Bitcoin stays below $72,000 as onchain data points to softer demand and mining stress

Bitcoin (BTC) has struggled to reclaim $72,000 as multiple onchain indicators signal cooling demand. Investor cohorts appear to be distributing, whale transfers have fallen to multi-year lows, and network activity metrics have trended down since August 2025. Separately, the hash rate slid from 1.2 ZH/s on March 5 to 813 EH/s on Wednesday, while hash price dipped below $34 per PH/s/day, raising concerns about miner capitulation.