The current miner's holding index has fallen to a historical low range of 0.49. Combined with the latest buy signal triggered by the Hash Ribbons indicator, it points to the market clearing process nearing completion. This indicator effectively captures the turning points of miner operational pressure by monitoring the cross changes between the 30-day and 60-day moving averages of hash power. Historical data shows that its signals are often accompanied by significant price recovery cycles.

CoinAnk data shows that after the total network hash power broke the peak of #BTC , some miners passively reduced their Bitcoin reserves due to surging operational costs, creating short-term market selling pressure. However, historical patterns indicate that such sales driven by miner pressure often correspond to the formation of long-term market bottom areas.

From a market impact perspective, while short-term miner selling exacerbates liquidity pressure, it essentially represents a release of passive supply. When sustained high hash power operation leads to the exit of inefficient miners, the overall mining cost structure is optimized, thus solidifying market bottom support. Historical cases show (such as a 260% increase after the indicator triggered in 2019), the Hash Ribbons buy signal often leads the initiation of a new upward trend. The current stage reflects both the short-term pain of miners under pressure and highlights the positive signal of market supply-demand rebalancing— as inefficient capacity clears out, combined with the holding index hitting bottom and the resonance of on-chain indicators, the crypto market may be nurturing an important allocation opportunity.