Bitcoin network is witnessing signs of miner capitulation, marked by miners halting operations or selling Bitcoin reserves. Historically, this process has been associated with a bottoming of Bitcoin prices, followed by an expected uptrend. Post the recent halving, the network hash rate has dipped 7.7% from its peak on April 27, indicating that less efficient miners may have shut down their equipment due to negative profitability.

Miners' daily revenues have plunged by 63% from $79 million on March 6th to $29 million currently. The average mining revenue per hash (hash price) is also near all-time lows at $0.049 per EH/s. Miners have been transferring Bitcoin out of their wallets at increased rates, indicating possible selling.

However, Bitcoin is currently trading at a significant discount on Coinbase, potentially setting the stage for the next upward movement. The last time the Coinbase premium was this negative, it was followed by a massive rally. Therefore, the current discount could be a precursor to a much-needed rally.