📢Blockchain News Express! CryptoQuant reports that the BTC miner capitulation indicator is close to the market bottom level after the FTX crash in 2022, which may indicate that the BTC market has bottomed. 📉In the past month, the price of BTC has fallen from $68,791 to $59,603, during which multiple signs of capitulation have emerged. Among them, BTC hash rate fell by 7.7% to a four-month low of 576 EH/s, miner income fell sharply, daily income decreased by 63%, and the proportion of transaction fee income fell to 3.2%, the lowest since April 8. 😓

Miners were forced to use reserves to obtain income, and the average daily miner outflow reached the highest level since May 21, indicating that they may be selling BTC reserves. At the same time, the selling of miners, whales and governments of multiple countries has caused the price of BTC to fall back, falling to a four-month low of $53,499 on July 5. The BTC hash price (miner profitability per unit of computing power) is currently $0.049 per EH/s, close to the all-time low of $0.045 on May 1. 📉

However, CryptoQuant analysts pointed out that this is similar to the situation when the BTC price bottomed out at $15,500 at the end of 2022, when BTC rose by more than 300% in the next 15 months. 🚀This may indicate that the BTC market is about to bottom out and there may be a possibility of a significant increase in the future. We will continue to pay attention to this! 🔍