- The Bitcoin Yardstick metric, measuring BTC price relative to network security, has hit its lowest value on record.
- Bitcoin’s hash rate remains near historic highs despite a more than 40% price decline from its October 2025 peak.
- Market analyst Charles Edwards describes this divergence as Bitcoin being “off the chart in deep value.”
- A recent measured collapse in miner selling has historically signaled bullish price action.
Bitcoin’s price has plunged to 15-month lows recently, creating a record divergence from its underlying network security according to a key market metric. Charles Edwards, founder of Capriole Investments, confirmed on X that the Bitcoin Yardstick is in new territory. This metric, which he introduced in 2022, divides market capitalization by hash rate to assess value.
It fell to 0.35 in February as BTC neared $59,000. Edwards stated that “lower readings = cheaper Bitcoin = better value.” Consequently, the current reading of 0.40 remains firmly in what he calls “cheap” territory. This unprecedented gap highlights a market where price action is severely lagging the network’s proven strength.
Meanwhile, Bitcoin’s hash rate continues to circle one zettahash per second, as data shows. This resilience comes despite price being over 40% below its all-time highs. However, miner selling pressure has decreased notably since the price drop earlier in March. Edwards noted that such a “measured collapse” in selling has always been historically bullish for Bitcoin.
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