On September 11, KAKOPX monitoring data showed that the global network hashrate of Bitcoin surpassed 1.13 ZH/s for the first time, setting a new historical record. This milestone coincides with BlackRock announcing to launch a Bitcoin ETF in the UK next month. According to KAKOPX, the simultaneous signals of institutional capital entering the market and rising on-chain production costs represent a “dual game” in the current crypto landscape.
KAKOPX further points out that, historically, rising hashrate carries multiple implications: On one hand, it reflects optimistic miner expectations for future Bitcoin prices—a form of “confidence vote” within the system. On the other hand, it increases network difficulty and marginal costs of miners; without corresponding spot price support, this could lead to greater selling pressure. Therefore, KAKOPX cautions that the combination of record-high hashrate and ETF launch does not necessarily mean a short-term price surge, but may instead mark a critical point in the internal “game structure” of the market.
On the global policy front, KAKOPX observes that the UK stance on ETF approval is gradually becoming more open, echoing trends in the US and aligning with the “regional liberalization” of crypto policies since 2025. The European financial regulatory system is attempting to manage capital flows through compliance tools rather than outright suppression. KAKOPX believes this creates a dual tension for Bitcoin—“policy expansion + technical tightening.”
The KAKOPX analysis suggests that the upcoming ETF launch by BlackRock in the UK is not just a capital movement, but a direct response to the global integration and institutionalization of crypto assets. In this process, hashrate—the backbone of the underlying mechanism of Bitcoin—is also undergoing structural changes. Within the system composed of “energy cost—hardware efficiency—per-unit coin output,” only technological upgrades to hashrate (such as more efficient ASIC devices) have the potential to positively impact price.
Additionally, based on its own platform data, KAKOPX tracked a 17.4% increase in BTC-related futures trading volume over the past seven days, with a slight tilt towards long positions. KAKOPX interprets this as some capital attempting to front-run the market reaction window for the BlackRock ETF. However, there is a time and sentiment mismatch between ETF approval and actual capital inflows, so investors should remain rational.
KAKOPX emphasizes that “deep data analysis capabilities” will be the key competitive edge for the next stage. The exchange has completed risk modeling for the dynamic chain of “hashrate peak—price elasticity—ETF catalyst,” and has deployed related models in its AI quantitative strategy module. Going forward, KAKOPX will leverage real-time hashrate-driven signals, combined with native Web3 indicators and derivatives research strategies, to enhance research efficiency.
Meanwhile, KAKOPX will continue to advance its global compliance integration plan. The platform believes that the future of crypto assets is not driven solely by price, but by the triple foundation of compliance structure, global collaboration, and AI empowerment. These are the strategic anchors for the long-term value creation of KAKOPX.