Bitcoin

April

Bitcoin miners show no signs of “capitulation” despite their revenue falling to 14-month lows following the halving event in April.&nbsp;
In an April 30 <a href="https://twitter.com/ki_young_ju/status/1785171733454143633?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" target="_blank" rel="noopener nofollow">post</a> to X, CryptoQuant CEO Ki Young Ju said that following a drop in revenue to levels post having, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;miners now face two options, capitulation or await growth in the price of Bitcoin to cover their costs. 
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 “Now they have two options: 1. Capitulation, or 2. Waiting for a rise in BTC price.”
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Citing the 365-day Puell Multiple chart — a metric that estimates the level of sell pressure from miners — Ju said miners show no signs of capitulation “for now.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/e611beb7-3c96-4489-bd56-846460132134.png" alt="" title="">
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 Bitcoin miner revenue has fallen to lows not seen since Feb. 25, 2023. Source: CrytpoQuant
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Ju’s analysis comes as a recent crypto price dip has sparked concerns about miner capitulation.
Bitcoin miner revenue soared immediately following the halving with rare satoshi hunters and Runes Protocol degens <a href="https://cointelegraph.com/news/miners-reap-bitcoin-runes-fees">paying through the nose</a> for space on the first blocks mined after the halving on April 20. 
However, the appetite for these novel Bitcoin-based assets has declined in recent weeks — weighed down by a wider lull in price action across the crypto market. 
“Miners had a brief reprieve following the halving as bitcoin’s price rose, but their profits are now being seriously crunched post-halving now that the spot BTC price is moving against them,” <a href="https://twitter.com/TheBitcoinLayer/status/1785472860632621237" target="_blank" rel="noopener nofollow">said</a> market research provider The Bitcoin Layer in an April 30 post on X.&nbsp;
“Miner capitulation risk is on the rise, with profits as squeezed as they are. If bitcoin’s price continues correcting downward over the next few days and it stretches into a weeks-long spell, big miners are at risk of having to liquidate a bunch of bitcoin on order to hedge themselves,” the firm added.
Related: <a href="https://cointelegraph.com/news/bitcoin-s-euphoria-phase-cools-but-a-btc-bottom-could-be-near-glassnode">Bitcoin’s ‘euphoria phase’ cools, but a BTC bottom could be near — Glassnode</a>
Notably, Bitcoin’s hash price — the expected value of one terahash of hashing power per day — has fallen to an all-time low of $46.55, down 74% from its post-halving peak, <a href="https://twitter.com/hashrateindex/status/1785423021760549018?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" target="_blank" rel="noopener nofollow">according</a> to Hashrate Index data.
The price of Bitcoin is currently sitting at $60,400, down 18% from its March 14 all-time high of $73,700 per TradingView data. 
Similarly, the second largest cryptocurrency, Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>), is also down 26% from its yearly high of $4,070 on March 12.
Magazine: <a href="https://cointelegraph.com/magazine/runes-supporters-unlock-bitcoins-potential/">68% of Runes are in the red — Are they really an upgrade for Bitcoin?</a>

‘No signs’ of Bitcoin miner capitulation despite plummeting revenue

Cointelegraph

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