Considerable amount of miners' hashrate has left the Bitcoin blockchain.
More than 5.0% of the BTC(Bitcoin) hashrate has left the Bitcoin blockchain. I think it's a notable figure.
I guess the main reason why the hashrate has left is due to the low tx(Transactions) fee reward.
As I formerly described, BTC block reward consists of the block reward and tx fee reward. The right after the BTC 4th halving, tx fee rewards were much higher. Over time, it decreased.
I think BTC miners believe the BTC will be valuable in the long-term. But, if they don't adjust the hashrate, it's the waste of their resources. I think they made the reasonable decision 👍 It's likely to see the consolidation phase for a while(less than 2 months).
The total stablecoins market cap has been recovering and trying to reach 2021 ATH(All Time High), which means money has been flowing into the crypto market.
Whereas BTC balances on exchanges are ATL(All Time Low) since 2021. Let's imagine that what will be happening when the low liquidity of BTC order books meets tons of stablecoins. I think the long-term direction is already decided.
If the total stablecoins market cap breaks 2021 ATH, we'll see the mega bullish market.
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