The capitulation of miners has reached the same depth as during the FTX scam in November 2022

The capitulation of miners has reached the same depth as during the FTX scam in November 2022. This is evidenced by#CryptoQuantdata.

Trader and cryptanalyst Ali Martinez (66.2 thousand subscribers in X) notes, citing data from the same CryptoQuant, that over the past 72 hours, BTC miners have sold more than 2,300#BTCfor about $145 million.

Let us recall that the Hash Ribbons indicator recorded the end of the capitulation of miners on the daily timeframe on June 18 (green dot), but, as you can see, this has not yet led to the completion of sales.

Now it is important to wait for the confirmation signal to buy, BUY. On the daily TF there were long squeezes after it. But after them (and sometimes without them), the BTC rate has historically shown stable growth.

Plus, if you open older TFs, the situation there is slightly different:

- On the weekly timeframe there was no signal for the completion of capitulation yet. The signal to begin capitulation appeared on May 6-13.

- At the monthly TF there was no signal for the completion of capitulation either. The signal for the start of capitulation appeared in April-May.

On the daily timeframe, the surrender signal was given on May 15th. That is, there are no discrepancies regarding the TF. But, of course, a more reliable signal to buy BTC in the medium and long term would be signals of completion of capitulation and BUY signals on the weekly and monthly timeframe. We've posted alerts, we'll let you know when it appears.