Hash Ribbons is an elite metric

- Tracks miner capitulations
- Marks local #BTC bottoms

When the 30-day moving average of hashrate (green line) is less than the 60-day (orange line) that means miners are unplugging machines, either due to unprofitability or energy curtailments.

An excess of unprofitable miners means heightened sell-pressure on BTC (these miners are selling most or all of the BTC they mine to cover operating expenses).

The forced capitulation from these miners means a relief in sell-pressure, which has historically created local bottoms.

It’s beautiful to watch a true free market in action; there are no bailouts for unprofitable Bitcoin miners.
#BTC