🌻As bitcoin miners cut unprofitable production, Hash Ribbon metric points to BTC price rebound

The hashrate shock from extreme weather in the U.S. revives a historically bullish onchain indicator.

What to know:

• A 20% drop in Bitcoin hashrate has pushed the Hash Ribbon deeper into capitulation.

• In the past, including the FTX collapse and mid-2024 yen carry trade unwind, that's signaled a strong price recovery once the hashrate reverts.

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