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A closely watched metric tied to Bitcoin mining profitability has dipped to levels that market observers are calling "capitulation," with profit margins holding below 5%.
Despite the distress signal from miners, at least one trader argues the actual $BTC price bottom won't arrive until later in 2026.
What Miner Capitulation Actually Means Miner capitulation refers to the point at which Bitcoin miners—the operators of specialized computers that secure the network and earn newly issued $BTC as a reward—become so unprofitable that they are forced to sell their holdings, shut down machines, or both.
It is a supply-side stress event, not simply a price drop. The significance: when miners capitulate en masse, the coins they have been hoarding hit the market, adding selling pressure.
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