Miners Bleeding, Whales Stacking: Kaspa’s Turning Point

Hey, welcome to Kaspa Daily Pulse – here’s what the Kaspa community’s been buzzing about today.

First up, the big-picture cycle copium… and conviction.

People are deep in chart-land again: one crowd’s calling that Kaspa already did its first full cycle with about an eighty-two percent drawdown, lighter than what Bitcoin and Ethereum ate in their first runs, and they’re treating that as a long-term bullish signal. Others are talking Wyckoff – saying Kas spent late 2023 to early 2025 distributing, and is now in a chunky accumulation phase that should set up a new all-time high sometime in 2026, with some eyeing even bigger peaks into 2027–2029. Mix in debates about rate cuts, QE, and recessions, and you get one shared theme: most people still expect the “wen Lambo” moment… just not this month.

Second, tech brainrot in the best way.

vProgs are the star again. Folks are hyped that, once they’re live and fees matter, future bear markets could be much less brutal because miner revenue won’t rely only on block rewards. One user even claimed Kaspa could eventually capture basically all its own fee flow, unlike Ethereum with its fragmented rollups, and that this might let Kaspa decouple from Bitcoin over time.

On top of that, dev talk got spicy: PSKB packages for chained and commit-reveal transactions, covenants that could lock assets on layer one, and KIP-12 – a browser-extension wallet API that one dev literally “took on his back” so others could focus on heavier zero-knowledge work. Plus a mysterious “hidden opcode branch” some people swear exists.

Third, miners are hurting… but still degenerately loyal.

There’s chatter about almost an exa-hash of hashrate dropping off, ASICs running unprofitable, and people arguing over where the real cost-of-production floor sits. Some miners are openly saying they’re willing to lose money “forever because KAS,” while others are hunting discounted KS5s and KS7s, convinced the best time to buy hardware is when it’s bleeding. Meanwhile, spot buyers brag about loading up at three cents, DCA’ing every week, and even chasing a dream bag of twenty million KAS. The vibe is “2025 buyers are cooked… but still buying.”

Fourth, positioning, whales, and the derivatives game.

We’ve got at least one community member back in the top-hundred wallets after a couple of big leverage longs – roughly millionaire territory in KAS alone – flexing while others joke about just trying to reach a million coins someday. At the same time, someone pointed out roughly twenty-five million in short liquidity around thirteen cents and another twenty million a bit lower, with a plan for Kaspa to chop between about five-and-a-half and six-and-a-bit cents for a couple of weeks before taking a run at those levels. And in the background, there’s cautious curiosity about the Dymension KAS–USDC pool – juicy yields, but people definitely don’t want a “Chainge 2 point oh” repeat.

That’s it for today’s pulse. Let’s see what tomorrow brings. Catch you then.