Bitcoin Bottom Is Near as Miners Capitulating Near FTX Implosion Level: CryptoQuant Miner capitulation levels are now comparable with those in end of 2022, which was the market bottom after FTX implosion, CryptoQuant said. Bitcoin (BTC) miners are showing signs of capitulation, an event that is typically tied to a market bottom after the world's largest cryptocurrency endured a 13% plight over the past 30 days. Bitcoin is currently trading at $60,300 after sliding by 3% on Wednesday. This level has acted as a critical support since April, with bitcoin bouncing three times from this region before heading back towards the $70,000 mark. Data provider CryptoQuant believes this is likely to happen again in the near future as numerous signs point towards capitulation following a period of intense sell pressure.

World’s largest Bitcoin miner didn’t sell any BTC in June. Marathon Digital said it aims to further strengthen its Bitcoin holdings through open-market acquisitions but may also sell to support operations in the future. Marathon Digital Holdings, the world’s largest Bitcoin mining firm, has not sold any of its Bitcoin holdings during the past month. Despite Bitcoin being in a downtrend for over a month, Marathon Digital chose to hold onto all its Bitcoin. As of June, the company held a total of 18,536 BTC worth over $1.1 billion, according to the firm’s operations report published on July 3. The Bitcoin miner said it aims to continue to strengthen its Bitcoin holdings through open market BTC purchases and investing in “other opportunities to increase its Bitcoin yield.” However, it also noted that it may sell some of its BTC in the future:“MARA opted not to sell any bitcoin in June.