Bitcoin's price and mining profitability tumble amid market deleveraging in 2026

Bitcoin's market has faced fresh turbulence in late March 2026, with prices hovering near $70,000 and mining operations under pressure. The network's hashrate has dropped from its 2025 peak, while trading activity and futures markets show signs of stress. Analysts point to falling profitability for miners and broader market deleveraging as key factors behind the recent instability. The Bitcoin network's computing power has weakened significantly since its high in October 2025. The hashrate peaked at around 1,160 exahashes per second (EH/s) before falling to roughly 850 EH/s by early February 2026. A partial recovery brought it to about 967 EH/s by late March, but this remains nearly 22% below the 2025 record.

Market analysts attribute the decline to several pressures. Hash prices have slumped to between $28 and $33 per petahash per second per day, squeezing miners' margins. With Bitcoin trading near $70,000, many mid- and high-cost operators now face unprofitable conditions, forcing some to shut down or redirect resources toward AI computing. The average cost to mine a single Bitcoin has climbed close to $80,000, adding to the strain.

Trading activity has also taken a hit. Spot Bitcoin ETFs saw net outflows of nearly $296 million in the week ending March 28, breaking a four-week streak of inflows. BlackRock's Bitcoin ETF alone recorded withdrawals of $201.5 million over two days—the largest in almost two months. A major deleveraging event on March 27 wiped out 42% of open interest in Bitcoin futures, further shaking confidence.

Goldman Sachs analysts note that Bitcoin's 45% decline aligns with past bear-market cycles. They warn that persistently low trading volumes could lead to more short-term volatility. Despite the downturn, the bank maintains buy ratings on crypto-linked stocks like Coinbase and Robinhood.

Meanwhile, GameStop still holds 4,710 BTC, valued at roughly $368 million. Almost all of this—4,709 BTC—is pledged as collateral for an options strategy managed through Coinbase Credit. Bitcoin's price now tests a critical support zone between $65,500 and $66,000. A drop below this range could push it toward $60,000–$62,000. With miner profitability shrinking and trading volumes weak, the market faces further uncertainty in the coming weeks.