Bitcoin miner capitulation metrics are approaching levels seen after the FTX crash at the end of 2022. Miners' daily income fell from $79 million to $29 million following Bitcoin's halving this year. Hashrate has fallen 7.7% since the cut as inefficient miners shut down their equipment.

Bitcoin is trading at $60,300 after falling 3% on Wednesday. This level has served as critical support since April, since then Bitcoin has bounced from this zone three times, returning to the $70,000 mark.

Data provider CryptoQuant believes this is likely to happen again in the near future, with many signs pointing to capitulation after a period of intense selling pressure.

Miner capitulation levels are now comparable to those seen in December 2022, which was the market bottom after the FTX collapse.