Bitcoin Sees Miner Capitulation Amid Bullish Signals And Historic Milestones

Last week, Bitcoin witnessed a significant miner capitulation as outflows reached 19,000 $BTC on August 5, marking the highest level since March.

This mass selling likely occurred as miners faced shrinking profit margins, which dropped to 25%, the lowest since January. With their margins under pressure, many miners were forced to liquidate their holdings.

We may have seen a miner capitulation last week as Bitcoin outflows hit 19K $BTC on Aug 5, the highest since March.

Miners likely sold as their profit margins were squeezed to 25%, the lowest since January. pic.twitter.com/28j49kA7Te

— CryptoQuant.com (@cryptoquant_com) August 16, 2024

In a remarkable historical note, 16 years ago today, Satoshi Nakamoto registered the first Bitcoin website, Bitcoin.org. Since then, the site has hosted the original Bitcoin code, symbolizing financial freedom for millions around the world.

✨ 16 years ago today, Satoshi Nakamoto registered the 1st #Bitcoin website

Ever since, https://t.co/DWp1uhgRRS has hosted his free code, a beacon of financial freedom to millions around the globe