Reported 12 months ago
Bitcoin miners are showing signs of capitulation, indicating a potential market bottom as metrics approach levels seen after the FTX crash in late 2022. Miner daily revenue has dropped significantly since the bitcoin halving, leading to a 7.7% decline in hashrate as inefficient miners shut down operations. The current price of bitcoin is $60,300, with strong support at this level since April. Data from CryptoQuant suggests that miner capitulation is imminent due to mounting sell pressure, dwindling revenue, and falling hashrate, resembling conditions seen before the December 2022 market bottom.
Source: YAHOO