Recent data suggests Bitcoin (CRYPTO:BTC) miners are experiencing capitulation, a phenomenon often associated with market bottoms.

Following a 7.7% decline in network hash rate since April, miners are scaling back operations due to dwindling profitability post-2024 halving.

Daily revenues have plunged by 63%, with transaction fees accounting for a mere 3.2% of total earnings, the lowest since April 8.

Miners are also increasing Bitcoin outflows, hinting at potential selling pressure.

Historically, such downturns in hash rate have preceded price recoveries, reminiscent of previous market cycles.

Analysts point to current conditions, including a notable discount on Coinbase, as indicators of a potential rebound in Bitcoin's value.

This scenario echoes past patterns where market lows were followed by substantial price rallies, suggesting a possible bullish trend ahead.