Have you seen the recent data on FIL? I’ve carefully reviewed it, and the situation is indeed more severe than expected.

Let's start with the core data. Currently, only 1,040 active miners remain, a decrease of 6 in two days. Don’t underestimate the significance of these six; at this stage, those who can still hold on are institutional-level miners, and each departure represents the withdrawal of a heavyweight player. This is not a minor fluctuation.

Looking at the hash rate. It has directly fallen to 19.3 EiB, evaporating 0.4 EiB in two days. On an already relatively subdued baseline, further decline indicates an obvious acceleration of downward momentum. To put it metaphorically, the hash rate was already weak, and now it’s continuing to lose weight, which clearly reduces the project’s capacity to sustain itself.

The most concerning metric is the staking amount. Currently, only 102.8 million tokens are staked, with 2 million tokens flowing out in just two days. The significance of the staking amount is crucial—miners must lock in corresponding assets as collateral for mining. A decline in this number suggests two possibilities: either miners are facing cash flow issues and cannot replenish their stakes, or confidence is wavering, and they are preparing to withdraw. Historically, during normal market conditions, the staking amount steadily increases. The current outflow rate, to some extent, reflects market participants’ attitude towards the future.

When these data points are viewed together, the signal is very clear: a large number of participants are adjusting their positions. As for what will happen next, we may soon find out.