Glassnode: Bitcoin miners are recovering from months of continuous "surrender" period

The Bitcoin hash ribbons indicator tracked by Glassnode, which compares two iterations of Bitcoin's computing power, is recovering from several months of "capitulation". This period occurs when recent computing power is relatively low, with the hash ribbons 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. Data shows that last week, the Bitcoin network's mining power reached its highest level since early June, exceeding 690 EH/s.