Hash Ribbons indicator signals a potential long-term buy opportunity despite short-term miner stress.
Retail investor activity is declining while institutional wallets continue steady accumulation.
A buy signal has just emerged from the classic Hash Ribbons indicator, and for those who have been around Bitcoin for a while, this could be a moment to watch.
According to on-chain analyst Darkfost of CryptoQuant, the indicator is actually quite simple: it compares the 30-day and 60-day moving averages of Bitcoin’s mining hashrate. When the hashrate drops sharply and then starts to recover, it’s usually a sign that selling pressure from miners is easing.
Source: CryptoQuant
Interestingly, the signal also just hit a new all-time high when this signal appeared. This means that the mining network is in strong shape, but at the same time it could also be an indication that some miners are struggling due to rising operating costs. When profits dwindle, smaller miners often sell their Bit
