CryptoQuant: The Bitcoin miner surrender indicator is nearing the market bottom level after the FTX collapse

ChainCatcher news, according to CoinDesk, the Bitcoin miner surrender index is approaching the market bottom levels seen after the FTX collapse.

CryptoQuant data shows that miner revenue has dropped from $79 million earlier this year to $29 million, with hash rate declining by 7.7% since the halving. The current trading price of Bitcoin is $60,300, down 13% in the past 30 days.

CryptoQuant believes that as selling pressure intensifies, the market may rebound again to around $70,000. The significant decline in miners' daily revenue and hash rate indicates that miners are facing severe challenges.