Hash Ribbon
Onchain
The 30-day vs 60-day moving average of Bitcoin hash rate. When the 30d MA falls below the 60d MA (ratio <1), miners are capitulating (switching off unprofitable rigs); the 30d recrossing above marks recovery.
Calculation
ma30(hash rate) / ma60(hash rate) (hash_ribbons metric).
Unit & source
ratio · tradingstrategies.work On-Chain Miner-State methodology
Related terms
Definitions are for research and education. Metrics describe market conditions — not financial advice or a buy/sell signal.