It appears to be a ground connection to the keel bolt. You should check that it is still a good electrical connection. You might want to remake the connection with a good crimp to a new ring terminal, then seal the joint with liquid tape to keep water and moisture out of the crimp joint.
I still have my 84' Hunter 22 that is exactly what it is. A ground connection to a keel bolt, I think the wire runs up and connects to the deck plate for the mast.
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