The collapse of FTX triggered a historic event for the Bitcoin market. In late November, the hash ribbons indicator signaled the beginning of a second wave of Bitcoin miner capitulation within one cycle. As NewsBTC reported, the hash rate dropped dramatically while some of the largest miners reported bankruptcy and dumped their BTC holdings on the market.
However, this poor state of the Bitcoin mining industry and the associated pressure on the Bitcoin price may have come to an end. As the net position change of miners already indicated since the beginning of January, the selling pressure has decreased significantly.
For the first time in over four months, miners had been hodling BTC instead of dumping the majority of their coins. The termination of the strong selling pressure from Bitcoin miners is now also confirmed by the hash ribbon indicator.
As the chart below shows, the hash bands are displaying a bullish cross. “Miners have stopped selling and are now plugging in machines at
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