The collapse of the crypto exchange FTX is causing a historic event in the Bitcoin market. Yesterday, on-chain data signaled the second wave of a Bitcoin miner capitulation in one cycle. Historically, miners have had a massive impact on the BTC price. The now heralded miner capitulation will put further selling pressure on the Bitcoin price, which is experiencing a historically bad November, down 21%. On-chain data shows that the second wave of miner capitulation has now begun, suggesting further pain for the BTC price. As analyst Dylan LeClair wrote, the Bitcoin hash rate is starting to tilt here. Bitcoin Miners Under Water The 7-day moving average hash rate is now 13.7% away from its all-time high. Mining difficulty is expected to adjust by about -9% in a week, which will take some pressure off miners, at least in the short term. Nevertheless, miner margins have been and continue to be massively squeezed since June, the first capitulation event in this cycle. Despite this, the hash rate still rose to an all-time high until recently. This, the ..
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