Bitcoin hashrate decline reaches bear market levels, but miners are not selling.

What is hashrate I will try to be more objective on a very complex topic hashrate is the reduction in the difficulty of solving the mathematical calculation by the miner of $BTC

What does this have to do with the devaluation of $BTC. Well, the speculative market can use this indicator to force the currency to fall and go long at the bottom.

In other words, hashrate is an indicator used by large whales.

Oleksandr Lutskevych, founder and CEO of cryptocurrency exchange CEX.IO, pointed out these statistics and the fact that trends like Runes and Ordinals have “cooled down significantly since their introduction.”

Furthermore, Lutskevych said that on-chain activity on the Bitcoin network has been stagnant or declining for most of the last two years, which, for him, “could mean that the hashrate is more centralized in larger mining operations, whose The desire to avoid potential losses could lead to greater grid instability during uncertain conditions.”

He said the drop in unique active addresses could be “a reflection of retail players giving way to corporate entities,” which are entering the market at an increasing pace thanks to spot Bitcoin exchange-traded funds (ETFs) launched early 2024.

However, despite all these bearish conditions, Marathon Digital Holdings — the largest BTC mining company in the world — did not sell a single Bitcoin in June. According to its operations report, it kept its 18,536 coins intact.