Bitcoin Miners Capitulation Still Underway, Warns CryptoQuant CEO
CryptoNewsTerminal Staff09 Jul, 2024
Bitcoin Miners Capitulation Still Underway, Warns CryptoQuant CEO
CryptoQuant CEO Ki Young Ju believes that Bitcoin miner capitulation is still ongoing. He pointed out that historically, miner capitulation ends when daily miner flows reach 40% of their yearly average, but it's currently at 72%. This indicates that miners are still selling their holdings. Ju also predicts that the crypto market will remain stagnant for the next few months. He said, "The environment will probably stay boring for the next two or three months in the crypto market." These statements suggest that the Bitcoin market is still in a bearish phase and a recovery may not be imminent.