Bitcoin’s Future: Hope Amidst Chaos?

The crypto market has seen better days. Even after today’s sharp rise, caused by Donald Trump’s recent message, there is still unrest among investors. However, Ki Young Ju, founder of CryptoQuant, sees a silver lining. As the charts turn green, he points to rising hash rates and bustling miner activity as signals that a further price explosion could be just around the corner.

Hashrates rise, miners hold their ground

Despite the dip, the hash rates of the Bitcoin network continue to climb. With a record of 936.64 EH/s, the network shows that miners are not giving up. Ki Young Ju bases his optimism on this on-chain data. “Investments in network security continue unabated,” he says. “As long as that continues, it sucks up capital – and that can trigger a rally.” His logic? Only when those investments stagnate is it time to sell. But that moment seems far away – in 16 years, the network’s growth has never stopped.

Ju estimates that the number of mining rigs is heading towards 5 million, even as the price wobbles. This suggests confidence among miners, who apparently do not succumb to the current correction. For investors, this is a double signal: the fundamentals seem strong, but a plateau in hash rate could herald a massive sell-off. For now, it remains to be seen, with eyes firmly on the data.

A gloomy picture with bright spots

However, it’s not all rosy. The price drop paints a grim picture. At the end of February, 59,000 Bitcoin options expired, worth $4.68 billion, putting extra pressure on the price. In addition, Bitcoin ETFs saw an outflow of $3.6 billion in February – a record that tempers hopes for a quick turnaround. Analysts doubt whether March will bring a change. Some diehards cling to positive signals, such as recent pro-crypto announcements from the White House, but the market remains nervous.