Assessing whether the bitcoin miners are close to capitulation or not

• Bitcoin dropped by 11.28% from ATH, reducing the profitability of miners
• Miners could capitulate because the sustainability of profits/losses enters the extremely under -paid zone

Ever since he hit a new maximum of $ 109,000 almost 3 weeks ago, Bitcoin (BTC) has fallen on the rankings by about 11.28%.

This decline not only influenced the short -term owners in terms of profitability, but also the miners. In fact, the latest fall on the BTC ladder price left miners struggling to be up to date with the market.

Cryptoquant Frost analyst, for example, noticed that the miners were currently extremely underdeveloped, risking a mineral capitulation.

Profit/loss of the Bitcoin miner enters the extremely upholstered zone

According to CryptocratquentBitcoin miner’s profit loss has entered into an extremely under -paid zone.

This, after the halves of April 2024, resulted in an increase in the difficulty in mining. Although it became harder to minimize, the hash -a Bitcoin continued to grow – a sign of increasing competition among miners.

Since Bitcoin continues to decline since he hit Ath, the back of the miner decreased. On the contrary, the realized cost of mining was relatively high, compared to the last difficulties.

This market situation suggests that the miners could soon begin to capitulate. Historically, when profitability of the profit/loss of miners becomes negative, it is often followed by a medium -sized positive price. Simply put, the miners responded by selling bitcoin to cover the costs.

Because miners are actively selling, the flowers of miners to exchange have also hit record levels, indicating that the miners are being strongly sold at the moment.

We can also see this as the overall Netflow miners became positive after being negative 5 consecutive days. This seemed to imply that more miners were sending their BTC tokens to exchanges for sale.

The miners who are facing operational disabilities have answered by sale. Some might even be forced to capitulate temporarily.

In the previous cycles, this situation has created accumulation zones for other market participants to re -enter the market.

Is the capitulation of a miner in front of the BTC?

So, with a decrease in the profitability of the miners, it is crucial to determine whether or not capitulation is in front of the miners.

Look at Puell multiple, for example – this metric remained above 1 of January 13, fell below 1 only twice 2025, during the first weeks of the year. This means that, although Puell MultiFrous fluctuated, the revenue of the miner remains moderately healthy.

Therefore, as long as this remains above 1, the miners have less likelihood that they will capitulate. So the fall could only be a healthy correction instead of weakness. This could mean the accumulation of strong miners and investors.

What is next now?

According to Ambcrypto -Analysis, so that the Bitcoin Rudarin to avoid capitulation, BTC’s price must recover to increase the profit/loss of miners.

If the price still drops, just as it had last week, the mineral capitulation could be next. Therefore, BTC must recover and hold above $ 100,000 to achieve the objectives of the sustainability of the miner.