Former Bloomberg analyst: BTC's hash rate is on a downward trend

Former Bloomberg analyst Jamie Coutts CMT posted on social media that BTC's hash rate is in a downward trend, which usually indicates the bottoming out and reversal of bearish crosses after the halving in May. However, this is based on the premise that the downward trend has stabilized and the market is still digesting oversupply. Notably, the percentage difference between 30-day and 90-day moving averages is consistent with previous hash rate contractions, but not as severe as after the halving in 2020.