Hashrate V-shaped rebound + Difficulty surges by 15% + Price halves = Miners either defect to AI or stubbornly hold on
On February 20, BTC mining difficulty surged by 14.73% to 144.4T - the largest single adjustment since China's mining ban in 2021.
Behind this number is a contradictory story.
Winter storm โ Difficulty plummets โ Hashrate V-shaped rebound. The winter storm in the U.S. forced miners to reduce operations, with difficulty temporarily lowered by 12%, and hashrate dropping to 826 EH/s. After the storm, miners rushed to come online, and hashrate rebounded to over 1 ZH/s. Difficulty then surged by 15%, completely offsetting the earlier decline.
But the economic calculations are completely off.
The cost to mine one BTC is approximately $84,000. The current price of BTC is $68,153. Each mined coin incurs a loss of $15,847. Hashprice has dropped to $23.9/PH/s, a multi-year low. For the vast majority of miners, this means operating at a loss.
Who is still mining? Two types of players:
Category 1: Middle Eastern miners with low electricity costs. UAE mining holds approximately $344 million in unrealized profits - they use nearly free energy, with costs far below the global average. For them, $68,000 is still profitable.
Category 2: Public mining companies defecting to AI. Bitfarms (BITF) announced a rebranding to "increase focus on AI infrastructure." Activist investor Starboard urges Riot Platforms (RIOT) to expand their AI data center business. These companies are not "mining" - they are using the shell of mining infrastructure to run AI computing businesses.
Trigger: If hashprice falls below $20/PH/s and BTC remains below $65,000 for over 2 weeks, medium-sized mining companies will be forced to sell BTC or shut down, creating a second wave of miner capitulation. Conversely, if BTC breaks through $71,693 (Glassnode key resistance level) and stabilizes, miner profit margins will turn positive, ending the selling pressure cycle.$BTC
A Year in Review: The Pi Network (PI) Journey - Progress, Hurdles, and Future Prospects
For the past year, the Pi Network has undergone significant changes with multiple upgrades, despite seeing its native token PI suffer a steep price decline. Its open network launch led to PI being listed on Bitget, OKX, and MEXC exchanges, causing a high initial demand that boosted its valuation. However, challenges like ongoing token unlocks and scam accusations led to a price drop. Despite a 94% decline from its all-time high, PI witnessed sporadic price revivals due to system upgrades. Significant developments include Pi Network Ventures' launch, a foray into the AI space, the introduction of the first Hackathon, and a partnership with CiDi Games. As the community anticipates another productive year, there are expectations of a major upgrade and possible listing on leading exchanges.
Gold +78% vs BTC -46%: An Ultimate Stress Test of the "Digital Gold" Narrative
In October 2025, when BTC hit a historical high of $126,000, gold was still around $2,800. Four months later, gold has surged to the $5,000 mark, while BTC struggles at $68,153.
The divergence of the two is not coincidental.
Research published by Deutsche Bank on February 20 shows that when gold prices reach $5,790/ounce, global central banks' gold reserves will, for the first time, exceed their dollar reserves. Currently, central banks hold 36,000 tons of gold, valued at $6.37 trillion at $5,500. We are only 5.3% away from that critical point.
Global central banks net purchased 863 tons of gold in 2025, and in the first two months of 2026, the Top 15 central banks have already surpassed the 2,000-ton milestone in purchases. China has increased its holdings for 15 consecutive months.
Meanwhile, what has happened to BTC's "digital gold" narrative?
ETF data contradicts the narrative: BTC ETF cumulative net inflows have dropped from a high of $63 billion to $53 billion, evaporating $10 billion in four months. ETF holdings decreased from 1.36 million to 1.26 million. There was a $1.6 billion outflow in January, continuing in the first three weeks of February. Institutions are not "hodl"โthey are orderly retreating using the liquidity window of ETFs.
On-chain data reveals structural deterioration: CryptoQuant's aSOPR has fallen into the 0.92-0.94 range. The same readings in 2019 and 2023 corresponded to deep correction phases. NUPL remains at 0.36, seemingly safe, but Alphractal analyst Joao Wedson points out that a real bull market will only restart when NUPL turns negativeโmeaning even the most steadfast holders are at a loss.
Miners are under pressure but hoarding: BTC mining costs are around $84,000, far above the current price of $68,153. Miner wallet outflows have dropped to the lowest level since May 2023โthey choose not to sell, betting on a price rebound.
$BTC
๐จ BITCOIN ETFS: DESPITE OUTFLOWS, STILL HOLD $53B IN NET INFLOWS
๐ Even after months of outflows, U.S. spot Bitcoin ETFs still show around $53 billion in cumulative net inflows since launch, highlighting sustained institutional demand.
๐ฐ The figure previously peaked near $63 billion before redemptions increased during Bitcoinโs price correction, yet the overall balance remains strongly positive.
โ ๏ธ Recent withdrawals reflect profit-taking, de-risking, and macro uncertainty rather than a full institutional exit from the asset class.
๐ง Analysts emphasize that outflows have been smaller than the scale of the price drop, suggesting many ETF investors are holding long-term instead of panic selling.
๐ This behavior indicates a structural shift in the market, with ETFs introducing longer-horizon capital compared to previous retail-driven cycles.
๐ However, continued outflow streaks still pressure short-term sentiment and can amplify volatility during market downturns.
๐ Overall, the data shows that while short-term flows are weakening, institutional positioning in Bitcoin via ETFs remains historically strong and far above early expectations.
$BTC
$DCR NEXT LEG UP......,,......... ........
$DCR is showing strong buying pressure, currently holding around $24.11 after bouncing from $22.00 support. With a 24H high at $24.57 and healthy trading volume (26,849), short-term momentum favors continuation toward $26โ$28. Buyers are defending dips aggressively, making this a prime long opportunity.
Trade Setup (Long)
Entry Zone: $24.00 โ $24.20
Take Profit Targets:
โข ๐ฏ TP1: $26.00
โข ๐ฏ TP2: $28.00
โข ๐ฏ TP3: $30.00
Stop Loss: $22.00
๐ก Pro Tip: Buy near support, scale at resistance, and trail stops to maximize gains.
Buy and trade here on $DCR
{spot}(DCRUSDT)
#DCR #CryptoTrading #WhenWillCLARITYActPass #StrategyBTCPurchase #PredictionMarketsCFTCBacking
ย $BNB hholders and traders ORDER BOOK ANALYSIS
: 77% ASKS AT $612 โย ๐
I just pulled up the BNB order book, and the imbalance isย staggering.
While Bitcoin is bouncing and alts are recovering, BNB is showing aย major supply overhangย that every trader needs to see.
The $612.02 wall is critical:ย 41.329 BNB worthย $25,290ย sitting there waiting to sell. This is not retail โ this is someone with size.
Compared to the ask side, the bids areย anemic. The largest bid is only $5,640 at $611.87, while the largest ask isย $25,290ย at $612.02 THIS SAY S:
Sellers are in controlย โ 77% of the order book is on the ask side. That's not a market ready to pump.
$612 is a magnetย โ With 41 BNB sitting at $612.02, price will likely test this level. The question is whether buyers can absorb it.
If $612.02 breaksย โ The next resistance is $612.07 (10.2 BNB), then $612.13 (23.8 BNB). It's a staircase of supply.
If bids failย โ Support below $611.87 is thin until $611.00. A break could see a quick drop.
{future}(BNBUSDT)
{spot}(BNBUSDT)
$BIO
{future}(BIOUSDT)
#BNB #BinanceCoin #OrderBook #CryptoAnalysis