Bitcoin's average returns over 180 days were higher during periods of declining hashing power compared to times of increasing hashing power.

Bitcoin Hashrate Decline: A 4% drop in Bitcoin's hashrate over the past month may signal potential bullish trends, as historical data suggests that such declines often precede market rallies, despite concerns about mining industry issues.

Impact of Mining Capacity Shutdowns: The decline in hashrate has been exacerbated by the shutdown of 1.3 GW of mining capacity in China's Xinjiang region, resulting in a significant loss of mining machines and affecting global hashrate distribution.

Bitcoin Price and Market Activity: Bitcoin's price has fallen by 9% in the last 30 days, with increased volatility and a decrease in on-chain activity, including a drop in daily fees and active addresses, although there has been a notable increase in purchases by Bitcoin accumulation traders.

Long-term Returns Analysis: Historical data indicates that Bitcoin tends to yield better returns during periods of declining hashrate, with positive six-month returns occurring more frequently compared to periods of rising hashrate, suggesting a potential opportunity for long-term holders.