No, Instagram hashtags are not case-sensitive. This means that different hashtags can be recognized as the same hashtag without using the same letter capitalization. For example, the hashtags #vacation and #Vacation could be used in a post and would be recognized by Instagram as the same hashtags. However, it is recommended to use consistent capitalization in hashtags to make your hashtag usage look more professional and organized, and to help ensure your post is found by the audiences you want.