Market Cap
24h Vol
6566
Cryptocurrencies
51.43%
Bitcoin Share

Bitcoin Miner Capitulation Nears Levels Seen After FTX Crash, Suggesting Potential Market Bottom

Bitcoin Miner Capitulation Nears Levels Seen After FTX Crash, Suggesting Potential Market Bottom


CryptoIntelligence
2024-07-06 23:46:51

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,


Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.