Source: Cointelegraph Original: "{title}"
From March 28 to 31, the price of Bitcoin fell from $87,241 to $81,331, erasing all gains from the previous 17 trading days. This 6.8% pullback liquidated $230 million worth of long futures positions, primarily following the downward trend of the U.S. stock market—during the same period, the S&P 500 futures index dropped to its lowest level since March 14.
Although Bitcoin struggled to hold the $82,000 mark on March 31, four key indicators showed that investor confidence remains strong, and Bitcoin may decouple from traditional financial markets in the short term.
S&P 500 index futures (left) and Bitcoin/USD (right). Source: TradingView / Cointelegraph
The impact of the global trade war on economic growth has left traders worried, especially after the U.S. announced a 25% tariff on imported cars on March 26. According to Yahoo Finance, Goldman Sachs strategists lowered their year-end target for the S&P 500 for the second time this year, from 6,200 points to 5,700 points; similarly, Barclays analysts also reduced their forecast from 6,600 points to 5,900 points.
Despite the continued deterioration in risk appetite, gold reached a historic high of $3,100 per ounce on March 31. This $21 trillion safe-haven asset highlights its ultimate value-preserving properties as traders abandon cash in favor of alternative assets. Meanwhile, the U.S. dollar index (DXY) fell from 107.60 in February to 104.10, showing a clear weakening trend.
Bitcoin indicators show resilience, long-term holders remain calm
Despite Bitcoin's cumulative increase of 36% over the past six months, while the S&P 500 index fell by 3.5% during the same period, its narrative as "digital gold" and "non-correlated asset" remains questioned. Several on-chain indicators continue to strengthen, indicating that long-term investors have not been affected by short-term correlation fluctuations as central banks shift to expansionary policies to address the economic crisis.
The Bitcoin mining hash rate, which measures network computing power, recently reached an all-time high (Note: strictly retain professional terms like "DXY/hash rate," convert dollar units uniformly to "trillions," and present key data such as "25% tariff/$3,100" in full, using segmented headings to enhance logical structure).
Estimated 7-day average hash rate for Bitcoin mining, TH/s. Source: Blockchain.com
On March 28, the Bitcoin network's 7-day average hash rate reached a historical peak of 856 million TH/s, significantly up from 799.8 million TH/s in February. Data on known entity flows to exchanges shows that miners have not exhibited signs of panic selling.
According to Glassnode, the 7-day average net transfer of miners to exchanges on March 30 was only 125 BTC, far below the average daily mining output of 450 BTC. This sharply contrasts with historical Bitcoin price drop cycles triggered by "death spiral" panic (where miners are forced to sell under loss pressure).
Average net transfer volume of Bitcoin miners over 7 days. Source: Glassnode
Bitcoin mining company MARA Holdings submitted a prospectus on March 28, planning to sell up to $2 billion worth of stock to increase BTC reserves and for "general corporate purposes." This move closely follows that of U.S.-listed gaming company GameStop (GME)—which submitted a $1.3 billion convertible bond issuance plan on March 26 while updating its reserve investment strategy to consider potential purchases of Bitcoin and stablecoins.
Exchange reserves drop to a six-year low
Glassnode data shows that on March 30, cryptocurrency exchange reserves fell to 2.64 million BTC, marking the lowest level in over six years. A decrease in the amount of coins available for immediate trading typically indicates that investors prefer to hold, a phenomenon particularly notable against the backdrop of a 5.1% drop in Bitcoin's price over seven days.
Finally, the near-zero net outflow of the U.S. spot Bitcoin ETF from March 27 to 28 also confirms institutional investors' confidence.
In summary, record mining hash rates, enterprise-level adoption, and the lowest exchange reserve levels in six years collectively indicate that Bitcoin investors still maintain confidence in long-term holding.
Related: Michael Saylor's strategy to bottom out Bitcoin with $1.9 billion
This article is for informational purposes only and does not constitute any legal or investment advice. The views expressed in this article are solely those of the author and do not necessarily reflect the position of Cointelegraph.
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