Analysis: BTC hashrate has fallen by about 15% from its October high, and short-term supply pressure in the market may increase.

Bitcoin network hashrate has fallen by about 15% from its October high, with miner capitulation continuing for nearly 60 days. The average network hashrate has dropped from approximately 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 metric reversed on November 29th. This metric reflects miner capitulation by tracking short- and long-term hashrate trends, suggesting that short-term supply pressure in the Bitcoin market may further increase. Analysts believe that Bitcoin mining difficulty is expected to see its seventh adjustment in the past eight cycles, falling to around 139 T, on January 22nd. (CoinDesk)