VanEck cites AI power demand and miner contracts for Bitcoin outlook
Bitcoin (BTC)
Editor:
Eugene Serbin
lookonchain.com reports that VanEck Digital Assets Research Head Matthew Sigel sees Bitcoin expanding its market share while dismissing quantum computing as an immediate sell signal. Sigel notes that AI industry growth is reshaping how miners are valued, as their long-term power contracts gain importance alongside BTC production capacity. He highlights that some miners hold 10-to-20-year power leases with investment-grade counterparties, creating optionality distinct from pure Bitcoin exposure.
These low-cost, locked power supplies allow miners to transition into AI infrastructure as energy becomes scarcer. Regarding the broader market, Sigel points to seller fatigue and suggests investors focus on opportunities following price pullbacks. He compares Bitcoin to gold, arguing that Bitcoin may continue to capture a larger portion of the precious metal's market capitalization.
On the quantum front, he views the technology as a long-term risk to monitor rather than a reason to exit positions now. VanEck remains bullish on adoption trends, using Bitcoin's share of gold's market cap as a key future valuation reference.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 3 October 2026. Not the outlet's figures.
Bitcoin is trading at $84,518.01 with a 1-hour buy ratio of 54.8% and a 4-hour ratio of 53.7%, indicating short-term buying pressure. This contrasts sharply with the 24-hour buy ratio of 44.0%, showing that immediate demand is outpacing the daily average. The 1-hour volume delta is positive at $1,745,577, while the 4-hour delta stands at $7,679,116, suggesting recent inflows. However, the 24-hour volume delta is negative at -$272,942,138, revealing that larger timeframes still see net outflows. The cumulative volume delta for the 24-hour close is positive at $15,098,255, with net buying occurring in 15 of the last 24 hours. Spot volume for the period reached $2,268,231,876 across 3,801,781 trades.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.3%, making the current 24-hour ratio of 44.0% a 4.4 point drop from the norm. Volume activity has intensified significantly, with current volume at 1.79 times the weekly average. Despite this increased activity, net buying was limited to just 1 of the 7 days in the period. The 8-day volume delta shows a total outflow of -$594,902,534, contrasting with the recent short-term inflows. Bitcoin price changed by only +0.5% over the 8-day window, indicating relative stability despite the volume spike.