Quick
Take

We
are
now
33
days
into
the
current
miner
capitulation,
with
the

average
duration
being
41
days.
This
indicates
that
some
miners
are
still
facing
significant
financial
pressure
due
to
the
previous

halving,
which
has
rendered
their
operations
unprofitable.
The

hash
rate
has
dropped
over
12%
from
its
peak
on
May
26,
with
the
next
difficulty
adjustment
scheduled
for
June
20
expected
to
be
slightly
positive,
according
to

 

Newhedge.

However,
the
hash
rate’s
decline
has
not
reached
the
anticipated

25%
post-halving
drop,
demonstrating
unexpected
resilience.
This
resilience
can
be
attributed
to
two
factors:
elevated

transaction
fees
driven
by
Runes
and
Inscriptions
and
miners’
strategic
financial
planning.
Miners
have
built
up
reserves
and
are
offloading
Bitcoin
to
sustain
their
operations.
Over
the
past
30
days,
more
than
3,000
BTC
has
been
distributed
by
miners,
continuing
a
trend
of
significant
distribution
since
December
2023,
unmatched
since
the
2017-2018
period,
according
to
Glassnode
data.

Glassnode
data
shows
that
miner
balances
have
decreased
by
approximately
30,000
BTC
since
October
2023,
now
standing
at
1.8
million
BTC.

This
ongoing
distribution
poses
a
significant
headwind
for
Bitcoin,
adding
selling
pressure
to
the
market
and
affecting
its
price
dynamics.