Bitcoin Hash Ribbons Trigger Buy Signal, Has Miner Capitulation Concluded?

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 p