Former Bloomberg analyst Jamie Coutts CMT said in a social media post that BTC's hash rate is in a downward trend, finding that it usually heralds a bottoming out and reversal of the bearish cross after the May halving. However, this is based on the premise that the downtrend has stabilized, and the market is still digesting the oversupply. It is worth noting that the percentage difference between the 30- and 90-day moving averages is consistent with the previous hash rate contraction, and is not as severe as it was after the 2020 halving.