VanEck just turned bullish on Bitcoin, pointing to a bundle of signals that typically show up before stronger moves. Realised volatility fell from 56% to 41% as macro risk eased, and funding rates are deeply negative at -1.8%, a level VanEck says is the lowest since 2023.
They’re also seeing miner stress, with hash rate declines forming the densest drawdown cluster since China’s 2021 mining ban. And fund flows are quietly shifting. VanEck isn’t calling a full market breakout, just a Bitcoin-specific reset. But this kind of specific tension could be the first thread that unravels the larger pattern if the signals hold together.