Analysis: The surrender period for Bitcoin miners is nearing its end, which may indicate that the price of Bitcoin has bottomed out

By: rootdata|2026/02/28 17:44:36

According to market news, Glassnode data shows that the hash ribbon indicator is close to signaling the end of a three-month miner capitulation period, which is one of the longest miner capitulation periods in history. When the 30-day moving average of hash rate rises above the 60-day moving average, it will trigger a recovery signal, indicating that miners are coming back online and network pressure is easing.

Since the first reversal of this indicator last November, Bitcoin has fallen from around $90,000 to a low of $60,000 in early February, and is currently rebounding to around $65,000. The hash ribbon indicator is based on the comparison of the 30-day and 60-day moving averages of hash rate. Miner capitulation occurs when mining revenue falls below operational costs, leading inefficient miners to shut down and sell off their Bitcoin reserves, resulting in a decrease in hash rate and increased market selling pressure. Historically, such capitulations often coincide with local or major bottoms, including January 2015, December 2018, and December 2022. Currently, the trading price of Bitcoin is below the estimated average production cost of $66,000, which last occurred in November 2022, when Bitcoin bottomed around $15,500.

-- Price

This uproar in the crypto circle appears to be a cultural conflict between a traditional economist and a crypto OG, but looking deeper, it is merely the new fire leveraging Fu Peng's influence in the traditional financial sector to pry open a batch of client funds that were originally difficult to r...

Why Private Credit Became the First True Bridge from TradFi to DeFi

Unveiling the core logic of private credit leading RWA: it is no longer just simple tokenization, but rather a true reshaping of the practical value of asset on-chain through real returns and deep integration with the DeFi ecosystem.

Senior cryptocurrency investor: Blockchain is showing a siphoning effect on capital

Stablecoins are the first real-world assets on the blockchain, but they will not be the last. Every billion dollars in stablecoins generates $12.2 billion in economic activity and $19 million in protocol revenue annually; once capital is on the blockchain, it gains productivity and does not go back.

When traditional crypto derivatives start to subtract: Insights from Hyper Trade's products

Say goodbye to complex contracts, as crypto derivatives begin to "subtract": This article breaks down how Hyper Trade reduces hardcore risk pricing into "second-level multiple-choice questions," reshaping the trading experience for retail investors.

My view on blockchain has changed

In-depth Reflection on the Value of Blockchain Applications and the Time Dimension

Will AI Agents use bank cards? Why can't Agentic Payment avoid stablecoins and blockchain?

Why can't AI agents just swipe bank cards? An article to understand the new tiered payment system: stablecoins and blockchain are becoming the exclusive settlement language and verifiable trust foundation of the "machine economy" era.

ENI's RWA ambition: to create an enterprise-level BaaS platform that allows Web2 institutions to "go beyond just asset on-chain."

What are the differences between RWA 1.0 and RWA 2.0?