Bitcoin hashrate has rebounded about 45 percent from its low this summer, and an interpretation has emerged that sees it as an indirect bullish signal reflecting support from institutional money.

On Oct. 22, blockchain outlet Cointelegraph reported that CryptoQuant CEO Ki Young Ju (주기영) analysed that network computing power is rising as publicly listed bitcoin mining companies backed by traditional finance expand operations.

He explained on X, formerly Twitter, that as hashrate rises, network security strengthens and bitcoin’s fundamentals as a store of value also improve.

Based on CryptoQuant data, bitcoin hashrate rose from about 726 exahashes per second in July to about 1,050 EH/s on Wednesday. It still falls short of the record high of 1,305 EH/s logged in October 2025. At the time, bitcoin’s price was above $111,000, and bitcoin was trading at about $81,843 when U.S. stocks opened on Thursday.

Public mining companies are also continuing capacity expansion moves. Nasdaq-listed miner NIP Group said on Oct. 21 it disclosed its third on-rack asset purchase agreement to acquire about 4.47 EH/s of bitcoin mining equipment that has already been deployed. Once the deal is completed, the equipment is expected to immediately contribute to expanding bitcoin production. NIP Group expects total hashrate to reach 13.85 EH/s after reflecting all three deals.

NIP Group’s operating hashrate currently stands at 3.11 EH/s, ranking 16th among listed companies based on Ziven data. Bitdeer is in first place with 79.9 EH/s.

This recovery is read as a sign that the mining industry is betting again on the bitcoin network’s security and long-term value. Ki Young Ju interpreted it as institutional support for bitcoin security and long-term value. It can also be seen as reflecting that miners are restarting facilities while considering profitability and operating conditions.

Against this backdrop, the bitcoin market is showing diverging trends between improving network fundamentals and weakness in the share prices of listed miners. Hashrate is continuing to recover, but the mining industry and related stocks still appear to be influenced by the macro environment and stock market volatility.

"Bitcoin hashrate is back in an uptrend, with miners running at full capacity. Higher hashrate means stronger security and better fundamentals as a store of value. Public miners are backed by TradFi giants. This is an indirect bullish signal from institutional investors, imo. https://t.co/8OtkBVVGw7"