A few months ago, Bitcoin miners were having a tough time. The hash rate dropped about 15% from its peak in October, which means many were turning off their machines because it was no longer profitable. The power decreased from 1.1 zettahashes to nearly 977 exahashes per second. That’s pure capitulation.

What’s interesting is that Glassnode’s Hash Ribbon metric showed this reversal at the end of November, just as Bitcoin was hitting $80K. When miners are forced to sell to keep their operations running, they add pressure to the market. But here’s the opposite: historically, these periods of stress have preceded strong recoveries in price once inefficient miners leave.

Difficulty also continued to fall. Another 4% drop was scheduled recently, marking the seventh negative adjustment in eight periods. Meanwhile, some large miners like Riot Platforms were pivoting toward AI and high-performance computing, selling Bitcoin to fund those investments.

Right now, Bitcoin is hovering around $74.51k. The market has been in a two-month struggle to break clear resistance levels. Interestingly, funding rates on perpetual contracts on some exchanges have been negative for weeks, even as open interest grows. What time is it for you when you see these data? Because the market never sleeps, and these miner movements are what shape long-term trends.