Bitcoin (BTC) miners are showing no signs of “capitulating” even though their revenues have fallen to a 14-month low following April’s halving event.
On April 30th post In response to He said he was faced with two choices: wait or wait.
“Now they have two options: 1. capitulate or 2. wait for BTC price to rise.”
Citing the 365-day Puel Multiple Chart, an indicator that estimates the level of selling pressure from miners, Ju said miners have shown no signs of capitulating “so far.”
Ju’s analysis comes amid growing concerns about miner capitulation due to the recent drop in crypto prices.
Bitcoin miners’ profits rose immediately after the halving, with rare Satoshi hunters and rune protocol degens paying through their noses for space in the first block mined after the April 20 halving. It increased rapidly.
However, demand for these new Bitcoin-based assets has declined in recent weeks, weighed down by slower price movements across the crypto market.
“Miners were given a brief reprieve after the halving as the price of Bitcoin rose, but their profits are now severely affected after the halving as spot BTC prices are moving against them. I’m under pressure.” Said market research provider The Bitcoin Layer said in an April 30 post about X.
“The risk of capitulation for miners is increasing, putting pressure on profits. If the price of Bitcoin continues to correct downward over the next few days, extending into weeks, large miners will have to lock in large amounts of bits as a hedge. You are exposed to the risk of having to part with your coins,” the company added.
Related: Bitcoin’s “euphoric phase” cools down, but BTC’s bottom may be near — Glassnode
Notably, according to the Hash Rate Index, Bitcoin’s hash price (the expected value of hash power of 1 terahash per day) has fallen to an all-time low of $46.55, a 74% drop from its post-halving peak. It’s about being there. data.
According to TradingView data, the price of Bitcoin is currently trading at $60,400, down 18% from its all-time high of $73,700 on March 14th.
Similarly, the second largest cryptocurrency, Ether (ETH), is down 26% from its year-to-date high of $4,070 on March 12th.
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