Hash Ribbons
The crossover of the 30-day and 60-day moving averages of the hashrate. A classic signal of miner capitulation and market bottoms.
What the metric shows
Hash Ribbons is an indicator by Charles Edwards. When the 30-day average hashrate falls below the 60-day, it means miners are massively turning off equipment: it has become unprofitable. Such periods almost always coincided with price bottom zones.
The signal is not the capitulation itself, but the exit from it — the moment when the 30-day returns above the 60-day. Historically, this provided some of the best entry points, although there have been few signals: about a dozen in all of history.
How it is calculated
How to read the signal
| Zone | Value | Interpretation |
|---|---|---|
| 30D below 60D | Miner capitulation is ongoing | |
| Lines are converging | Capitulation is ending | |
| 30D crossed 60D upwards | Classic buy signal |
Frequently Asked Questions
How reliable is the indicator?
There are few false signals, but the signals themselves are around ten in 15 years — the statistics are weak.
Why is the metric in PRO?
A year of history is available for free; the point of the indicator is in long cycles, so the full series is in PRO.
Is the data paid?
No, we calculate it ourselves from the free hashrate series.