According to the CryptoQuant Hash Ribbons indicator, the Hash Ribbons indicator has just signaled the end of miners' capitulation, while the hash rate has reached a new peak of 638 exahashes per second (EH/s), marking the first rally since the Bitcoin halving. CryptoQuant explains: "While the indicator is not designed to pinpoint price bottoms, it usually signals a reduction in miner selling pressure before prices rise."