Analysis: BTC Hash Rate Has Fallen by About 15% from October Highs, Short-Term Market Supply Pressure May Increase

Odaily According to CoinDesk, the Bitcoin network's hash rate has fallen by about 15% from its October peak, with miner capitulation persisting for nearly 60 days. The network's average hash rate has dropped from around 1.1 ZH/s in October to approximately 977 EH/s, indicating that miners are shutting down machines or capitulating as profitability declines. Furthermore, Glassnode's Hash Ribbon indicator reversed on November 29th. This indicator tracks short-term and long-term hash rate trends to reflect miner capitulation. This suggests that short-term supply pressure in the Bitcoin market may further intensify. Analysis suggests that Bitcoin's mining difficulty is expected to undergo its seventh reduction in the past eight adjustments around January 22nd, dropping to around 139 T.