🪐 Miner Reset Signals Cycle Reset The 30‑day hash ribbon just crossed above the 60‑day line, marking the tail‑end of miner capitulation, while the Puell Multiple sits deep in undervalued territory, indicating historically low miner revenue. ⚡ The confluence of these on‑chain metrics is more a structural reset than a short‑term flare‑up; weaker miners are being pruned, leaving a tighter supply curve that could support a gradual price climb. Yet liquidity remains thin and new demand is not yet evident, so the system still needs a catalyst to shift from quiet accumulation to a broader expansion. 🗝️ The decisive factor will be whether fresh capital flows can convert this nascent balance into sustained upward pressure. ⚠️ Personal analysis only. Not financial advice. DYOR. #BTC #OnChain #CryptoCycles