Odaily News Former Bloomberg analyst Jamie Coutts wrote on the X platform that BTC hashrate is in a downward trend, and found that it usually foreshadows the bottoming out and reversal of the bearish crossover after the May halving. However, this is based on the premise that the downward trend has stabilized and the market is still digesting excess supply. It is worth noting that the percentage difference between the 30-day and 90-day moving averages is consistent with previous hashrate contractions and is not as severe as the situation after the 2020 halving.