Bitcoin (BTC<\/a>) miners may have already sparked a \u201ccapitulation event,\u201d fresh analysis has concluded.<\/p>\n In an update on June 24, Julio Moreno, senior analyst at on-chain data firm CryptoQuant, hinted<\/a> that the BTC price bottom could now be due.<\/p>\n Miners have seen a dramatic change in circumstances since March 2020, going from unprecedented profitability to seeing their margins squeezed.<\/p>\n The dip to $17,600<\/a> \u2014 70% below November\u2019s all-time highs for BTC\/USD \u2014 has hit some players hard, data now shows, with miner wallets sending large amounts of coins<\/a> to exchanges.<\/p>\n This, CryptoQuant suggests, precedes the final stages of the Bitcoin sell-off more broadly in line with historical precedent. <\/p>\n \u201cOur data demonstrate a miner capitulation event that has occurred, which has typically preceded market bottoms in previous cycles,\u201d Moreno summarized.<\/p>\n Miner sales have been keenly tracked this month<\/a>, with the Bitcoin Twitter account even describing the situation as miners \u201cbeing drained of their coins.\u201d<\/p>\n The #Bitcoin<\/a> miners are being drained of their coins. pic.twitter.com\/O0i9Lx0wQF<\/a><\/p>\n \u2014 Bitcoin (@Bitcoin) June 18, 2022<\/a><\/p><\/blockquote>\n \u201cFor miners, it’s time to decide to stay or leave,\u201d CryptoQuant CEO, Ki Young Ju, added<\/a> in a Twitter thread last week.<\/p>\n The situation is tenuous, but the majority of miners<\/a> remain active, as witnessed by network fundamentals dropping<\/a> only slightly from all-time highs of over 30 trillion.<\/p>\n When it comes to other large BTC holders, however, the picture appears less clear.<\/p>\n Related:\u00a0‘Foolish’ to deny Bitcoin price can go under $10K \u2014 Analysis<\/a><\/em><\/strong><\/p>\n After whales bought up liquidity<\/a> near $19,000, CryptoQuant\u2019s Ki this week heralded the arrival of \u201cnew\u201d large-volume entities.<\/p>\n Outflows from major United States exchange Coinbase, he noted, reached their highest since 2013.<\/p>\n Time to welcome new #Bitcoin<\/a> whales.<\/p>\n Average $BTC<\/a> outflows from @Coinbase<\/a> hit a 9-year high. Average inflows are high as well. <\/p>\n There are lots of exchange in\/outflows from whales lately, but actually, nothing changed on BTC reserve across all exchanges.https:\/\/t.co\/Ptw2mg9YuR<\/a> pic.twitter.com\/s697lSvw27<\/a><\/p>\n \u2014 Ki Young Ju (@ki_young_ju) June 23, 2022<\/a><\/p><\/blockquote>\n Trader and analyst Rekt Capital, nonetheless, reiterated doubts about the strength of overall buyer volume, arguing that sellers were conversely still directing market movements.<\/p>\n Bitcoin\u2019s 200-week moving average (MA), a key support level<\/a> during previous bear markets, has yet to see significant interest from buyers despite the spot price being around $2,000 below it.<\/p>\n \u201cCurrent BTC buy-side volume following the extreme sell volume spike is still lower than the 2018 Bear Market buyer follow-through volume levels at the 200-week MA. Let alone March 2020 buy-side follow-through,\u201d he told<\/a> Twitter followers. <\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\nBTC price bottom \u201ctypically\u201d follows miner capitulation<\/h2>\n
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Mixed signals over buyer interest<\/h2>\n
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