There has been increased speculation over a Bitcoin miner capitulation as hash rate increases slow down, operational costs increase, and the asset price continues to fall.
Analyst James Check assessed miner-side sell pressure to determine the severity of the miner selloff in a video on June 21.
Miners selling after a halving event and the slashing of their block subsidy is quite normal, he said.
I’ve seen a few folks speculating as to whether #Bitcoin miners are capitulating and ssuppressing the price.
So I ran the numbers, and analysed both current, and ancient miner sell side pressure.
Now live for @_checkonchain subscribers.https://t.co/BqEd6tkokG
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) June 21, 2024
Bitcoin Miners Selling
Check analyzed the Puell multiple, which is