Since Bitcoin's latest halving event on April 19, which cut the reward for mining a new bitcoin block in half, the world's largest cryptocurrency has begun showing signs of miner capitulation as miners likely turn off underperforming machines and begin to sell bitcoin to hedge their exposure.

There are various signs of miner capitulation, which historically has indicated a bottom in prices, according to CryptoQuant, which notes that for most of the period since April, miners have been "extremely underpaid" according to the data provider's metrics.

The CryptoQuant report notes total daily revenues for miners have decreased from $79 million on March 6 to $29 million currently. While the excitement around the Ordinals and the novel Runes protocol initially generated tens of millions in …