BroadChain News, April 27 - VanEck analysts Matthew Sigel and Patrick Bush pointed out that Bitcoin has recently shown two historical bullish signals: negative funding rates and a concentrated decline in hash rate. Realized volatility has dropped from 56% to 41%, and the 7-day average funding rate has turned negative to -1.8%, hitting a new low since 2023. Since 2020, the average 30-day return during periods of negative funding rates has been +11.5%, with a hit rate of 77%.
Hash rate has fallen to the 16th percentile, marking the most concentrated decline since the mining ban in 2021. In 6 out of the past 7 such instances, prices rose after 90 days, with a median increase of +37.7%.