Hash Ribbon: Bitcoin Miner Capitulation Indicator

As of 2026-11-05, the Hash Ribbon is in the 'Normal' state. The 30-day average Bitcoin hashrate is +4.2% versus the 60-day average.

The Hash Ribbon (Charles Edwards) treats the 30-day hashrate average falling below the 60-day average as miner capitulation, and crossing back above it as recovery. The recovery point, when unprofitable miners stop switching off machines and selling their coins, has often coincided with past buying zones.