This metric can be used to spot relative bottom points in the market price of Bitcoin and signal potential accumulation opportunities.
The Bitcoin hashrate drawdown, a metric that measures dips in the relative computing power of the Bitcoin network, has dropped to levels not seen since December 2022, directly following the collapse of FTX during the depths of the previous bear market.
According to data from CryptoQuant, the true Bitcoin hashrate drawdown metric now stands at -7.6%, indicating a potential price bottom for the decentralized asset.
The case for a market bottom is supported by other metrics, such as the Bitcoin Exchange Reserve, the Miners Position Index (MPI) and the Bitcoin Miner Reserve, each suggesting low selling pressure.
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Source: https://cointelegraph.com/news/bitcoin-hashrate-drawdown-december-2022-levels