 of the top 50 180‑day return windows since 2020 began on days with negative funding, despite such periods representing only about 13.6% of the sample.
The Bitcoin hash rate is falling
On the mining side, the 30‑day moving average hash rate has fallen to the 16th percentile over 30 days and 9th percentile over 90 days, while difficulty has slid to the 5th and 6th percentiles on those horizons.
Three sustained hash rate decline episodes have appeared since December 2025, the densest cluster since China’s 2021 mining ban, with the latest drawdown of about 6.7% ending on April 15, 2026. Across seven completed historical drawdowns, bitcoin was higher 90 days later in six cases, with a median gain of 37.7% and a 63.1% median gain over 180 days.
Derivatives and onchain activity reflect guarded sentiment rather than capitulation. Put premiums relative to spot volume are more than six times their April 2024 level, while active supply over the last 180 days slipped to 28.4%, signaling greater holder dormancy.
Long‑tenured cohorts, particularly 7‑10 year and 10+ year holders, increased spent volume to the 85th and 90th percentiles of the past four years, but VanEck stresses that such movements do not always represent outright selling.
Taken together, the firm concludes that negative funding and hash rate stress form a reinforced bullish backdrop for bitcoin.
“Both mining rate drawdowns and negative funding rates have been associated with strong forward BTC returns. As such, we have become increasingly bullish on bitcoin,” the analysts wrote.
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