CoinVoice has recently learned that according to CoinDesk, the Bitcoin miner capitulation indicator is close to the market bottom level after the FTX collapse.
CryptoQuant data shows that daily miner revenue has fallen to $29 million from $79 million earlier this year, and hashrate has fallen 7.7% since the halving. Bitcoin is currently trading at $60,300, down 13% in the past 30 days.
CryptoQuant believes that the market could rebound towards $70,000 again as selling pressure intensifies. The significant decline in miners’ daily income and computing power shows that miners are facing severe challenges. [original link]