Charles Edwards, founding father of digital asset hedge fund Capriole Investments, says bitcoin is “off the chart” by way of worth as its value diverges from community hashrate to a level by no means seen earlier than.
What the Bitcoin Yardstick measures
The Bitcoin Yardstick divides market cap by hash charge, normalized over a two-year interval, to specific how a lot “worth” patrons are getting at any given value and hash charge degree.
Edwards described the metric when he launched it in 2022:
“Related in idea to a ‘PE Ratio,’ besides as an alternative of inventory earnings, the Bitcoin Yardstick is taking the ratio of power work finished to safe the Bitcoin community in relation to cost. Decrease readings = cheaper Bitcoin = higher worth.”
Readings under one normal deviation of the imply point out bitcoin is “low cost” by this measure.
Report lows hit in February
In February 2026, the Yardstick fell to 0.35 — its lowest studying on document, going properly past the lows seen through the 2022 bear market.
This got here after bitcoin hit 15-month lows close to $59,000 earlier that month, leaving the asset greater than 40% under its all-time highs from October 2025.
The Yardstick has since recovered barely to 0.40, however Edwards informed X followers this week:
“Bitcoin Yardstick is actually off the chart in deep worth.”
Hash charge, in the meantime, has held close to the one zettahash per second degree — near its historic highs — regardless of the steep value decline, which is what drives the Yardstick to such excessive readings.
Miners slicing promoting as value recovers
Earlier in March, Edwards flagged one other traditionally bullish sign, noting a “measured collapse” in miner BTC promoting following the worth drop.
He said:
“Measured collapse in Bitcoin miner promoting after a value drop are ALL BULLISH.”
Miners have confronted important monetary strain this yr, although their decreased promoting has traditionally preceded value recoveries.
The Bitcoin mining problem and hash charge holding close to document ranges whereas value sits deeply discounted is the core driver behind the Yardstick’s unprecedented studying, in accordance with Edwards.