CryptoQuant: Bitcoin miner capitulation indicator is close to the market bottom level after FTX crash

The Bitcoin miner capitulation indicator is close to the market bottom levels seen following the FTX crash. CryptoQuant data shows that daily miner revenue fell to $29 million from $79 million earlier this year, and hashrate has dropped 7.7% since the halving. Bitcoin is currently trading at $60,300, down 13% in the past 30 days. CryptoQuant believes that the market could rebound towards $70,000 again as selling pressure intensifies. The significant decline in miners’ daily income and computing power shows that miners are facing severe challenges. (Coindesk)