Ki Young Ju, founder and CEO of the analytics firm CryptoQuant, has found no signs of capitulation among Bitcoin miners, despite the recent halving that reduced block rewards.
#Bitcoin miners’ revenue has dropped to levels seen in early 2023 following the halving.
Now they have two options: 1. Capitulation, or 2. Waiting for a rise in $BTC price.
There are no signs of capitulation for now. pic.twitter.com/8GrYk7zcN1
— Ki Young Ju (@ki_young_ju) April 30, 2024
According to his observations, cryptocurrency miners’ revenues have fallen to levels seen at the beginning of 2023.
“Now they have two options: capitulation or waiting for a rise in Bitcoin price,” the expert noted.
Ki Young Ju attached the Puell Multiple to his post, indicating values equidistant from the cycle’s peak and trough. This suggests there are no compelling reasons for miners to engage in “forced” sales to cover expenses.
In the wake of the halving, the average transaction fee on the Bitcoin network reached a record high, largely due to the excitement surrounding the Runes protocol. According to Nazar Khan, head of TeraWulf, this protocol is a “lifeline” for miners.
On April 23, tokens on the Runes protocol accounted for 81.3% of the total daily transactions on the blockchain of the first cryptocurrency.