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#Bitcoin Hash Ribbons & Miner Capitulation indicates ongoing stress🔻
📝 The Hash Ribbons chart displays the 30D SMA of hashrate currently below its 60D SMA, signaling persistent miner capitulation.
📍 Red vertical bars highlight this capitulation extending through late 2025 to early 2026, consistent with recent major miner $BTC sell-offs.
💡 Historically, such phases precede market bottoms by flushing out weaker miners, paving the way for eventual recovery.