BTC Hash Ribbon Signal Flipped: Bitcoin Miners Show the Bottom Might Be In

Sean Hagan breaks down the hash ribbon recovery, historical 72% edge, and miner stress easing, while questioning if voluntary miner exits distort the signal. The hash ribbon recovered on August 26 and has held for 61 days. Historically, Bitcoin was higher one year later in six of seven counted recoveries, about a 72% edge. Sean Hagan breaks down the signal, the misses (15 of 231, notably April 2021 at -17%), the January signal still 12% underwater, and why the 30-day hash rate at roughly 1.1 ZH, up 13% from July, says the worst of the miner stress is behind us.