The Hash Ribbons indicator tracks these stressful periods of miner capitulation. The signal, which began on June 25, indicated rising sell pressure and miner stress. However, the recent end of the signal suggests that miners have largely completed their sell-offs and the network hash rate is recovering. This marks a stabilization in mining activity and is considered a positive sign for the market. 

Bitcoin Mining Stress and the Hash Ribbons Indicator 

According to CryptoQuant, the Hash Ribbons signal is triggered when Bitcoin’s short-term hash rate moving average drops below the long-term average. This reflects miner stress due to increased operational costs. In such situations, miners may temporarily shut down unprofitable operations or reduce activity. To stay afloat, they may need to sell their Bitcoin holdings. 

Historically, this signal has marked the end of miner sell-offs and typically precedes bullish market trends. The latest signal reflects a recovery in the hash rate, as the 30-day moving average has now crossed above the 60-day average, signaling a balanced mining environment. 

Interestingly, this signal emerged around June 5, when Bitcoin approached the $100,000 mark. CryptoQuant data shows that previous miner capitulation phases, followed by rising hash rates, have often coincided with favorable investment opportunities. 

Bitcoin Hash Rate Hits All-Time High: A New Mining Cycle Begins 

Bitinfocharts data shows Bitcoin’s network hash rate reached a record 1.0322 zettahash (ZH/s) on July 15. This sharp recovery followed a significant drop to 658 EH/s on June 24. The decline was primarily due to extreme heat and power grid issues in the U.S., forcing some mining operations to pause, especially in heat-sensitive regions. 

Some experts speculated that Iran might have contributed to the previous hash rate plunge. Reports indicated that large-scale, state-backed Bitcoin mining operations in Iran caused widespread electricity disruptions. However, this connection remains weak. 

In conclusion, the surge in hash rate and the end of the Hash Ribbons signal indicate a major shift in the BTC mining cycle. Miners are now entering a stronger and more sustainable production phase, potentially setting the stage for a market recovery.

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According to on-chain data shared by Lookonchain, a company named SharpLink Gaming recently added 188,478 ETH (worth approximately $473.6 million) to its portfolio at an average price of $2,513. Shortly after this massive transaction, the firm acquired another 1,989 ETH via an over-the-counter (OTC) deal, valued at $4.82 million. 

Whales and institutions are still buying $ETH!

SharpLink Gaming, which previously announced a purchase of 188,478 $ETH($473.6M) at $2,513, bought another 1,989 $ETH($4.82M) via OTC 5 hours ago.

Meanwhile, whale 0x1fc7, who bought and staked 3,201 $ETH($8.1M) a week ago, bought… pic.twitter.com/nwzSsFyRfA

— Lookonchain (@lookonchain) June 28, 2025

Ethereum Whales Drive Market with Staking Activity 

Meanwhile, an Ethereum whale identified by the address “0x1fc7” continued its aggressive buying trend. The whale acquired 3,201 ETH last week and staked the entire amount. Now, the same wallet has staked an additional 1,888 ETH, worth around $4.56 million. 

At the time of writing, ETH was trading at $2,428. After moving within a tight range over the past four days, these high-volume purchases may indicate growing institutional demand and a potential bullish trend. According to Sentora (formerly IntoTheBlock), demand for DeFi and smart contract usage on the Ethereum network has surged significantly. As a result, Ethereum’s network fees increased by 130.4%. These fees represent the total amount users pay to perform transactions on the blockchain. 

Ethereum Staking Surpasses 35 Million ETH 

Additionally, Ethereum’s net flow to centralized exchanges turned negative, hitting -$293 million. This reflects ongoing buying pressure and cautious withdrawal strategies due to market volatility. 

Ethereum also passed a critical psychological milestone. Over 35 million ETH is now locked in staking contracts, representing 28.3% of the total supply. This equates to approximately $84 billion in value, marking the highest staking volume ever recorded. 

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According to Glassnode data, this rise shows LTHs losing confidence and liquidating their coins. Ethereum Liveliness is calculated as the ratio of coin days destroyed to coin days accumulated. When this ratio increases, distribution rises, and the accumulation phase ends. 

CMF Remains in Negative Territory 

The Chaikin Money Flow (CMF) indicator is currently at -0.08. A negative CMF signals reduced capital inflow to ETH and declining buying interest. This decline suggests most Ethereum investors prefer to stay on the sidelines due to market stagnation. Falling buying interest combined with selling pressure increases downward price pressure on ETH. 

New Lows Possible for Ethereum Price 

ETH is currently trading around $2,429. If LTH selling continues, the price could drop to $2,185 and then to $2,027. These levels are short-term support zones. According to FXStreet data, 72,000 ETH entered exchanges on June 20, indicating LTHs are preparing to sell and increasing market selling pressure. TradingView data shows Ethereum is the second most traded cryptocurrency with about 552K active addresses, reflecting direct trading activity only. 

Additionally, the daily (14-period) RSI for Ethereum was about 46.5 on June 21, 2025, a neutral zone around 50, indicating neither oversold (<30) nor overbought (>70) conditions. 

However, a potential demand rebound could reverse this downtrend. With renewed investor interest, ETH price could rise up to $2,745. For this scenario, market momentum must strengthen. 

NOT INVESTMENT ADVICE 

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