Miner ‘capitulation’ in the Bitcoin network nears FTX implosion levels, CryptoQuant

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Miner ‘capitulation’ in the Bitcoin network nears FTX implosion levels, CryptoQuant

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CryptoQuant suggests the capitulation signs began shortly after Bitcoin’s periodic halving event. The data revealed that Bitcoin miners have been significantly “underpaid” since April 19th. CryptoQuant data revealed that the daily miner outflows declined to $29 million from a high of $79 million recorded on the 6th of March.

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07

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04

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2024

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Crypto market news

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https://www.cryptopolitan.com/bitcoin-miner-capitulation-cryptoquant/

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BTC plunges below $58,000 as whales and governments sell off

Crypto

CryptoQuant data revealed that the daily miner outflows declined to $29 million from a high of $79 million recorded on the 6th of March

Crypto

Bitcoin’s latest halving event, on April 19th, reduced miner compensation for mining new blocks by half. Since then, the Bitcoin network has shown signs of miner capitulation, according to CryptoQuant. Miners began to turn off inefficient mining equipment and sell their BTC.

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