Bitcoin miner 'capitulation event' may have already happened — research

Bitcoin miner 'capitulation event' may have already happened — research


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 the BTC price bottom could now be due.

BTC price bottom “typically” follows miner capitulation

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Miners 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% below November’s all-time highs for BTC/USD, has hit some players hard, data now shows, with miner wallets sending large amounts of coins to exchanges.

This, CryptoQuant suggests, precedes the final stages of the Bitcoin sell-off more broadly in line with historical precedent.

“Our data demonstrate a miner capitulation event that has occurred, which has typically preceded market bottoms in

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