CoinShares said 15% to 20% of Bitcoin miners may be unprofitable as low 
hashprice and electricity costs keep margins under pressure in 2026.

CoinShares says part of Bitcoin fleet Is unprofitable

Bitcoin has clawed its way back toward $70,000 after a sharp slide to roughly 
$67,000, but Glassnode says the rebound still lacks the kind of demand profile 
needed to turn stabilization into a more durable recovery. In its latest 
weekly report from March 25, titled Awaiting Liquidity, the on-chain analytics 
firm argued that several pressure points have eased at once, including sell- 
side intensity, ETF outflows and dealer-driven market imbalances. Even so, 
muted spot volumes, subdued leverage and a dense band of overhead supply 
suggest the market is not yet in a high-conviction breakout phase. Weak Spot 
Bitcoin Demand Could Limit The Upside Glassnode’s central point is that the 
structure has improved, but not enough to declare the correction finished. 
“Bitcoin is beginning to show some constructive signs after a sharp corrective 
move, with price stabilising, ETF flows improving, and derivatives positioning 
becoming less one-sided,” the report said. “The pressure that defined the 
recent selloff appears to be easing, and the market is starting to look more 
balanced than it did a week ago.” That balance, however, sits inside a narrow 
and still fragile range. Glassnode said a new accumulation cluster is forming 
around current levels, with the 1-week to 1-month cohort carrying a cost basis 
near $70,200. That gives the market a developing support floor, but one the 
firm described as vulnerable because the current base of buyers remains 
modest. Related Reading: Bitcoin Whales Go Silent: Large Transactions Plummet 
Above the market, the resistance picture is heavier. The 1-month to 3-month 
holder cohort sits around $82,200, while Glassnode also flagged a larger 
cluster of short-term holder supply between roughly $93,000 and $97,000. 
Elsewhere in the report, it noted “a notably heavy concentration of short-term 
holder supply above $84k,” describing that inventory as a potential source of 
renewed sell pressure on any sustained recovery attempt. The on-chain backdrop 
also points to a market under stress, but not one showing outright panic. 
Relative unrealized losses have stabilized above 15% of market cap over the 
past two months, a pattern Glassnode said resembles the fear seen in the 
second quarter of 2022, though still well short of capitulation episodes like 
the FTX collapse. At the same time, realized profitability has thinned out 
dramatically. Entity-adjusted realized profit, using a 7-day moving average, 
has fallen from around $3 billion per day in July 2025 to below $100 million 
now, a decline of more than 96%. For Glassnode, that speaks to both sides of 
the current setup: fewer profitable sellers left to distribute coins, but also 
a weaker flow of fresh capital into the market. “Spot market activity remains 
relatively muted following the sharp selloff into the $67k region, with 
aggregate exchange volumes showing only a modest response during the 
subsequent recovery,” the report said. Related Reading: Bitcoin Miner Supply 
Shock Hasn’t Arrived Yet, New Data Suggests Compared to the stronger 
participation seen during prior impulsive advances, current spot volumes 
remain soft. This suggests the rebound back toward $70k has so far been 
supported more by selective dip-buying and short-term repositioning than by 
broad-based spot demand returning at scale.” That is the missing ingredient in 
Glassnode’s view. ETF flows have improved, with the 7-day average turning 
modestly positive after an extended stretch of outflows, suggesting early 
institutional re-engagement. But the firm stressed that the scale of those 
inflows remains limited compared with earlier accumulation phases. Derivatives 
markets tell a similarly cautious story. Perpetual funding rates remain 
negative, implying traders are still paying to hold downside exposure, while 
futures open interest has stayed relatively subdued rather than expanding 
alongside the bounce. Options markets are no longer flashing acute stress, but 
they are not pricing strong upside conviction either. Short-dated skew remains 
tilted toward puts, showing continued demand for downside protection, even as 
longer-dated positioning looks more balanced. A major near-term variable is 
Friday’s weekly, monthly and quarterly options expiry. Glassnode said dealers 
remain concentrated in short gamma between $70,000 and $75,000, with around 
$10 billion of that positioning set to roll off. Once that mechanical 
influence clears, BTC may become more sensitive to broader macro and liquidity 
conditions. At press time, BTC traded at $69,961. Featured image created with 
DALL.E, chart from TradingView.com

Bitcoin Recovery Lacks One Key Ingredient, Glassnode Warns

STS Digital has launched a structured products platform in Bermuda to provide 
institutional-grade digital asset strategies through a strategic partnership 
with Kraken. STS Digital, a derivatives trading firm, announced the launch of 
its global Structured Products platform on 25 March 2026 in Hamilton, Bermuda. 
The platform serves banks, institutional investors, and family offices by 
providing […]

STS Digital Unveils Structured Products Platform in Partnership With Kraken

US recession fears multiplied this week as BlackRock&#8217;s Larry Fink warned of a 
&#8220;global&#8221; downturn over oil prices, with Bitcoin still tied to stocks.

US recession odds near 50%: Can Bitcoin copy 2020 comeback gains?

CoinShares says up to 20% of Bitcoin miners may be unprofitable at current 
hashprice levels, particularly those running older machines or paying higher 
power costs.

Cryptocurrency price in SEK