The Bitcoin network has recently seen remarkable changes. The total network computing power has surpassed 1.279 ZH/s, creating a new historical high, and the seven-day average computing power has also exceeded the 1 ZH/s mark for the first time. This data means that millions of mining machines around the world are running at full capacity, and despite facing challenges such as rising electricity costs and a halving of block rewards to 3.125 BTC, miners are still persistently investing resources.
This phenomenon reflects miners' strong confidence in the future value of Bitcoin. Although the current price of Bitcoin is relatively stable, the significant increase in Computing Power is often seen as a leading indicator for the market. Historical data shows that a similar sharp rise in Computing Power occurred before the two major bull markets in 2017 and 2021.
Meanwhile, the global cryptocurrency trading volume is also showing an upward trend. In August, the total trading volume on exchanges reached $1.86 trillion, setting a new high since January of this year. This indicates that a large amount of capital is flowing into the market. Additionally, there are signs that some large holders are adjusting their asset allocations, for example, recently 34,000 Ether was transferred from a major exchange to a new wallet address.
Traditional financial institutions are also beginning to refocus on the cryptocurrency space. The restart of cryptocurrency custody services by U.S. Bancorp is a clear signal indicating that institutional investors' interest in this market is recovering.
For investors, the current market state may seem calm, but on-chain data reveals a different story. The combination of high Computing Power coupled with low selling pressure may signal the arrival of a strong upward trend. Long-term investors might consider gradually building their positions at this stage to prepare for the potential market surge.
Although price fluctuations may be relatively mild in the short term, the current market pattern seems to be laying the groundwork for a significant rise in the future. With the stability of the mining competition landscape, only the most competitive participants can survive in the current environment, and these 'elite players' are betting on a breakthrough market trend that may emerge next year.
Overall, although the price of Bitcoin is relatively stable at the moment, the market dynamics behind it suggest that significant changes may be on the horizon. Investors should closely monitor these potential market signals while cautiously assessing their own risk tolerance and investment strategies.
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The Bitcoin network has recently seen remarkable changes. The total network computing power has surpassed 1.279 ZH/s, creating a new historical high, and the seven-day average computing power has also exceeded the 1 ZH/s mark for the first time. This data means that millions of mining machines around the world are running at full capacity, and despite facing challenges such as rising electricity costs and a halving of block rewards to 3.125 BTC, miners are still persistently investing resources.
This phenomenon reflects miners' strong confidence in the future value of Bitcoin. Although the current price of Bitcoin is relatively stable, the significant increase in Computing Power is often seen as a leading indicator for the market. Historical data shows that a similar sharp rise in Computing Power occurred before the two major bull markets in 2017 and 2021.
Meanwhile, the global cryptocurrency trading volume is also showing an upward trend. In August, the total trading volume on exchanges reached $1.86 trillion, setting a new high since January of this year. This indicates that a large amount of capital is flowing into the market. Additionally, there are signs that some large holders are adjusting their asset allocations, for example, recently 34,000 Ether was transferred from a major exchange to a new wallet address.
Traditional financial institutions are also beginning to refocus on the cryptocurrency space. The restart of cryptocurrency custody services by U.S. Bancorp is a clear signal indicating that institutional investors' interest in this market is recovering.
For investors, the current market state may seem calm, but on-chain data reveals a different story. The combination of high Computing Power coupled with low selling pressure may signal the arrival of a strong upward trend. Long-term investors might consider gradually building their positions at this stage to prepare for the potential market surge.
Although price fluctuations may be relatively mild in the short term, the current market pattern seems to be laying the groundwork for a significant rise in the future. With the stability of the mining competition landscape, only the most competitive participants can survive in the current environment, and these 'elite players' are betting on a breakthrough market trend that may emerge next year.
Overall, although the price of Bitcoin is relatively stable at the moment, the market dynamics behind it suggest that significant changes may be on the horizon. Investors should closely monitor these potential market signals while cautiously assessing their own risk tolerance and investment strategies.