The Bitcoin hash ribbons indicator tracked by Glassnode (which compares two iterations of Bitcoin's hashrate) is recovering from a months-long "capitulation" period. This period occurred during the recent period of relatively low hashrate, with the hash band showing a 30-day moving average below the 60-day moving average. The last capitulation phase ended in August 2023, after which BTC/USD nearly doubled by the end of the year after briefly falling to $25,000. The data shows that last week the mining power of the Bitcoin network reached its highest level since the beginning of June, exceeding 690 EH/s.