Bitcoin Hashrate Falls 6.6% Since December 2025, But Sentiment Suggests Capitulation Not Yet Here

According to CryptoQuant analyst Woominkyu, Bitcoin's hashrate has gradually declined over the past six months since December 2025, with a 6.6% drop in the 7-day moving average and a 3% decline in the 30-day moving average. These declines remain significantly shallower than previous capitulation events during the 2021 China mining ban and bear markets in 2018 and 2022.

Simultaneously, Bitcoin's bull-bear index shows sentiment has collapsed to extreme fear levels, though capital outflows remain moderate and have not reached the -40% extremes recorded during February's severe sell-off. The analysis suggests while market sentiment has deteriorated sharply relative to capital flows, the conditions for a true capitulation event have not yet materialized.