According to CryptoQuant, Bitcoin miner capitulation metrics are approaching levels seen after the FTX crash in late 2022, which could signal a “bottom” for BTC. 📉

- Over the past month, as the price of Bitcoin fell 13% from $68,791 to $59,603, there were multiple signs of capitulation.

- One of them is a significant decrease in the Bitcoin hashrate (the total computing power that ensures the security of the Bitcoin network), which fell by 7.7% to a four-month low of 576 EH/s.

- This decline is similar to the hash rate drop at the end of 2022, when the Bitcoin price bottomed out at $15,500 before rising more than 300% over the next 15 months.

- Due to declining income, Bitcoin miners are forced to use their reserves to generate income. CryptoQuant noted that miners' daily outflows reached their highest volume since May 21, which could indicate that they are selling their BTC reserves.