A CryptoQuant report noted that miner capitulation was a major reason for the dip in the total market cap to $2.4 trillion. Following the Bitcoin halving, block rewards were slashed by 50%, and miner revenues fell 55% in tandem.

The change in market dynamics has forced miners to finance business expenses by offloading more Bitcoin, contributing to additional selling pressure on the token’s price and bolstering its ranging price movement.