3 days ago
Bitcoin Yardstick information confirmed a caller grounds for BTC terms "deep value" successful February arsenic miners battled the lowest terms levels successful 15 months.
Bitcoin (BTC) is “off the chart” successful presumption of value-for-money arsenic terms diverges from hash rate, a marketplace expert says.
Key points:
Bitcoin terms enactment is diverging from hash complaint to an grade ne'er seen before.
The Bitcoin Yardstick metric shows that terms is successful its “deep value” range.
Hash complaint continues to ellipse its humanities highs contempt a 40% BTC terms drawdown.
Bitcoin Yardstick shows grounds “deep value”
Updating X followers connected his Bitcoin Yardstick metric, Charles Edwards, laminitis of Bitcoin and integer plus hedge money Capriole Investments, confirmed that it was successful caller territory.
The Bitcoin Yardstick divides marketplace headdress by hash rate, normalized implicit a two-year period. The effect is an look of Bitcoin’s “value” astatine a fixed terms constituent and hash complaint level.
“Similar successful conception to a ‘PE Ratio,’ but alternatively of banal earnings, the Bitcoin Yardstick is taking the ratio of vigor enactment done to unafraid the Bitcoin web successful narration to price,” Edwards explained portion introducing the metric successful 2022.
“Lower readings = cheaper Bitcoin = amended value.”
Bitcoin Yardstick overview. Source: Capriole Investment
In February this year, Bitcoin generated its lowest Yardstick numbers connected record, going acold beyond the lows of the 2022 carnivore market.
After hitting 15-month lows adjacent $59,000 earlier that month, the Yardstick fell to 0.35 — beneath the 1 modular deviation of its mean, the level Edwards describes arsenic a prerequisite for Bitcoin being “cheap.”
The Yardstick presently measures 0.40, inactive good wrong “cheap” territory comparative to hash rate.
“Bitcoin yardstick is virtually disconnected the illustration successful heavy value,” Edwards told X followers this week.
Bitcoin Yardstick chart. Source: Capriole Investment
Hash complaint weathers 40% terms decline
Bitcoin miners person struggled this twelvemonth arsenic terms has fallen, but hash complaint remains astir the 1 zettahash per 2nd (ZH/s) level, per information from BitInfoCharts.
Related: Gold slides arsenic traders oculus sub-$50K BTC: Five things to cognize successful Bitcoin this week
Bitcoin mean hash complaint (raw values). Source: BitInfoCharts
The effect is simply a little hash complaint diminution compared to price, which is presently much than 40% beneath its all-time highs from October 2025.
Earlier successful March, Edwards noted a “measured collapse” successful miners’ BTC selling arsenic terms recovered from the lows, thing that historically has ever been “bullish.”
Measured illness successful Bitcoin miner selling aft a terms driblet are ALL BULLISH pic.twitter.com/2OGI65zi8l
— Charles Edwards (@caprioleio) March 13, 2026Previously, Cointelegraph reported connected declining miner power implicit terms successful the epoch of organization investment.
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