Hash Ribbons

When the 30-day average of hash rate drops below the 60-day, miners are switching off at scale — capitulation. When it crosses back above, the weakest miners are gone and the survivors are healthy — recovery. The recovery cross is the famous buy signal.

The logic is Darwinian: miner capitulation clusters near price bottoms because miners are the market's most informed forced sellers; when even they stop capitulating, sell pressure exhausts. The signal fired well in 2019, 2020, and post-China-ban 2021; like all rare signals, it has few data points.