The Hash Ribbon metric, which displays bitcoin BTC$91,232.22 miner exercise as a sign for BTC worth traits, simply indicated rising miner stress, an indication that unprofitable producers are being compelled offline after the hashrate dropped about 15% under its all time excessive
The indicator, which tracks the 30-day and 60-day transferring averages of the hashrate, is predicated on the concept that the bitcoin worth usually varieties a backside when mining turns into unprofitable. The hashrate is the computational energy utilized in cryptocurrency mining.
Traditionally, moments when this crossover aligns with a flip in worth momentum from unfavourable to optimistic, represented by a transfer from darkish purple to white within the chart, have marked robust shopping for alternatives.
The sign, when the 60-day transferring common crosses above the 30-day transferring common, reveals the hashrate continues to be below stress and miners are persevering with to capitulate, or rein in manufacturing. Capitulation usually ends when the 30-day common crosses again above the 60-day measure. That is proven by a shift from gentle purple to darkish purple on the Hash Ribbon show.
The Hash Ribbon has been a dependable indicator of cyclical bottoms in bitcoin. The most recent sign comes after a 35% worth drop from October’s all-time excessive. Bitcoin fell to $81,000 on Nov. 21, and has since rebounded to round $90,000.
Earlier Hash Ribbon indicators appeared in Could 2021 through the China bitcoin mining ban, when bitcoin tumbled 50% to $30,000. It flashed once more in June 2022 and later through the FTX collapse in November 2022. The metric also can seem forward of downtrends that don’t correspond to main bottoms, as seen in Could and July 2025.
This newest sign arrives as miner hashprice reached a five-year low. In response, many mining corporations have pivoted into synthetic intelligence and excessive efficiency computing to diversify income and cut back their reliance on unstable mining economics.
