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.