Last week, Bitcoin witnessed a significant miner capitulation as outflows reached 19,000 $BTC on August 5, marking the highest level since March. This mass selling likely occurred as miners faced shrinking profit margins, which dropped to 25%, the lowest since January. With their margins under pressure, many miners were forced to liquidate their holdings. We may have seen a miner capitulation last week as Bitcoin outflows hit 19K $BTC on Aug 5, the highest since March. Miners likely sold as their profit margins were squeezed to 25%, the lowest since January. pic.twitter.com/28j49kA7Te — CryptoQuant.com (@cryptoquant_com) August 16, 2024 In a
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