The Bitcoin hash ribbons metric tracked by Glassnode, which compares two iterations of Bitcoin's hash rate, is recovering from a several-month "capitulation" period. Such periods occur when the recent hash rate is relatively low, and the hash ribbons show that the 30-day moving average is below the 60-day moving average.
The last capitulation phase ended in August 2023, after which BTC/USD almost doubled by the end of the year after a brief drop to $25,000.
Data shows that last week, the Bitcoin network mining hash rate reached its highest level since early June, exceeding 690 EH/s. (Cointelegraph)