The Bitcoin hashrate is on track to a new all-time high in the coming days. A remarkable development given the recent bear market, but a welcome sight regardless. Moreover, BTC has a negative netflow across all exchanges, indicating people are stacking sats once again.
Bitcoin Hashrate Soars Again
It has been an interesting time for the Bitcoin hashrate
over the past year or so. Several new developments have triggered ongoing fluctuations for this metric, either for better or worse. That is part of what makes this industry so exciting, as anything can and will happen over time. After overcoming the big dip in the summer of 2021, the hashrate continued its strong uptrend.
Since that dip, there has been a slow and steady increase in the overall Bitcoin hashrate. It topped 200 exohash per second again in December 2021/January 2022 and has continued to push higher ever since. Today, the network sits above 206 exohash, and even though it has dipped by 4.59% in the past 24 hours, it will likely record a new high shortly.
It is crucial to note these are not just temporary highs in Bitcoin
hashrate either. At this rate, it is a matter of time until a new all-time high is reached. Thanks to bullish market conditions, miners can turn on their mining rig again and try to make a profit. Unfortunately, a decreasing BTC price is often nefast for miners’ earnings, making it very tough for smaller operators to keep their heads above water.
With this bullish momentum for the price and Bitcoin hashrate, things look up for the world’s leading cryptocurrency. It is now a matter of sustaining the momentum, which is always trickier than it may seem. While the current price momentum seems promising, weekends are traditionally bearish. It is not unlikely BTC will test the $41,000 level again, although a push to $45,000 may surprise everyone.
Negative BTC Netflow Is Helpful
One aspect aiding the current price momentum is a negative exchange flow. More specifically, Bitcoin has a negative flow of $38.2 million. That is far from spectacular, yet it confirms things are heading in an exciting direction. As long as more people withdraw funds rather than deposit it, there will be an outflow of sorts. A smaller outflow is still better than nothing, so things look good on that front.
Additionally, there is a positive netflow for Tether’s USDT, at least for the ERC20 version. More USDT
liquidity can result in more buying pressure for Bitcoin and other cryptocurrencies across the top centralized exchanges. A negative netflow for BTC and slightly positive netflow for USDT hints at an exciting weekend of crypto trading. Even so, markets can still swing in either direction.
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