Bitcoin hashrate hits seven-month high as AI shift fails to ease mining competition
My take is $BTC hitting a seven-month high hashrate is interesting, but fundamentals don't tell a whole story. Bearish reason? Mining competition is still fierce, even with AI advancements failing to ease it, meaning the hashrate surge doesn't automatically mean fewer sellers. Risk is energy costs could spike again if margins get too tight. Compare it to $ETH, which is still struggling around $2.4k; the higher hashrate in BTC isn't translating to the same price action yet, showing demand isn't quite there to push it hard past $81k.
The MVRV Z-Score at the 45th percentile suggests we're not near extreme overvaluation, which is a small positive, but it's not exactly screaming buy territory either. The hashrate increase is more a sign of the market staying resilient than a clear bullish catalyst on its own.