CryptoQuant, a market intelligence firm, has observed indicators that Bitcoin miner capitulation metrics are nearing levels similar to those seen after the FTX crash in late 2022, suggesting a potential bottom for Bitcoin prices. Miner capitulation occurs when miners scale back operations or sell part of their mined Bitcoin and reserves either to sustain themselves or to “earn yield or hedge their Bitcoin exposure.” In recent times, as Bitcoin’s price declined by 13% from $68,791 to $59,603 over the last month, signs of capitulation have become more evident. One significant indicator of this trend is the decrease in Bitcoin’s hashrate,
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