Galaxy Research: Bitcoin Miners Enter Capitulation Phase, Mining Difficulty Drops Over 20% from Peak

Odaily reports that Galaxy Research has stated on X platform that Bitcoin miners have entered a "capitulation phase."

Galaxy Research points out that the current Bitcoin mining difficulty has decreased by more than 20% from its all-time high, marking the largest difficulty retrace since 2021. It believes that such a significant drop in mining difficulty typically indicates that some miners are exiting the network due to profitability pressures, and the market is currently in a phase of hashrate adjustment.