Bitcoin’s core promise of decentralization is facing a major test. Two pools now control a majority share of the network’s hashrate. This level of concentration challenges the very foundation of Bitcoin’s decentralized ethos.
For context, the last time this occurred was in 2014 with mining pool GHash.io. The backlash was swift, while community panic spread, developers sounded alarms, and GHash was forced to voluntarily reduce its hashrate. Still, the damage was done, and BTC plunged over 87% in the months that followed, entering one of its deepest bear markets.
The analyst warned that traders should prepare for their exit and not let greed dictate their decisions, as the easy mode is behind us, and the market is entering a long period of hard mode.
Fiege_max clarifies that this does not mean the market is finished or that prices will collapse in a straight line. Instead, he urges realistic targets. He frames his commentary as a matter of perspective and objectivity on his viewpoint as a trader, and hopes it pushes the idea that the market is drawing to a close.
