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BitMine купила рекордное число эфиров
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Алекс Торн: Банки сдерживают развитие крипторынка
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Основатель Crypto Banter: Ценность биткоина вызывает у инвесторов вопросы
CLARITY Act Incoming: Final Text Expected This Week On Stablecoin Yield Compromise
Senators are poised to publish a revised draft of the CLARITY Act — the long‑anticipated crypto market structure bill — as early as this week, according to reporting from Eleanor Terrett of Crypto In America.
The timing comes amid an Easter recess that runs through April 13, but Terrett’s sources say lawmakers intend to unveil language resolving the politically sensitive dispute over the CLARITY Act stablecoin yield and rewards before members return to regular business.
Industry Pushes Back On CLARITY Act RestrictionsThe latest draft reportedly aims to strike a compromise on how cryptocurrency platforms may offer rewards without prompting a flight of deposits from traditional banks.
As Bitcoinist reported last week, the CLARITY Act would broadly bar platforms from offering yield “directly or indirectly” on stablecoins or on assets that operate like bank deposits.
Lawmakers would still allow activity‑based incentives such as loyalty points and promotional offers in the CLARITY Act draft, while assigning regulators a one‑year window to define permitted incentives and establish anti‑evasion rules to prevent workarounds.
That restrictive approach has drawn a swift and visible reaction in the industry. Coinbase’s Global Head of Investment Research, David Duong, has said that industry participants are coordinating a counterproposal to explain why targeted changes are needed to protect customers and sustain workable rewards programs.
However, a spokesperson for Senator Thom Tillis told Crypto In America that the new CLARITY Act text reflects ongoing conversations with industry groups, including banks.
Key unresolved topics expected to shape the final negotiations include decentralized finance (DeFi) safeguards, token classification, and rules for real-world asset (RWA) tokenization, according to Terrett.
New Crypto PAC In TownThe legislative manoeuvring has coincided with increased political organizing from within the crypto industry. Anchorage Digital and Chainlink (LINK) announced Monday the formation of a bipartisan hybrid political action committee (PAC), the Blockchain Leadership Fund, backed by members of the Digital Chamber.
Per the firm’s release, the new fund plans to engage across federal, state, and local contests to support candidates and policymakers who favor durable, innovation‑friendly digital asset policy. An Anchorage Digital spokesperson stated:
Crypto policy is being written right now and the companies that show up and engage will help define the rules of the road; the ones that don’t will inherit them. At Anchorage Digital, we’ve always believed that responsible innovation requires active participation, which is why we’re proud to support the Blockchain Leadership Fund at such a pivotal moment for the industry.
A Chainlink representative echoed that message, noting the unusually clear — but still fragile — legislative moment the sector faces. “The market structure bill [CLARITY Act] is where the real complexity lives, and the candidates willing to work through that complexity deserve sustained, organized support from the industry,” the spokesperson said.
Chainlink added that its institutional partners are building on blockchain infrastructure and that the Blockchain Leadership Fund will help ensure the policy environment can scale that adoption.
Featured image from OpenArt, chart from TradingView.com
Суд Нью Йорка назначил криптобирже KuCoin штраф $500 000
Более 40% альткоинов торгуются у исторических минимумов — CryptoQuant
Russia, Iran-Linked Groups Turn To Crypto For Crowdfunded Drone Purchases – Report
A recent report has shared that Pro-Russia and Iran groups are turning to crypto to fund purchases of commercially available drones and related components, as the products become central to modern conflict.
Crypto-Funded Drone Purchases Linked To Russia, IranOn Monday, blockchain analytics firm Chainalysis revealed that groups affiliated with Russia and Iran are utilizing crypto to fund the acquisition of low-cost military drones and their components.
The firm traced crypto flows from individual wallets linked to various paramilitary groups to the purchase of affordable drones and related components from vendors on e-commerce platforms.
According to the report, low-cost, commercially available drones have become central to modern conflict, enabling both state and non-state actors, including pro-Russia militias and Iran-backed terrorist organizations.
Most purchases use traditional financial channels, but Chainalysis noted that drone procurement networks are increasingly intersecting with the blockchain. As the firm explained, crypto can enter the drone procurement picture directly or indirectly. In the first scenario, a drone manufacturer openly accepts digital assets as payment on its website.
In the second scenario, electronics and dual-use component vendors that sell through third-party e-commerce platforms like Alibaba accept digital assets to sell drones and their parts to buyers whose identities and intended use are unclear.
The report found that Iran-linked groups have been using crypto to acquire drone components and sell military equipment, highlighting a wallet associated with Iran’s Islamic Revolutionary Guard Corps (IRGC) that purchased drone parts from a Hong Kong-based supplier.
As reported by Bitcoinist in January, Iran’s Ministry of Defence Export Center (Mindex), the state arms export arm, openly offered to accept crypto as payment for military hardware, including drones, air defense systems, warships, and ballistic missiles.
Paramilitary Groups ‘Crowdfund The Frontline’Chainalysis also emphasized that the “most publicly visible crypto-drone nexus operates at the militia level, through open crowdfunding campaigns on social media platforms.”
The blockchain analytics firm has identified dozens of pro-Russia volunteer and paramilitary organizations asking for crypto donations for military equipment since Russia invaded Ukraine in 2022.
Over the past four years, the pro-Russia groups have raised more than $8.3 million in these donations across various blockchains to purchase drones and associated components from global e-commerce platforms.
On-chain evidence shows Russian militia fundraising groups purchasing from a Hong Kong-based drone manufacturer and drone purchasers acquiring liquidity from Russian-language no-Know Your Client (KYC) exchanges, the sanctioned Russian exchanges Garantex and Grinex, and a Federation Tower-based OTC service.
To the firm, this strongly suggests that Russia-linked actors may have acquired drones from Chinese manufacturers for deployment in Ukraine. Chainalysis also matched crypto transactions between $2,200-$3,500 to the exact prices of drones and their components on e-commerce platforms.
“The striking point is not the dollar figure, but the logic. At the militia level, low-cost commercial drones are among the most tactically significant items crowdfunded crypto can buy,” the report affirmed.
“At $2,200–$3,500 per unit, a single successful fundraising campaign translates directly into battlefield capability for groups that cannot access conventional finance,” it continued.
The firm underscored that the blockchain offers new opportunities to trace these flows and obtain a better understanding of how emerging technologies are “transforming the economics of conflict.”
“On the blockchain, there’s this incredible opportunity, once you have identified the vendor to see the counterparty activity and make assessments that help clarify that utilization and the intent behind the purchase,” Andrew Fierman, Chainalysis’s head of national security intelligence, told Reuters
XRP Advocate John Deaton Says The Real Risk Isn’t A CBDC — It’s A Future SEC Chair
John Deaton, the U.S. crypto lawyer who represented XRP holders in the SEC vs. Ripple case, blasted at how U.S. crypto policy is being shaped.
An XRP Voice Warns Against InactionReacting to Ripple’s CEO Brad Garlinghouse’s interview with Maria Bartiromo, Deaton wrote a lengthy post on the social media X today, expressing his worries and concerns regarding the direction crypto policy in the U.S. is taking.
One thing @bgarlinghouse said to @MariaBartiromo that I completely agree with – is that American companies and our financial markets cannot afford to experience Gensler 2.0. And the only way to guarantee that we don’t – is by passing legislation.
Look, no one despises the… https://t.co/H958StIpRY pic.twitter.com/tOdj4N5wlJ
— John E Deaton (@JohnEDeaton1) March 30, 2026
In his interview with Bartirmoro for Fox Business, Garlinghouse warned that if the U.S. keeps dragging its feet, American companies and capital markets will bleed out to friendlier jurisdictions while Washington fixates on the wrong crypto battles.
Bartimoro positioned the discussion around U.S. competitiveness and regulatory chaos, echoing a long‑running Fox Business narrative that America is “losing the race” on digital assets.
Ripple CEO warns against weaponization of crypto policy: ‘We can’t have another Gary Gensler moment’ | https://t.co/hc5WMt0boT @MorningsMaria @FoxBusiness
— Maria Bartiromo (@MariaBartiromo) March 27, 2026
Ripple and XRP holders have lived through that chaos first‑hand, from the SEC fight to today’s policy vacuum.
This is why Deaton seizes on Garlinghouse’s warning. In the middle of a heated fight over Trump’s CBDC ban order and years of media‑driven CBDC panic, Deaton argues that the only way to stop a future surveillance‑style CBDC is through hard legislation passed by Congress.
American companies and our financial markets cannot afford to experience Gensler 2.0. And the only way to guarantee that we don’t – is by passing legislation.
For Deaton, a “Gensler 2.0” means a future regulator who uses aggressive “regulation by enforcement” instead of clear rulemaking, like Gensler did with Ripple, XRP, LBRY, Coinbase and others, and treats most tokens as securities by default, keeping the industry in a constant defensive posture.
What The Future Could HoldThe only durable way to block a U.S. surveillance CBDC is an explicit act of Congress that ties the Fed’s hands, Deaton argues.
But as much progress, guidance, and clarity, @PaulSAtkiinsSEC and @MichaelSelig have provided to the markets, without legislation passed into law – all that guidnace [sic] and clarity can be taken away – as if it never happened – when a new administration takes over.
The XRP advocate finishes his post with a reminder of who is to become Chair of the Senate Banking Comittee which oversees the SEC: Elizabeth Warren. Warren built her brand as a tough Wall Street and big‑bank watchdog. In crypto, she is famous for claiming she is “building an anti‑crypto army”, backing tough bills like the Digital Asset Anti‑Money Laundering Act and pushing amendments that critics say favor banks and restrict digital assets.
We need strong crypto regulation – not an industry giveaway that puts our economy at risk and supercharges President Trump’s corruption. pic.twitter.com/6sVbwMiSFf
— Elizabeth Warren (@SenWarren) August 10, 2025
Both Deaton and Garlinghouse warn that regulatory drift is already driving talent, liquidity and innovation offshore, and that the U.S. risks watching the next generation of financial plumbing get built in Europe, Asia or the Middle East instead.
Clarity on XRP’s status and broader digital‑asset law in the U.S. is already shifting flows into assets seen as “safer” from enforcement risk. Further statutory wins could reinforce that capital rotation.
Cover image from Perplexity, XRPUSDT chart from Tradingview
Сенатор потребовал от американского регулятора объяснений по делу Джастина Сана
Сооснователь GlydeGG: Эмиссия Биткоина могла быть в 100 раз выше
The Last Time Oil Did This, Bitcoin Did Not Exist – BTC Faces Its First Real Stress Test
Bitcoin is testing $67,000. The market is bracing for a volatile week. And the macro environment surrounding it has not looked this dangerous since 1973.
A GugaOnChain analysis published on CryptoQuant places the current moment in a historical frame that demands attention: Brent crude has consolidated above $100, geopolitical tension is threatening the Strait of Hormuz, and approximately 30% of the world’s oil supply now faces critical logistical risk. The last time the global energy system looked this constrained, it did not end quietly for financial markets.
The analysis carries a central thesis that is both bold and specific: while physical energy logistics are effectively locked by geography and conflict, Bitcoin’s infrastructure operates outside those constraints entirely. No blockade reaches a distributed network. No embargo affects a neutral liquidity rail. In a world where the movement of physical assets is increasingly politicized, Bitcoin’s immunity to geographical restriction is not a theoretical property — it is a live advantage.
The risk the analysis does not dismiss is the one that matters most in the short term. A global deleveraging event — forced liquidations across traditional markets to cover margin — carries a 45-50% probability according to GugaOnChain. When institutions sell what they can rather than what they want to, Bitcoin is rarely spared.
$12 Billion Is Telling a Story. Most of It Is Not on ExchangesGugaOnChain’s on-chain segmentation of the $12.34 billion in institutional activity reveals a supply structure that the price chart alone cannot show. Of that total, 93.83% — approximately $11.57 billion — has moved through OTC channels rather than exchanges.
That is not routine portfolio management. That is, institutions deliberately removing Bitcoin from the visible market, locking it as a strategic reserve against the cost-push inflation the energy shock is already generating. Smart money is not panic-selling into the macro dislocation. It is using the panic to accumulate at scale, out of sight.
What remains on exchanges is the critical detail. Only $761 million — 6.17% of the institutional flow — is exposed to direct exchange volatility. With the order book this shallow, GugaOnChain estimates the probability of a sharp move exceeding 8% in response to a geopolitical trigger at over 70%. The fuel for a violent move exists on both sides.
The $65,000–$70,000 region carries a 65% probability of holding as structural support — provided global credit markets do not capitulate. If they do, the analysis identifies $54,000 as the systemic stress scenario.
April 6th is named as the catalyst date. Derivative hedges are recommended. The analysis treats what follows not as a trading event but as a global liquidity solvency test — and advises positioning accordingly.
Bitcoin Tests 2021 Cycle HighBitcoin is now trading around the $67,000 level, directly testing what was previously the 2021 cycle high, a historically significant level that has now transitioned into a critical support zone. This area represents a key structural pivot, where past resistance is being evaluated as potential long-term support.
From a macro perspective, BTC remains in a corrective phase following its rejection from the $100,000–$120,000 region. The chart shows a clear loss of momentum, with price breaking below the 50-week moving average and currently hovering near the 100-week moving average, which is acting as an intermediate support. Meanwhile, the 200-week moving average continues to trend upward well below the current price, reinforcing the broader bullish structure despite recent weakness.
The importance of the current level cannot be overstated. Holding above the 2021 high would signal a successful retest of a major breakout zone, a pattern often associated with continuation in long-term uptrends. However, failure to hold this region could open the door to a deeper correction toward the $60,000–$62,000 range.
Featured image from ChatGPT, chart from TradingView.com
Новый шаг к квантовой защите Биткоина: что меняет BIP-360
Ethereum Treasury Bitmine Nears 4% Supply Share After New 71,179 ETH Buy
Ethereum treasury company Bitmine has announced that it loaded up on 71,179 ETH over the past week, taking its supply share to 3.92%.
Bitmine Has Continued Its Aggressive Ethereum AccumulationAs announced in a press release, Bitmine participated in additional Ethereum buying during the last week. In total, the firm has added 71,179 ETH with this accumulation spree, worth nearly $146 million right now. The purchase is larger than the recent weekly average for the company. “Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case is ETH is in the final stages of the ‘mini-crypto winter,'” said Thomas “Tom” Lee, Bitmine chairman.
Originally a Bitcoin mining-focused firm, Bitmine pivoted to an Ethereum treasury strategy in mid-2025. Since then, the firm has followed in the footsteps of Michael Saylor’s Strategy, continuously accumulating ETH even as the bearish market shift has occurred.
The sector has faced an especially high degree uncertainty recently with the war situation in Iran. Lee pointed out, however, that crypto has held up well even as the war enters its 5th week, with ETH outperforming equities by 1,160 basis points. In contrast, Gold, the traditional safe-haven, has underperformed by more than 750 basis points. “Crypto is demonstrating itself to be a good ‘war time’ store of value,” noted the Bitmine chairman.
Following the latest addition, Bitmine’s Ethereum reserves have grown to 4,732,082 ETH, equivalent to 3.92% of the cryptocurrency’s total supply in circulation. The firm has set a goal of 5% of the supply, so at the current figure, it’s already over 78% of its way to the target in just eight months.
Lately, Bitmine has also been putting its ETH toward staking to earn some passive income through the Proof-of-Stake (PoS) contract. Unlike BTC, where miners secure the network, ETH is instead protected by stakers, validators who put forward some initial ‘stake’ to take part in consensus-making. Just like how miners earn rewards for mining blocks, stakers also get rewards when they add a block to the chain.
According to the press release, Bitmine has a total of 3,142,643 ETH staked right now, representing 66% of the total reserves held by the company. “Bitmine has staked more ETH than other entities in the world,” said Lee.
Bitmine isn’t the only organization locking its ETH in the PoS contract. As highlighted by Arkham in an X post, the Ethereum Foundation, a non-profit group dedicated to supporting the ETH blockchain, has just transferred $46.2 million worth of the cryptocurrency to the staking deposit contract. “This is more ETH than they have EVER staked before,” explained Arkham.
ETH PriceEthereum dropped under the $2,000 level earlier, but the coin has opened the new week with recovery back above $2,060.
This Is the Worst Altcoin Cycle On Record – Here Is the Structural Force Behind It
The altseason never came. Months of waiting have produced nothing but lower prices, thinner liquidity, and a market that has run out of patience with its own promises.
Top analyst Darkfost has published findings that reframe the current altcoin environment not as a temporary setback but as something structurally worse: more than 40% of altcoins have either reached their all-time low or are approaching it with nothing visible standing between them and it.
That figure has now surpassed the peak reading from the previous bear market, which topped out at approximately 38%. This cycle — the one that was supposed to deliver the altseason — has produced more all-time low readings than the last one did at its worst.
The context Darkfost provides is unsparing. Geopolitical tensions continue to escalate, and the volatility that creates across financial markets is falling disproportionately on the most vulnerable assets. Altcoins sit at the bottom of that hierarchy. They absorb the fear first, recover last, and in this cycle, many have not recovered at all.
The altcoin market has not just underperformed. It has, for a significant portion of its assets, effectively reset to zero. That is not a correction. That is a reckoning.
The Macro Is Not the Whole Story. The Real Problem Has 47 Million PartsDarkfost is direct about what most market commentary is missing. Yes, the macro environment is hostile. Geopolitical tension, risk-off positioning, and the worst 60-40 performance since 2022 are all real headwinds that no altcoin can outrun. But blaming the macro for the altcoin collapse is incomplete — and that incompleteness matters, because it leads investors toward the wrong diagnosis and therefore the wrong response.
The structural problem is this: there are now more than 47 million cryptocurrencies in existence. Twenty-two million on Solana alone. Over eighteen million on Base. Four million on BNB Smart Chain. The total pool of capital available to the crypto market has not grown anywhere near proportionally to the number of assets competing for it.
The result is liquidity dilution on a scale that has no historical precedent in this market — a spreading of finite capital across an effectively infinite number of tokens, each one drawing from the same shallow pool.
That is why altcoins are not just down. They are structurally fragile in a way they were not in previous cycles.
Darkfost’s forward observation is precise and deliberately restrained: extreme underperformance at this scale does create opportunity — but only for those willing to do the work of separating the resilient from the irrelevant. In a market of 47 million tokens, that distinction has never mattered more.
The Altcoin Market Has Given Back Everything. The Chart Makes That Impossible to Argue WithThe total crypto market cap excluding the top 10 — the purest available measure of altcoin market health — currently stands at $173.12 billion, up 1.88% on the week. The weekly candle opened at $172.08 billion, reached $175.45 billion, and is holding modest gains. In the context of what the chart shows behind it, a 1.88% weekly gain is not a recovery. It is noise.
The macro picture is devastating. This index peaked near $480 billion in late 2024, marking the high point of the cycle that was supposed to deliver altseason. It has since collapsed 64% — erasing not just the 2024 gains but returning to levels last seen in mid-2023, before the bull market began in earnest. The entire altcoin bull run has been unwound.
The weekly moving average structure confirms the severity. Price has broken below all three MAs — the 50-week, 100-week, and 200-week — with all three now sloping downward in sequence. The 50-week MA crossed below the 100-week MA in a confirmed death cross. The 200-week MA near $190 billion, which provided definitive support at every major correction throughout the 2023-2024 cycle, has now been broken and is being tested from below.
$173 billion is not a floor. It is the level the market is currently defending after failing to hold $190 billion. The 2022 bear market low for this index sat near $80 billion. That reference is not a prediction. It is what the chart reveals when the current support gives way.
Featured image from ChatGPT, chart from TradingView.com
Investors Pull $414M From Crypto Funds As Inflation, MidEast War Jitters Mount
Spot Bitcoin ETFs snapped a four-week run of gains last week, posting $296 million in net outflows after pulling in more than $2.2 billion earlier in the month. The crypto reversal was swift — and it wasn’t limited to Bitcoin.
Ether Takes The Hardest HitEther led all assets in outflows, shedding $222 million in a single week. That brought its year-to-date total into the red, with a net loss of $273 million — the worst performance among tracked assets.
Spot Ether ETFs also recorded $206 million in outflows for a second straight week, a sign that institutional demand for the second-largest cryptocurrency has been cooling steadily.
Bitcoin fared better in the long run. Despite $194 million leaving Bitcoin funds last week, the asset remains up $964 million in net inflows for the year.
A small group of investors even moved in the opposite direction — short-Bitcoin products drew $4 million in fresh capital, suggesting some are betting on more losses ahead.
Across the board, total assets under management in digital asset products dropped to close to $130 billion.
According to CoinShares head of research James Butterfill, that figure puts the market back at levels not seen since early February — broadly in line with where things stood in April 2025 during the first wave of US President Donald Trump’s tariffs.
Solana lost a little over $12 million over the same period. XRP was the exception. Reports from CoinShares show the token attracted close to $16 million in new capital, standing apart from the widespread exodus hitting nearly every other major asset.
What Spooked InvestorsThree things rattled markets last week: inflation fears, shifting expectations around US interest rates, and rising tensions in the Middle East.
The most consequential of the three may be the rate outlook. Expectations heading into the June Federal Open Market Committee meeting moved away from potential cuts and toward possible hikes — a major shift that historically pushes investors away from riskier assets.
Digital assets tend to feel that pressure quickly. When borrowing costs look like they’re going up, money moves toward safer ground.
A Five-Week Streak Comes To An EndThe $414 million in total outflows snapped what had been five consecutive weeks of inflows. Data from CoinShares shows the pullback reflected a broader shift toward risk-off behavior among investors, driven more by macroeconomic forces than anything specific to crypto markets.
Whether last week marks a turning point or a brief pause will likely depend on what signals come out of the Fed in the weeks ahead. For now, the money has moved — at least temporarily — to the sidelines.
Featured image from Getty Images, chart from TradingView
Charles Hoskinson Blasts Ripple For Backing Bill That Could Crush Competition
Cardano founder Charles Hoskinson used a lengthy weekly livestream to level one of his sharpest recent attacks at Ripple, arguing that the company is backing legislation that could entrench incumbents, weaken DeFi protections, and make it harder for new crypto projects to compete.
The core of Hoskinson’s complaint was not aimed at XRP holders, but at what he described as Ripple’s policy posture in Washington and the behavior of CEO Brad Garlinghouse. In Hoskinson’s telling, Ripple is pushing for rules that would classify new tokens as securities by default while benefiting from carve-outs that would leave larger, established players in a stronger position.
Hoskinson Takes Aim At Ripple Over Competition FightHoskinson said Garlinghouse was “trying to pass a bill that makes everything by default a security until proven otherwise,” calling that framework a non-starter for the broader market. He argued that such an approach would effectively recreate the kind of regulatory pressure that former SEC Chair Gary Gensler brought to the sector, only this time through legislation supported by industry actors rather than enforcement alone.
“He’s trying to pass a bill that makes everything by default a security until proven otherwise, which was the treatment Gary Gensler inflicted on his own ecosystem,” Hoskinson said. “It’s a non-starter, because he knows that he’s going to get an exemption and it reduces competition. So, [expletive] the whole industry. It’s bad behavior.”
That argument sat at the center of a wider rant about market structure, lobbying, and what Hoskinson sees as crypto’s growing willingness to trade open competition for regulatory protection. He said he had already laid out “four different attack vectors” the SEC could use if such a bill were enacted, and warned that the damage would not stop with token issuers.
According to Hoskinson, the proposal would also leave open-source developers exposed by stripping out protections for DeFi builders. “The bill also removed all developer protections for DeFi developers,” he said. “Who takes care of the Tornado Cash people and these other people writing open-source software? We can’t live in a space where you have transitive unlimited liability.”
He extended that point with one of the livestream’s longer analogies, arguing that holding software developers liable for downstream use of their code would amount to a category error. “You write code and people you’ve never met use that code in places you’ve never been to and you’re held absolutely liable for that,” Hoskinson said. “That’s equivalent to you writing a book, someone reads the book and murders somebody based on a character in your book and then you get charged with murder. It’s basically the same thing.”
Hoskinson also took aim at what he described as the XRP community’s reflexive defense of Ripple whenever he criticizes the company. He said there is “no path for people to listen to the content” of his argument because any criticism of Garlinghouse is treated as an attack on XRP itself. He pushed back on that framing by noting that he publicly supported Ripple when the SEC sued the company years ago, but said that did not obligate him to back its current lobbying goals.
“Guys, I did support you when you got sued by the Securities Exchange Commission,” he said. “There’s videos of me. You can pull them up from years ago where I said it was the wrong decision.”
From there, Hoskinson shifted into one of crypto’s oldest fault lines: token distribution. He argued that Ripple had no need for outside help in its legal fight because the organization “gave themselves a mammoth premine,” saying the company already had the resources to defend itself and pursue acquisitions. He contrasted that with Cardano, saying, “I didn’t give myself 70% of the ADA supply.”
At press time, XRP traded at $1.35.
Bitcoin Miners Are Coming Back—Hashrate Jumps 12.5% From March Lows
On-chain data shows the Bitcoin mining Hashrate has seen a notable jump since the mid-March lows, a sign that miners have been coming back.
Bitcoin Hashrate Has Retraced Much Of The Earlier DeclineThe “Hashrate” refers to an indicator that keeps track of the total amount of computing power that miners have connected to the network. It’s measured in terms of hashes per second (H/s), or more practically, in exahashes per second (EH/s). This metric can serve as a proxy for the sentiment among miners; its value going up can imply the chain validators are finding the network profitable to mine on, while its value going down can suggest this cohort is leaving the chain for now
As the chart below from Blockchain.com shows, the 7-day average value of the Bitcoin Hashrate witnessed a drawdown during the first half of March.
Interestingly, this drop in the metric came alongside a recovery surge in BTC’s spot price. Often, miners tend to follow the cryptocurrency’s value as their revenue directly correlates with it. This time, however, the two showed a divergence.
Some speculated that the decline may be due to a shift that the mining industry has been observing recently, with many big public mining companies choosing to focus on the emerging AI/datacenter business. Since bottoming at 920.8 EH/s on March 19th, however, the Hashrate has made significant recovery, raising doubts about the theory.
Today, the 7-day average value of the Hashrate is sitting at 1,036.6 EH/s, which is about 12.5% up from the low seen earlier in the month. The metric is still not quite back at the 1,083.9 EH/s top from March 1st, but if the recent trajectory continues, it’s possible that a full recovery could happen.
It only remains to be seen, though, how the Hashrate will develop in the near future, considering the consolidation phase that Bitcoin has been stuck in during the war uncertainty and miners making a push toward AI.
In some other news, the Bitcoin spot exchange-traded funds (ETFs) were observing a streak of positive netflows earlier, but the latest week has broken the trend, according to data from SoSoValue.
As displayed in the above graph, the US Bitcoin spot ETFs saw net inflows for four straight weeks before the latest one, implying demand was pouring into the cryptocurrency via these funds. Last week, however, the trend reversed as over $296 million in capital left the vehicles instead.
BTC PriceAt the time of writing, Bitcoin is trading around $67,600, down nearly 5% over the past week.
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