🚀🚀 Bitcoin enthusiasts, buckle up! We're seeing some interesting signs of miner capitulation in the Bitcoin network. This is when miners stop operations or sell part of their Bitcoin reserves. Historically, this has been linked to a bottoming of Bitcoin prices, followed by a much-needed uptrend. 📈📈

Post the recent halving, the network hash rate has seen a 7.7% dip from its peak on April 27. This suggests that less efficient miners might have shut down their equipment due to negative profitability. 😔😔

CryptoQuant's data reveals that miners have been significantly underpaid since April 20, the day after the 2024 Bitcoin halving. Daily revenues have taken a 63% hit, from $79 million on March 6th to $29 million currently. Transaction fees make up just 3.2% of the total revenue, the lowest share since April 8. 😱😱

Interestingly, miners have been transferring Bitcoin out of their wallets at increased rates, indicating possible selling. This phase of miner capitulation mirrors the 7.7% hash rate drawdown observed in December 2022, a period that marked the bottom cycle following the FTX collapse. Historically, such significant declines have been linked to price-bottom conditions. 📉📉

But hey, isn't it always darkest before the dawn? Bitcoin is currently trading at a significant discount on Coinbase, a sign that might indicate that the asset is setting the stage for the next upward movement. The last time the Coinbase premium was this negative, it was followed by a massive rally. So, could this current discount be a precursor to a much-needed rally? Only time will tell! 🌞🌞