Yesterday, the Bitcoin miner capitulation indicator was close to the bottom level after the FTX crash, which may indicate that the market has bottomed.
On July 6, CryptoQuant released a report stating that the Bitcoin miner capitulation indicator is close to the market bottom level after the FTX crash in 2022, which may mean that the BTC market has bottomed. Miner capitulation refers to some miners reducing operations or selling the BTC they mined to make ends meet or hedge risks.
The price of Bitcoin dropped from $68,791 to $59,603 over the past month, amid multiple signs of capitulation. One sign of this is the significant decline in Bitcoin’s hash rate, which fell by 7.7% to a four-month low of 576 EH/s.
CryptoQuant analysts pointed out that this is similar to the situation when BTC price bottomed at $15,500 in late 2022, when BTC rose by more than 300% in the next 15 months.
In addition, since the halving, the income of miners has dropped significantly, with daily income reduced by 63%, from US$79 million on March 6 to the current US$29 million, and the proportion of transaction fee income dropped to 3.2%, which was on April 8. the lowest level since Japan.
Miners were forced to dip into their reserves to generate revenue, with average daily miner outflows reaching their highest level since May 21, suggesting they may be selling their Bitcoin reserves.
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