VanEck calls recent BTC drop a temporary correction and buying opportunity

In a recent report, asset manager VanEck described the recent decline in Bitcoin's price as a temporary correction, presenting a buying opportunity for investors. The firm noted that BTC futures open interest has fallen by approximately 18% from its early October peak of $52 billion, signaling that a significant number of leveraged positions have been liquidated. With leverage now normalized, a comparison with gold's price movements suggests that BTC is likely approaching a price bottom. VanEck added that BTC's on-chain activity is mature and that the asset is increasingly perceived as a hedge against the depreciation of fiat currencies. The report characterized the record-breaking liquidations on Oct. 11 as a "max fear event," advising that investors who have been waiting to buy should capitalize on the current market phase.