At the same time, the overall hash rate of the Bitcoin network has experienced a notable retracement, declining approximately 17% from its all-time high. The core driver behind this macro phenomenon is the large-scale reallocation of resources by mining enterprises toward artificial intelligence infrastructure construction, resulting in a structural shift in the computing power that secures the network. Data compiled by Woofun AI shows that the current Bitcoin hash rate stands at 841 exahashes per second, below the record levels reached earlier this year.

From an operational mechanism perspective, while a decline in hash rate may temporarily affect transaction confirmation times and fees, the network can self-regulate through difficulty adjustments. The current hash rate remains far above historical averages, keeping attack risks broadly manageable. The more profound change lies in the restructuring of the industry’s economic model: infrastructure originally serving Bitcoin is being repurposed for other high-value computing tasks. The long-term power supply contracts typically signed at low rates by mining facilities are highly attractive to AI data centers, and as mining firms pivot, local community electricity costs may rise accordingly.

From Individual Stocks to ETFs: Trillion-Dollar Asset Management Giants Redefine Allocation Logic

Morgan Stanley’s second-quarter 13F filing has revealed a notable shift in its crypto asset allocation strategy. While increasing its holdings in spot Bitcoin and Ethereum ETFs, the bank has systematically reduced its positions in cryptocurrency-related equities such as Coinbase (COIN). This structural adjustment marks a migration by major traditional financial institutions from high-risk individual stock speculation to standardized fund products in managing digital asset exposures, redefining the core pathway for institutional participation in the crypto market.

In sharp contrast to its expansion on the ETF front, Morgan Stanley has executed significant deleveraging in the cryptocurrency-native equity space. The bank reduced its Coinbase holdings by approximately 550,000 shares, cut over 3.1 million shares of CleanSpark (CLSK), and completely exited its position of about 8 million shares of Bitfarms (BITF). This series of reductions is not an isolated event but a direct response to valuation volatility and regulatory uncertainty in the crypto mining and exchange sectors. As one of the world’s largest wealth management firms, Morgan Stanley’s strategic rebalancing is not merely an optimization of its own portfolio but also sends a clear signal to the market that large institutions now view digital asset ETFs as a standard component of their asset allocation.

Blockchain Cryptocurrency Fintech Technology