{"id":467091,"date":"2022-06-24T13:23:04","date_gmt":"2022-06-24T10:23:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-miner-capitulation-event-may-have-already-happened-research\/"},"modified":"2022-06-24T13:23:04","modified_gmt":"2022-06-24T10:23:04","slug":"bitcoin-miner-capitulation-event-may-have-already-happened-research","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-capitulation-event-may-have-already-happened-research\/","title":{"rendered":"# Bitcoin miner \u2018capitulation event\u2019 may have already happened \u2014 Research"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2879cd21125\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2879cd21125\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-capitulation-event-may-have-already-happened-research\/#%E2%80%9D_Bitcoin_miner_%E2%80%98capitulation_event_may_have_already_happened_%E2%80%94_Research_%E2%80%9C\" >&#8221; Bitcoin miner \u2018capitulation event\u2019 may have already happened \u2014 Research &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-capitulation-event-may-have-already-happened-research\/#BTC_price_bottom_%E2%80%9Ctypically%E2%80%9D_follows_miner_capitulation\" >BTC price bottom \u201ctypically\u201d follows miner capitulation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miner-capitulation-event-may-have-already-happened-research\/#Mixed_signals_over_buyer_interest\" >Mixed signals over buyer interest<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_miner_%E2%80%98capitulation_event_may_have_already_happened_%E2%80%94_Research_%E2%80%9C\"><\/span>&#8221; Bitcoin miner \u2018capitulation event\u2019 may have already happened \u2014 Research &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) miners may have already sparked a \u201ccapitulation event,\u201d fresh analysis has concluded.<\/p>\n<p>In an update on June 24, Julio Moreno, senior analyst at on-chain data firm CryptoQuant, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/cryptoquant\/signs-of-bitcoin-miner-capitulation-at-the-bottom-f1c5a7dc4528\">hinted<\/a> that the BTC price bottom could now be due.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_bottom_%E2%80%9Ctypically%E2%80%9D_follows_miner_capitulation\"><\/span>BTC price bottom \u201ctypically\u201d follows miner capitulation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Miners have seen a dramatic change in circumstances since March 2020, going from unprecedented profitability to seeing their margins squeezed.<\/p>\n<p>The dip to $17,600 \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 to exchanges.<\/p>\n<p>This, CryptoQuant suggests, precedes the final stages of the Bitcoin sell-off more broadly in line with historical precedent. <\/p>\n<p>\u201cOur data demonstrate a miner capitulation event that has occurred, which has typically preceded market bottoms in previous cycles,\u201d Moreno summarized.<\/p>\n<p>Miner sales have been keenly tracked this month, with the Bitcoin <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> account even describing the situation as miners \u201cbeing drained of their coins.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> miners are being drained of their coins. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/O0i9Lx0wQF\">pic.twitter.com\/O0i9Lx0wQF<\/a><\/p>\n<p>\u2014 Bitcoin (@Bitcoin) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Bitcoin\/status\/1538193867438051328?ref_src=twsrc%5Etfw\">June 18, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cFor miners, it&#8217;s time to decide to stay or leave,\u201d CryptoQuant CEO, Ki Young Ju, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1537664141363712007\">added<\/a> in a Twitter thread last week.<\/p>\n<p>The situation is tenuous, but the majority of miners remain active, as witnessed by network fundamentals <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">dropping<\/a> only slightly from all-time highs of over 30 trillion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/a85eae35-f5b3-4024-91dd-37540d6ca1ad.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin network fundamentals overview (screenshot). Source: BTC.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Mixed_signals_over_buyer_interest\"><\/span>Mixed signals over buyer interest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When it comes to other large BTC holders, however, the picture <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears less clear.<\/p>\n<p><strong><em>Related:\u00a0&#8216;Foolish&#8217; to deny Bitcoin price can go under $10K \u2014 Analysis<\/em><\/strong><\/p>\n<p>After whales bought up liquidity near $19,000, CryptoQuant\u2019s Ki this week heralded the arrival of \u201cnew\u201d large-volume entities.<\/p>\n<p>Outflows from major United States exchange Coinbase, he noted, reached their highest since 2013.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Time to welcome new <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> whales.<\/p>\n<p>Average <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> outflows from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@Coinbase<\/a> hit a 9-year high. Average inflows are high as well. <\/p>\n<p>There are lots of exchange in\/outflows from whales lately, but actually, nothing changed on BTC reserve across all exchanges.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Ptw2mg9YuR\">https:\/\/t.co\/Ptw2mg9YuR<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/s697lSvw27\">pic.twitter.com\/s697lSvw27<\/a><\/p>\n<p>\u2014 Ki Young Ju (@ki_young_ju) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1540043301897789443?ref_src=twsrc%5Etfw\">June 23, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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<p>Bitcoin\u2019s 200-week moving average (MA), a key support level during previous bear markets, has yet to see significant interest from buyers despite the spot price being around $2,000 below it.<\/p>\n<p>\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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1540265190624821250\">told<\/a> Twitter followers. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/12755a1e-4417-4710-80d6-0a5bbe7a5fb8.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">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<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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In an update on June 24, Julio Moreno, senior analyst at on-chain data firm CryptoQuant, hinted that the BTC price bottom could now be due. BTC price bottom \u201ctypically\u201d&#8230;<\/p>\n","protected":false},"author":1,"featured_media":467092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYTEwNDNhZWQtMDZhNS00NzhkLTliZTgtN2Y1MmE5NzE4NGY2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,73785],"class_list":["post-467091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/467091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=467091"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/467091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/467092"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=467091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=467091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=467091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}