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

cointelegraph.com:

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.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 previous cycles,” Moreno summarized.Miner sales have been keenly tracked this month, with the @Bitcoin Twitter account even describing the situation as miners “being drained of their coins.”The #Bitcoin miners are being drained of their coins.

pic.twitter.com/O0i9Lx0wQF“For miners, it's time to decide to stay or leave,” CryptoQuant CEO, Ki Young Ju, added in a Twitter thread last week.The situation is tenuous, but the majority of miners remain active, as witnessed by network fundamentals dropping only slightly from all-time highs of over 30 trillion.When it comes to other large BTC holders, however, the picture appears less clear.Related: 'Foolish' to deny Bitcoin price can go under $10K — AnalysisAfter whales bought up liquidity near $19,000, CryptoQuant’s Ki this week heralded the arrival of “new” large-volume entities.Outflows from major United States exchange Coinbase, he noted, reached their highest since 2013.Time to welcome new #Bitcoin