BTC computing power has returned to a three-week low, and miners haven't been idle either.
Citing Digital Asset as relayed by Wu, as of September 26, Bitcoin’s 7-day average hashrate was about 915.8 million TH/s, down by roughly 34.86 million TH/s from a week earlier, falling to around a three-week low since September 3. In the same period, CryptoQuant data shows that miners’ holdings were about 1.1928 million BTC, decreasing by 1,530 BTC over the week.
These figures don’t point to a “single point of bearish pressure,” but rather two layers of signals: on one side, hashrate is falling; on the other, miners’ positions are being reduced. If the BTC price also weakens in tandem going forward, the potential selling pressure on the spot side could be amplified more easily. Conversely, if hashrate rebounds quickly and the price can hold while finding demand to absorb it, the market’s reaction to this kind of pressure is usually more short-lived.
Are you more focused on the hashrate recovery, or on changes in miners’ holdings?
Figure 1: BTC hashrate falls to a three-week low · Source page partial screenshot
Image source: https://www.wublock123.com/news/bitcoin-7d-average-hashrate-falls-to-3-week-low-miners-cut-1530-btc-69078
Citing Digital Asset as relayed by Wu, as of September 26, Bitcoin’s 7-day average hashrate was about 915.8 million TH/s, down by roughly 34.86 million TH/s from a week earlier, falling to around a three-week low since September 3. In the same period, CryptoQuant data shows that miners’ holdings were about 1.1928 million BTC, decreasing by 1,530 BTC over the week.
These figures don’t point to a “single point of bearish pressure,” but rather two layers of signals: on one side, hashrate is falling; on the other, miners’ positions are being reduced. If the BTC price also weakens in tandem going forward, the potential selling pressure on the spot side could be amplified more easily. Conversely, if hashrate rebounds quickly and the price can hold while finding demand to absorb it, the market’s reaction to this kind of pressure is usually more short-lived.
Are you more focused on the hashrate recovery, or on changes in miners’ holdings?
Figure 1: BTC hashrate falls to a three-week low · Source page partial screenshot
Image source: https://www.wublock123.com/news/bitcoin-7d-average-hashrate-falls-to-3-week-low-miners-cut-1530-btc-69078
