VanEck Bullish on Bitcoin: Derivatives Market Signals 'Contrarian Long Position'

BlockBeats News, April 4 – Matthew Sigel, Head of Digital Asset Research at VanEck, stated that the current Bitcoin derivatives market has released a clear 'contrarian long signal,' and the company’s overall stance has turned more optimistic. Sigel pointed out that the protective demand for put options in the current market has risen to approximately the 99th percentile historically, with a significant increase in the premium investors are paying for hedging. Historically, this often indicates that the market is nearing a cyclical bottom, serving as a typical contrarian long signal. He also mentioned that earlier holders (from 3–5 years ago) had concentrated profit-taking between Q4 2025 and Q1 2026, but recent selling pressure has significantly weakened, which is conducive to market stabilization. In terms of strategy, VanEck's NODE Fund prefers to outperform BTC itself with lower volatility by allocating to Bitcoin mining companies and AI infrastructure-related assets. At the same time, due to a cautious attitude toward leverage risks, the team maintains an underweight position in high-leverage-related stocks such as Coinbase and MicroStrategy. Additionally, Sigel believes that the valuation re-rating potential brought by mining companies transitioning to AI data centers is expanding, and the current stock prices of mining companies have retraced about 40% from their highs, potentially offering new allocation opportunities. On the risk side, he warned that if the 'Big Seven' U.S. tech giants fail to deliver returns on their massive AI capital expenditures, it could create systemic pressure on the S&P 500, thereby affecting the performance of risk assets, including the crypto market.