According to CoinMeta, VanEck indicates that Bitcoin has triggered 8 out of its 12 capitulation signals, with the current price having fallen by 49% from its peak. Nevertheless, historical data shows that there has been no clear advantage in returns over the past six months. VanEck points out that the current signals suggest that Bitcoin is in a period of market pressure, but backtesting does not support expectations of a rapid rebound. The company also disclosed that indicators such as miners' financial conditions and the proportion of Bitcoin holders with unrealized losses are also under monitoring. VanEck predicts that the current downward cycle may end sooner than in the past, due to the presence of more US spot ETF and institutional holders in the market.