Bitcoin miner ‘capitulation event’ may have already happened — Research
Investigative work argues that on-chain metrics are proving miners have capitulated, while whales appear to be lone Bitcoin dip-buyers. Bitcoin (BTC) miners may have already sparked a “capitulation event,” fresh analysis has concluded.In an update on June 24, Julio Moreno, senior analyst at on-chain data firm CryptoQuant, hinted that the BTC price bottom could now be due.BTC price bottom “typically” follows miner capitulationMiners have seen a dramatic change in circumstances since March 2020, going from unprecedented profitability to seeing their margins squeezed.The dip to $17,600 — 70%....
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An excerpt from Bitcoin Magazine's Deep Dive: How Bitcoin miner capitulation is driving the bitcoin price down.
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Analyzing the changes in average hash rate to measure miner capitulation in the bitcoin market can be a market indicator for miner capitulation.