Just been watching the miner capitulation happening right now - a lot of smaller operations are shutting down or cutting production because it's just not profitable anymore at current difficulty levels. This kind of thing usually shows up pretty clearly on the Hash Ribbon metric if you know what to look for.

What's interesting is that historically, when you see this level of miner capitulation, it often precedes a decent price recovery. The logic makes sense - once the weak hands are forced out and difficulty adjusts lower, the remaining miners become more efficient again. The Hash Ribbon flipping positive has been a decent signal for bottoms in the past.

So yeah, watching this play out. Could be one of those capitulation events that marks a local bottom. Not saying it's guaranteed, but the setup is worth paying attention to if you're looking for entry points.