Bitcoin's mining network slipped below one zettahash per second this week, marking the sixth consecutive difficulty reduction in 2026 — a streak that signals a structural phase shift, not a routine correction. But here's the tension: hashprice rose to $37.52 per petahash per second even as total hashrate fell, meaning fewer miners are capturing more revenue. The runway that buys is finite, and pool concentration at Foundry USA, Antpool, and ViaBTC — now above 58% combined — adds a structural overhang to an already contracting network.
Pull back from mining and the picture shifts. Bitcoin closed April up nearly 12%, its strongest monthly gain in a year, ending five consecutive red months. US spot ETFs recorded $2.44 billion in net inflows during April, with BlackRock's iShares product taking over 70% of that total. Institutional demand is providing a floor — but long-holders are taking profits at $80,000, and options markets put only a 25% probability on Bitcoin reaching $84,000 by end of May.
On the regulatory front, Senate negotiators cleared the stablecoin logjam blocking the CLARITY Act by banning interest-like yields while permitting activity-based rewards. It's a carve-out that opens the path to committee markup, even if year-end passage remains below 50% probable.
The structural story of the week: the NYSE filed a proposed rule for a three-year pilot to trade tokenised versions of securities using existing CUSIP identifiers and DTC settlement infrastructure — a deliberate, incremental upgrade to market plumbing that signals serious institutional commitment to on-chain rails.
Two metrics resolve the most uncertainty from here: hashrate direction before May 17, and whether Bitcoin clears $80,000 with sustained volume. Everything else is secondary.
This episode includes AI-generated content.
続きを読む
一部表示
5 分