๐ Is Bitcoin Miner Capitulation Underway Below $60K? ๐ง๐ผ
๐ ๏ธ The Bitcoin network is buzzing with signals of miner capitulationโwhere miners halt operations or sell off Bitcoin reserves. This phase historically precedes price rebounds, marking a pivotal moment for savvy traders.
๐ **Signs of Capitulation:** Since the recent halving, the network hash rate has dipped by 7.7%, hinting at less efficient miners shutting down due to profitability concerns. CryptoQuant's indicators reveal sustained miner underpayment post-halving, exacerbating the situation.
๐ฐ **Financial Impact:** Daily revenues plummeted by 63%, now at $29 million, with transaction fees comprising just 3.2%โa significant decline. Average mining revenue per hash is scraping near all-time lows at $0.049 per EH/s, adding pressure.
๐ **Market Dynamics:** Increased Bitcoin outflows from miner wallets, highest since May 21, suggest potential selling pressure as miners adjust to current conditions.
๐ **What's Next?** As Bitcoin navigates these waters, watch for potential market shifts amid miner actions. Stay informed and seize opportunities wisely!