CryptoQuant: Bitcoin miners' "surrender" could be a bottom signal

BlockBeats reports that since the most recent Bitcoin halving event on April 19, where the reward for mining a new Bitcoin block was halved, signs of miner capitulation have begun to appear in this largest global cryptocurrency. This is because miners may shut down underperforming equipment and start selling Bitcoins to hedge against risks.

According to CryptoQuant, there are multiple indications that miners are capitulating, which historically often means price bottoms out. The data provider pointed out that for most of the time since April, miners' earnings have been "extremely low".

CryptoQuant's report shows that total daily income for miners has dropped from $79 million on March 6th to currently $29 million. Despite initial excitement over Ordinals and the new Runes protocol bringing tens of millions of dollars in fees to the network, CryptoQuant noted that transaction fee income has fallen to just 3.2% of total daily revenue - its lowest share since April 8th.