Expert Flags Bitcoin’s First Hashrate Bear Market as Network Sheds 145 EH/s
Bitcoin has entered its first hashrate bear market, with the network shedding 145 EH/s, signaling a significant downturn in mining activity and overall network health. This decline reflects broader market pressures as Bitcoin's price struggles to maintain stability amid ongoing bearish sentiment.
WPN Brief
- What Happened
Bitcoin has entered its first hashrate bear market, with the network shedding 145 EH/s, signaling a significant downturn in mining activity and overall network health. This decline reflects broader market pressures as Bitcoin's price struggles to maintain stability amid ongoing bearish sentiment.
- Why It Matters
The reduction in hashrate indicates potential challenges for miners, as lower network activity can lead to decreased profitability and increased competition among miners for rewards. This situation may deter new investments in mining infrastructure.
- The Bigger Picture
The current state of Bitcoin is characterized by substantial realized losses, with figures showing that the cryptocurrency remains $35 billion below the total losses recorded in 2022. This ongoing decline in market confidence is further exacerbated by significant sell-offs and outflows from Bitcoin ETFs, highlighting a pervasive bearish trend that could impact the future of Bitcoin and its market dynamics.
Related Reports
More coverage on this story
7 reports across the wire
Bitcoin Traders Dump Long Bets as $636M Gets Wiped Out in One-Day Rout
Bitcoin traders faced a significant downturn as over $636 million in long positions were liquidated in a single day, coinciding with the cryptocurrency's price dropping below $62,000. This sharp decline marks a continuation of a bearish trend in the market, where Bitcoin has struggled to maintain its value amid increasing sell-offs.
Bitcoin risks new purge with bear-market losses still $35B below 2022 total
Bitcoin's realized losses remain significantly below the $211 billion recorded in 2022, indicating that the cryptocurrency has not yet reached its bear-market bottom, with current losses estimated at $35 billion.
Bitcoin Price Plunges Below $62,000, Erasing Months of Recovery as Sell-Off Accelerates
Bitcoin's price has sharply declined, falling below $62,000, erasing months of recovery and reflecting a significant sell-off that wiped out over $5,300 in intraday losses. This drop marks a critical moment for the cryptocurrency, as it faces increasing bearish sentiment in the market.
Bitcoin Miner Inflows Hit Highest Level Since February Crash: Capitulation Or Distribution?
Bitcoin has experienced significant selling pressure following a 16% drop since Monday — a decline that has shaken the confidence built during the recovery from the April lows and forced participants to reassess where genuine structural support exists in the current market structure. Against that backdrop, CryptoQuant data has identified a specific development in the […]
Polymarket Traders Put 62% Odds on Bitcoin Dropping Below $60K This June
Polymarket traders have assigned a 62% probability to Bitcoin dropping below $60,000 by June, reflecting a significant downturn in market sentiment as the cryptocurrency struggles to maintain its value amid increasing sell-offs and liquidations.
Bitcoin network activity drops to a 7-year low as price weakens
Bitcoin's network activity has dropped to its lowest level in over seven years, with a significant decline in active addresses and on-chain transactions, reflecting a bearish sentiment in the cryptocurrency market.
Bitcoin’s Most Important Metric Flashes Warning As Bulls Fight To Hold $60K
Bitcoin has experienced significant selling pressure following a 16% drop since Monday — a decline that has compressed the recovery from the cycle lows and forced a reassessment of where the market’s structural support actually lies. Against that backdrop, CryptoQuant analyst Woominkyu has identified a signal in the mining data that places the current weakness in a historical context that spans the entirety of Bitcoin’s market cycle history. Related Reading: Bitcoin Falls Below $66K As Short-Term Holder Stress Reaches February Levels The 30-day moving average of Bitcoin’s hashrate has turned downward alongside the price decline. Woominkyu frames the significance of that development with a precision that separates it from routine data monitoring. Hashrate is not simply a network metric — it represents the physical security layer of the Bitcoin network and the proof that miners are committing real energy and real capital to defend the current price level. When the 30-day hashrate average turns down alongside price, it reflects genuine stress in the mining ecosystem rather than a statistical fluctuation. The historical context Woominkyu provides is the framework that prevents the current signal from generating either panic or dismissal. Hashrate pullbacks are not unprecedented — they are a documented and recurring feature of Bitcoin’s market cycle behavior. The 2021 China mining ban produced a 43% decline. The 2018 bear market produced a 28% contraction. The 2022 cycle, the 2024 halving, and a late 2025 pullback each produced their own measurable hashrate compressions. In every case, these declines clustered around cycle bottoms — the moments when inefficient miners capitulated and the network contracted before recovering stronger. A Modest Hashrate Dip With Miners Still Holding Woominkyu’s quantification of the current hashrate decline places it in the correct historical category immediately. The seven-day decline sits at approximately -6.6% while the 30-day reading shows a -3.0% contraction — figures that are meaningful enough to register as a genuine signal but remain far shallower than the capitulation events that have historically marked cycle bottoms. The 2021 China ban produced a 43% decline. The current reading is a fraction of that scale. Bitcoin Hashrate | Source: CryptoQuant The difficulty data adds the marginal pressure context. Difficulty remains +4.9% on a 30-day basis — meaning miners are operating against tightening economics even as hashrate begins to pull back. That combination of rising difficulty and declining hashrate describes squeezed margins rather than comfortable profitability. What prevents the current setup from becoming alarming is the miner reserve data. Reserves are nearly flat — miners are holding their Bitcoin rather than sending it to exchanges for sale. The stress is present in the economics but has not yet converted into the forced distribution behavior that characterizes genuine capitulation events. The level Woominkyu identifies as the threshold between caution and concern is specific. A -3% dip that stabilizes and reverses fits the shallow correction pattern. A deepening toward the -10% to -40% drawdowns of previous cycle bottoms would shift the signal from a routine margin squeeze into something that historically precedes more significant market structure changes. For now, the data supports the former reading — worth monitoring carefully but not yet warranting the alarm that the historical comparisons might initially suggest. Related Reading: Smart Money Keeps Buying HYPE Despite Rising Market Fear – Price Holds Above $70 Level Bitcoin Loses Key Support: $60K Zone Now In Focus Bitcoin remains under intense selling pressure after breaking decisively below the critical $65,000-$66,000 support zone that had contained price action since the February capitulation low. The daily chart shows a sharp acceleration to the downside, with BTC trading near $63,100 after a violent rejection from the $73,000 resistance area earlier this week. BTC testing critical support level | Source: BTCUSDT chart on TradingView The breakdown is technically significant because it invalidates the higher-low structure that supported the recovery from April through May. Price has now fallen below the 50-day, 100-day, and 200-day moving averages, confirming a bearish market structure across all major trend indicators. Volume has also expanded noticeably during the decline, suggesting the move is being driven by aggressive selling rather than a lack of buyers. Related Reading: Bitcoin Loses $70K While 10,300 BTC Leave Mt. Gox-Linked Addresses – Details The most important level now sits between $62,000 and $64,500, highlighted by the lower demand zone on the chart. This area acted as support during the February washout and represents the last major defense before Bitcoin potentially targets the psychological $60,000 level. A sustained break below this zone would expose the February lows near $61,000 and could trigger another wave of capitulation. For bulls, the immediate objective is reclaiming $65,000. However, the former support zone between $65,000 and $66,000 has now become resistance. Until BTC can recover that area, momentum remains firmly in favor of sellers, with downside risk continuing to dominate the short-term outlook. Featured image from ChatGPT, chart from TradingView.com