Lead · Onchain Fundamentals
"When miners give up, it is possibly the most powerful Bitcoin buy signal ever" — the Hash Ribbon's creator's own words explain why even the participants who need real cash to keep the lights on giving up is so often a sign market stress has hit an extreme.
Owen Clarke
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August 31, 2026
In February 2026, Bitcoin went through an unusual period of miner stress — according to Glassnode data, one of the longest miner capitulation cycles on record, lasting three months. Throughout this period, on-chain analysts kept a close eye on an indicator called the "Hash Ribbon." This article breaks down exactly how the indicator is calculated, the logic behind reading it, and why "miners...