Recently, mining difficulty has been continuously decreasing, and miners are reducing their mining activity because the profitability isn't matching up. When this kind of situation occurs, the market usually sees it as a good sign, and I think the Hash Ribbon indicator is accurately showing this.

The Hash Ribbon is an indicator that tracks miners' profitability changes, and based on the current pattern, it seems like the bearish miners are being cleared out. This has historically been followed by price rebounds. The point at which miners cut losses and start selling off is likely near the bottom.

Of course, it's hard to judge based solely on the Hash Ribbon, but when combined with spot market supply and on-chain data, this correction also appears to be a meaningful process of forming a bottom. I believe that once the forced liquidation of miners is over, the price is likely to rise again.