The Bitcoin network is showing signs of miner capitulation. This marks a phase where miners either cease operations or sell some of their Bitcoin reserves. 📉

According to CryptoQuant's latest report, the network hash rate has fallen 7.7% since the peak on April 27. This decline indicates that miners with lower productivity are shutting down their equipment due to negative profitability.

Daily revenues are down 63% from $79 million on March 6 to the current $29 million. Transaction fees account for just 3.2% of total revenue, the lowest share since April 8.

Miners are transferring Bitcoin from their wallets at increasing rates, indicating a possible sell-off.

Bitcoin is currently trading at a significant discount on Coinbase, which could indicate that the asset is setting the stage for the next upward move. 🚀

As a result, the current discount could herald a much-needed rally.