ChainCatcher news, according to CoinDesk, the Bitcoin miner capitulation indicator is close to the market bottom level after the FTX collapse.
CryptoQuant data shows that daily miner revenue fell to $29 million from $79 million earlier this year, and hashrate has dropped 7.7% since the halving. Bitcoin is currently trading at $60,300, down 13% in the past 30 days.
CryptoQuant believes that the market could rebound towards $70,000 again as selling pressure intensifies. The significant decline in miners’ daily income and computing power shows that miners are facing severe challenges.