We are currently 33 days into a #bitcoin Bitcoin mining capitulation, with an average duration of 41 days over the last five years.

Miner addresses collectively hold a substantial treasury of 700,000 BTC, but their balance has decreased by 30,000 BTC since October.

This period marks the longest distribution phase for miners since 2017, adding to the headwinds.

Despite this, the hash rate has only declined 12% from its peak as unprofitable miners continue to sell Bitcoin to sustain operations.