Right now, bitcoin miners keep their coins rather than sell them. Emerging near the end of March 2025, the switch shows a bullish market indication. Prices have increased by 20%, almost $103,000 per coin, as miners retain their Bitcoin.
Describes the hash ribbon.
Analyst Charles Edwards developed the hash ribbon as a statistic to track the Bitcoin mining pace. In his paper, Edwards remarked, “When miners quit, it is probably the strongest buy signal for Bitcoin ever.”
This cryptocurrencies statistic records two: the 60-day average mining power and the 30-day average mining power. Mining is no longer profitable. Hence, miners are shutting down machines if the 30-day average falls below the 60-day average. However, miners return to work when the 30-day average returns above the 60-day normal. Usually, this return suggests that Bitcoin prices will rise better in the days ahead.
The most recent hash ribbon buy signal in March 2025 came first in eight months. Following this indication, miners started stockpiling Bitcoin rather than selling it, a significant departure from their selling trend, which began in late 2023.
The Changing Approach of Miners
Miners entered 2,708 Bitcoin cryptocurrency into their wallets from April 12 through May 13, 2025; at current values, this comes to roughly $278 million. Though this shows a small percent increase (0.15%), it shows a notable change on the part of miners in their perspective of the market.
Following this signal, big mining businesses like Marathon Digital and Riot Platforms presumably stopped selling their BTC. For miners, this change follows some difficult times ranging from a February record for mining difficulty to a steep 6% difficulty drop in April – the biggest drop since 2022.
Referring to the Bitcoin network’s entire computing capacity, known as the hash rate. May’s hash rate has rebounded to roughly 650 EH/s. This obviously improves, albeit still being about 8% below the record high in February. As Bitcoin’s price rose from $85,000 to $103,000, mining became profitable once more.
The Reason This Matters
The hash ribbon has rightly predicted past price increases. Bitcoin’s price soared 50% from below $70,000 to $106,000 in just a few days after it showed a buy signal in October 2024.
Analysts say the 30-day average must remain above the 60-day average for at least 15 days if the current signal is to validate a positive trend totally. Since the difficulty change in May, the hash rate has risen 8% thus far; it has not yet reached the 15% increase needed to support the positive trend fully.
What this suggests is starting to excite traders. “Extremely bullish for Bitcoin!” a financial analyst said on social media. Based on this prolonged buy signal, most believe Bitcoin’s price could rise noticeably in May.
The Whole View
As big financial organizations pump money into cryptocurrencies, miner behavior changes. With assets of about $41 billion, BlackRock’s iShares Bitcoin Trust is leading the way among Bitcoin ETFs. Not seen in years, BTC now makes up over 60% of the whole worth of all the cryptocurrencies.
Better network health, miners holding on rather than selling, and consistent backing from big investors create favorable conditions for the price of BTC. Some compare current circumstances to the 2020 recovery that resulted in Bitcoin’s most recent price spike to all-time highs.
Some people are still dubious, though. While ETF inflows are 35% off April’s highs by CoinShares’ calculations, trading activity numbers show a 22% increase in open interest throughout the month to date. This suggests that healing is still underway.
May 28 is scheduled as the next mining difficulty change-over. Viewers of the market are attentively monitoring the upcoming actions of the miners. We might expect continuous price increases through summer and maybe new all-time highs by the fall of 2025 as long as mining power recovers and miners keep gathering Bitcoin.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
As an author at Coinography, I create insights that translate fast-moving Web3 developments into clear, useful narratives. I explore topics such as decentralized governance, digital identity, creator economies, token models, protocol design, and the shifting cultural patterns around emerging technology. My aim is to make digital transformation more understandable and approachable for a wider audience.
I believe that Web3 is not only a technological shift but a cultural and creative one. Strong ideas, thoughtful communication, and human-centered design will shape which technologies thrive and how communities evolve around them. My writing and research reflect this belief, focusing on clarity, relevance, and long-term perspective.
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