Hash Ribbons signals the end of miner capitulation
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Hash Ribbons is a popular indicator that highlights periods of stress in the mining market. It uses the 30- and 60-day moving averages of the Hash Rate and has just signaled the end of miner capitulation.
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This is logical given that the Hash Rate has just reached a new all-time high of 638 EH/s. #Miners are beginning to use more efficient equipment, turning their machines back on and becoming less likely to sell.
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It's the first time this has happened since the halving, when the block reward for miners was reduced to 3.125 BTC (~$185k), making it a significant and healthy signal.
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Although the indicator isn't meant to pinpoint the exact price bottom, it often precedes higher prices by signaling a reduction in selling pressure from miners.
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PS: Thanks to other creators, I was able to post this on chain data.
