Bitcoin’s market structure is showing cracks. The price has slipped below key moving averages, long-term holders are unwinding, and ETFs just recorded their second-largest outflow on record. Despite political tailwinds and institutional demand, Bitcoin goes negative for 2025 while hashprice sinks toward historic lows, putting miners under pressure. Yet innovation hasn’t stopped, Auradine’s next-gen Teraflux™ systems and NiceHash’s new Hashrate TradeView point to a sector still evolving fast beneath the surface.
Bitcoin Falls Below Key Moving Averages
The Great HODL Unwind
ETFs Face Second-Largest Outflow on Record
Bitcoin Goes Negative in 2025
Hashprice Slides Toward Historic Lows
Auradine Unveils Next-Generation Teraflux™ Systems
NiceHash Introduces Hashrate TradeView
👉 In this week’s Premium section, we unpack how Bitcoin mining stocks wiped out nearly $30 billion in value and why they’re now underperforming BTC itself.
- Bitcoin Mining Stocks Wiped Out Nearly $30 Billion
Mining Stocks Start Underperforming Bitcoin
Bitcoin Falls Below Key Moving Averages
Bitcoin extended its decline this week, now down 25% or about $32,500 from its all-time high. After dropping and holding below the $100,000 level, several bearish technical signals began to flash.
For the first time since Q1 2023, Bitcoin closed below its 50-week moving average, a level that has consistently acted as structural support throughout prior bull markets. Until this level is reclaimed, the break should be viewed as a short-term bearish signal.
On the daily chart, Bitcoin also formed a death cross over the weekend, as the 50-day simple moving average (SMA) crossed below the 200-day SMA. Interestingly, previous death crosses have often coincided with local market lows, suggesting that while sentiment is turning cautious, history may still offer room for a rebound.
The Great HODL Unwind
The main narrative driving this bearish price action is long-term holders selling sizeable amounts of Bitcoin, an estimated 815,000 BTC over the past month. This trend is clearly visible on the HODL Waves chart. The darker bands represent coins that have remained dormant for longer periods, with deep purple showing those held for more than ten years. When these darker colours shrink, it signals that veteran holders are moving their coins, most likely preparing to sell. Over the past year, the chart has shown a steady downtrend, reflecting a wave of distribution by long-term holders.
ETFs Face Second-Largest Outflow on Record
Flows into Bitcoin-linked ETFs have remained weak in recent weeks. On Thursday, the funds recorded net outflows of around US$866.7 million, the second-largest exit on record, as risk-off sentiment swept through the market. Grayscale’s GBTC led the withdrawals, followed by BlackRock’s IBIT and Fidelity’s FBTC, signalling that even institutional investors have turned cautious amid broader market volatility. The only larger single-day outflow occurred on February 25, when Bitcoin ETFs collectively saw over US$1.01 billion withdrawn in just 24 hours.
Bitcoin Goes Negative in 2025
Bitcoin is now negative for the year, defying the bullish expectations that dominated early 2025. On Monday, Bitcoin dipped below $92,000, turning its year-to-date return even negative by 3.2%. At the start of the year, BTC traded near $95,000, and many investors anticipated a strong rally driven by the Trump administration’s pro-crypto stance, lower interest rate expectations, accelerating ETF inflows, and the typical four-year cycle blow-off phase.
Instead, those bullish catalysts collided with a market thin liquidity and profit-taking by long-term holders. Despite political tailwinds and growing institutional adoption, Bitcoin has gone almost nowhere for nearly a year, weighed down by one of the driest liquidity environments in recent memory and consistent selling from early investors.
Hashprice Slides Toward Historic Lows
The recent bearish price action has pushed Hashprice to a new yearly low of $39/PH/day, just $1 away from the historic low of $38/PH/day recorded in August 2024. Since the July 2025 peak in hashprice, hashrate and hashprice have diverged. Network hashrate continues to rise even as miner revenue per unit of compute declines. With transaction fees contributing less than 1% to total block rewards, the economics are becoming very hars. Unless hashrate begins to come offline or Bitcoin’s price recovers, miners are on track to experience the lowest revenue levels in Bitcoin’s history.
Auradine Unveils Next-Generation Teraflux™ Systems
Auradine has announced its next-generation Teraflux™ Bitcoin mining systems, achieving an impressive efficiency of 9.8 joules per terahash (J/TH). Engineered and assembled in the United States, the new Teraflux™ lineup underscores Auradine’s focus on high-performance, U.S.-made hardware.
Initial samples will be available in Q2 2026, with volume shipments beginning in Q3 2026. The company has now opened pre-orders for the new generation of Teraflux™ miners.
The Teraflux™ series will be offered in air, hydro, and immersion cooling configurations:
Air-cooled: 240 TH/s (eco mode) to 310 TH/s (normal mode)
Immersion-cooled: 240 TH/s (eco mode) to 360 TH/s (normal mode)
Hydro-cooled: 600 TH/s (eco mode) to 900 TH/s (normal mode)
NiceHash Introduces Hashrate TradeView
Hashrate can now be observed, analysed, and traded through a professional-grade interface: Hashrate TradeView, a major upgrade to the NiceHash Marketplace. Until now, marketplace buyers could only rely on the order book to place and monitor orders. With Hashrate TradeView, NiceHash bridges the gap between traditional finance and Bitcoin mining, introducing a clear, data-rich view that makes hashrate easier to understand, compare, and trade. Real-time volumes and historical price movements now displayed in one unified view. Compare marketplace price action directly against FPPS pool rates.
👉 In this week’s Premium section, we unpack how Bitcoin mining stocks wiped out nearly $30 billion in value and why they’re now underperforming BTC itself.
Bitcoin Mining Stocks Wiped Out Nearly $30 Billion
Mining Stocks Start Underperforming Bitcoin
