TL;DR
- Corporate Buying: DATs added 42,000 BTC in December, marking their strongest accumulation since July 2025 and signaling renewed confidence from institutional treasuries.
- Market Weakness: Despite Bitcoin’s worst Q4 since 2018 with a 22% plunge, treasuries now hold 1.09M BTC worth $96.6 billion, showing resilience in corporate balance sheets.
- Hashrate Tailwind: VanEck highlights that declining hashrate reduces mining difficulty, potentially boosting profitability and supporting Bitcoin’s recovery alongside corporate demand.
Bitcoin markets are showing signs of resilience as corporate treasuries and institutional buyers step in during recent volatility. VanEck’s latest ChainCheck report highlights two converging dynamics: a surge in Bitcoin Digital Asset Treasury (DAT) purchases and a notable decline in network hashrate. Together, these factors are reshaping sentiment at the close of 2025, suggesting that corporate accumulation and mining trends could provide a stabilizing tailwind for BTC.
DATs Accelerate Purchases
VanEck reported that DATs added 42,000 BTC between mid‑November and mid‑December, marking a 4% month‑over‑month increase. This represents their largest accumulation since July 2025, when treasuries absorbed 128,100 BTC. The renewed buying comes amid market weakness, signaling confidence from corporate holders. In total, DATs now control 1.09 million BTC, valued at approximately $96.6 billion, equal to 5.5% of the total supply. Analysts noted that many treasuries entered late in the cycle, with several seeing their mNAVs dip below 1.0x, yet the scale of accumulation underscores their long‑term conviction.
Corporate Confidence Despite Weakness
The timing of these purchases reflects a strategic move by corporate treasuries to capitalize on discounted prices. While Bitcoin suffered its worst Q4 since 2018, plunging nearly 22%, institutional buyers treated the downturn as an opportunity. VanEck emphasized that such aggressive buying during weakness highlights the role of corporate balance sheets in cushioning volatility. The presence of large treasuries signals a shift in market structure, where corporate entities are no longer passive observers but active participants shaping liquidity.
Hashrate Decline as Tailwind
Parallel to treasury accumulation, VanEck flagged a declining Bitcoin hashrate as a potential bullish catalyst. Lower hashrate reduces mining difficulty, easing pressure on miners and potentially improving profitability. This dynamic can stabilize network health while encouraging continued participation. VanEck suggested that the decline could serve as a tailwind for BTC prices, particularly when combined with corporate demand. The interplay between mining conditions and treasury accumulation creates a supportive environment for recovery.
Outlook for 2026
Looking ahead, VanEck’s analysis positions corporate treasuries and mining trends as critical drivers for Bitcoin’s trajectory. With DATs holding over $96 billion in BTC and network hashrate trending lower, the stage is set for renewed momentum. While risks remain, including regulatory uncertainty and macroeconomic headwinds, the dual forces of institutional accumulation and mining recalibration could underpin Bitcoin’s resilience entering 2026.
