Hash Ribbons just flipped. Puell Multiple is sitting deep in undervaluation.

That combination doesn’t show up often and when it does, it usually marks the point where weak miners are already flushed out and selling pressure is exhausted.

What’s interesting isn’t just the signal, it’s the timing.

Hash rate recovery suggests miners are stabilizing again, while revenue stress (Puell) is still compressed. That gap has historically been where momentum quietly starts building before the market reacts.

No guarantees, but structurally this is where the narrative shifts from survival → expansion.

Miners that made it through capitulation don’t just recover. they position early for the next move.

Cycle mechanics at play. 👇

See the miner cycle → #macro