CryptoQuant analysts say Bitcoin miners are showing signs of “capitulation” as profit margins tighten in the post-halving climate and BTC price falls close to $50,000.
According to market intelligence firm CryptoQuant, Bitcoin miner capitulation metrics are approaching the same level as the market bottom following the FTX crash in late 2022, signaling a possible bottom for BTC.
Miner capitulation is a process in which some miners reduce their operations or sell a portion of their mined Bitcoin and reserves to stay afloat or” earn yield or hedge their Bitcoin exposure.”
CryptoQuant analysts highlighted multiple signs of capitulation that emerged over the last month, during which time Bitcoin’s price dropped 13% from $68,791 to $59,603.
