On-chain signal · Bitcoin cycle

Hash Ribbons

Reads miner capitulation and recovery from the network’s hash rate.

Capitulation

Bottom territory

Miners under stress; bottom-leaning.

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What is the Hash Ribbons?

Hash Ribbons compares the 30-day and 60-day moving averages of Bitcoin’s hash rate. When the short average dips below the long one, weaker miners are capitulating — a stress signal.

The recovery — when the short average crosses back above — has historically marked the end of miner capitulation, a phase that often overlapped with cycle lows. Right now it reads post-capitulation and recovering.

Built entirely from public hash-rate data (blockchain.com), so it needs no paid on-chain provider.

Hash Ribbons chart & history

Recent cycle position (0–100) of the Hash Ribbons. Today's reading is Capitulation — Miners under stress; bottom-leaning.

How to read it

There's no magic threshold, but history gives rough bands. Think of these as context, not triggers.

Zone	Reading	What it has meant historically
Capitulation● now	30d below 60d	Miners under stress; bottom-leaning.
Recovery	crossing back	Stress easing; transitional.
Expansion	30d above 60d	Hash rate growing; healthy/late-cycle.

It's a signal about months and cycles, not days. That's why CryptoMarketCycle blends it with the other signals rather than reading it alone.

Common questions

They are two moving averages of Bitcoin’s hash rate (30-day and 60-day). Their crossovers flag miner capitulation and recovery.

The recovery after capitulation has historically appeared near cycle lows, but like every signal here it is read in context.

Related signals

The Hash Ribbons is 1 of 16 signals behind the Crypto Market Cycle Index.

See the full index →