Bitcoin has faced significant declines recently, with a 4% drop in the last 24 hours bringing its value down to $58,350. Investors eagerly awaited a potential rise in Bitcoin's value, while CryptoQuant revealed signals of bottoming for the cryptocurrency. According to CryptoQuant's analysis, the capitulation of miners historically indicates a price bottom for Bitcoin. Data suggests that Bitcoin miners, in a sign of surrender, have started selling off their BTC holdings. Miner capitulation signs include decreasing hashrate and mining revenue per hash, both of which have shown a substantial decline in recent months. The decline in revenue has prompted miners to shut down equipment, leading to a drop in hash rate.

Miner capitulation metrics are nearing levels observed after the FTX crash in late 2022. The hashrate has dropped by 7.7% post-halving, and the hash price is at its lowest. Daily revenue for miners has plummeted from $79 million to $29 million, prompting more miners to disconnect their outdated machines as newer, more efficient alternatives become dominant.

Historically, miner capitulation signals have often marked a price bottom for Bitcoin. Notably, during the FTX collapse in November 2022, miner surrender signaled the price bottom at $15,000 before a subsequent price recovery.