Bitcoin miners are showing signs of capitulation, and the market bottom may be coming

The capitulation indicator of Bitcoin miners is close to the level of the market bottom after the FTX crash in 2022.

After the Bitcoin halving, daily miner revenue fell from $79 million to $29 million. The hash rate has fallen 7.7% since the halving as inefficient miners shut down equipment.

Bitcoin miners are showing signs of capitulation, which is usually associated with the 13% drop in the world's largest cryptocurrency over the past 30 days. According to data provider CryptoQuant, signs of miner capitulation are increasing, which means Bitcoin may rebound again.