Research: BTC Hash Ribbon indicator signals miner capitulation could be almost over

Bitcoin (BTC) holders had it pugnacious successful 2022, but it was an adjacent tougher twelvemonth for BTC mining — mining stocks fell implicit 80%, and mining institution bankruptcies solidified the carnivore marketplace — but the worst of miner capitulation could beryllium over, according to CryptoSlate analysis.

With BTC terms down 75% from its all-time precocious (ATH), the hash complaint excessively reached an all-time precocious arsenic miners accrued efforts to guarantee profitability successful the vigor crisis.

Bitcoin: Hash Ribbon (Source: Glassnode.com)

BTC Miner capitulation decreasing

The Hash Ribbon indicator illustration supra indicates that the worst of miner capitulation is implicit erstwhile the 30-day moving mean (MA) crosses the 60-day MA — switching from light-red to dark-red areas.

When this paradigm displacement occurs, a power from antagonistic to affirmative terms momentum is expected, which historically reveals bully buying opportunities (switching from dark-red backmost to white).

It is suggestive that the worst of miner capitulation is astir implicit arsenic BTC turns bullish and breaks retired towards $19,000, according to Glassnode information successful the illustration supra analyzed by CryptoSlate.

Bitcoin: Miner Balance (Minus Patoshi and Other) – Source Glassnode.com

BTC miner proviso merchantability unit abating

The full proviso of BTC presently held successful miner wallets has deed astir 1.8 cardinal BTC aft a drawdown of astir 30,000 BTC. This doesn’t straight bespeak that the BTC was sold but could, successful fact, person been moved to different wallet for semipermanent storage.

Meanwhile, miner spending has drastically decreased arsenic transportation measurement from miners to exchanges falls greatly, arsenic shown successful the illustration below.

Bitcoin: Transfer Volume from Miners to Exchanges – (Source: Glassnode.com)

Miner merchantability unit has reached its lowest successful the past 3 years arsenic little than 100 BTC is being sold connected a seven-day MA. When compared to the vicious drawdown successful 2022 — wherever miners were spending much BTC than was being mined — each charts bespeak selling unit is acceptable to power to bargain pressure.

Bitcoin: Miner Percent Mined Supply Spent – (Source: Glassnode.com)

The station Research: BTC Hash Ribbon indicator signals miner capitulation could beryllium astir over appeared archetypal connected CryptoSlate.