CryptoQuant has warned that Bitcoin miners may be in danger of capitulation if significant recovery does not occur during the summer months. Despite the current price of Bitcoin dropping below $58,000 and leading to selling from weaker investors, there has not yet been a major capitulation among Bitcoin miners. Julio Moreno, head of research at CryptoQuant, mentioned in an interview that the network's hashrate remains slightly higher than pre-halving levels, allowing miners to make profits with efficient equipment. However, some retail miners using older ASIC models might be experiencing negative profits due to higher electricity costs. Moreno stated that the occurrence of a capitulation event will depend on how network hashrate and prices evolve in the upcoming weeks.

Regarding concerns about potential price volatility during the summer trading slowdown, Moreno highlighted that miners generally respond to price movements instead of the other way around. He suggested that Bitcoin might see increased selling pressure in the future if prices do not recover significantly during the summer months. Despite decreased revenue levels after the halving, miners have not been selling their crypto holdings at current prices. According to CryptoQuant CEO Ki Young Ju, miners are faced with the choice of capitulating or awaiting a rise in Bitcoin's price, which is currently below the $58,000 mark.