Token Analyst executive: The decline in Bitcoin network computing power is not due to miners’ capitulation

Bitcoin hashrate has dropped sharply to 75 /EHs, just a day after it surged to over 100 EH/s. According to an executive at Token Analyst, the drop in network hashrate is not due to miner capitulation.
Despite the decline in hashrate, the amount of Bitcoin held by miners has remained stable and is actually at a recent high since January 2020. Here, miner wallet balances are determined using a probabilistic heuristic. Other statistics also show that the Bitcoin balances of miners at the top mining pools have barely seen any problematic changes.
The change in Bitcoin balance on Btc.com was a bit large, but other exchanges remained unaffected. When looking at the hashrate of these miners, most of the major mining pools did not see any decline in their individual networks, with only Bitfury, BTC-Top, 1thash, and via BTC mining pools seeing small declines.