Bitcoin miners are showing signs of capitulation, an event that is typically tied to a market bottom following a 13% decline over the past 30-days.

According to Glassnode data, miner capitulation began in early February. Bitcoin is down over 4% month-to-date. Historically, when this metric signals capitulation, it has marked local price bottoms.

Bitcoin miner capitulation signals from the hash ribbon indicator make observers bullish on a local BTC price bottom. New Bitcoin miner ‘capitulation’ hints at sub-$100K BTC price bottom Ecosystem ...

Bitcoin miner capitulation metrics are approaching the same level as the market bottom following the FTX crash in late 2022. Daily miner revenue has dropped to $29 million from $79 million following ...