VanEck released a report noting a 4% decline in Bitcoin’s hash rate, attributed in part to government crackdowns in China. The breakeven electricity price for miners dropped to $0.077/kWh. Analysts believe 13 nations are mining with central government support. Miner capitulation often precedes positive price performance.

Despite a 9% price drop, corporate treasuries increased Bitcoin accumulation, adding 42,000 BTC. Digital Asset Treasuries bought while investors in exchange-traded products reduced holdings by 1.308 million BTC. MicroStrategy led corporate accumulation with 29,400 BTC. Japanese firm Metaplanet sought shareholder approval for preferred stock issuance for Bitcoin purchases.

On-chain data indicated varying behavior among Bitcoin holders, with corporate treasuries increasing accumulation while investors in exchange-traded products reduced holdings. MicroStrategy and Japanese firm Metaplanet were among the companies increasing Bitcoin holdings through various means.

Read more at Yahoo Finance: Bitcoin hashrate drop may signal bottom as treasury firms buy the dip: VanEck