Bitcoin Hash Ribbon flips as miner stress eases, with signal holding for 61 days
Bitcoin Magazine said Bitcoin’s Hash Ribbon signal recovered on Aug. 26 and has now held for 61 straight days, a stretch the program linked to easing miner stress and a possible market bottom. In the seven recoveries counted in its historical review, Bitcoin traded higher one year later in six cases, giving the signal roughly a 72% directional edge. The discussion, led by Sean Hagan, also stressed that the indicator is not flawless: 15 of 231 observations were misses, including a notable April 2021 case that was followed by a 17% decline, while a January signal this year remains 12% underwater. The program added that the 30-day hash rate is around 1.1 ZH, up 13% from the July low, and argued that the worst phase of miner stress is likely over. It also raised a key challenge through a question from Grace Remington: if miners exited voluntarily, rather than through forced capitulation, does the signal still carry the same weight?
