As it continues to be discussed where the direction will be in Bitcoin, which rose to $73 thousand in March but experienced serious declines with the halving, an important comment came from CryptoQuant CEO Ki Young Ju, including the movements of miners.

“Crypto markets to be boring for the next 2-3 months”

The CEO of the on-chain data platform stated that the serious sales of miners continued in his comments on X and made the following statements:

“Bitcoin miner capitulation is still ongoing. Historically, it ends when the daily average mined value is 40% of the yearly average; it’s now at 72%. Expect the crypto markets to be boring for the next 2-3 months. Stay long-term bullish but avoid excessive risk.”

Young Ju also shared a Puell Multiple chart showing data on miners’ income.

The Puell Multiple chart, which shows the profitability of Bitcoin miners, shows that the figure is 0.7. While in the past, miner profitability has generally increased with the rise in price, it is now clear that the rate of earnings is significantly lower than in 2023… The biggest reason here is of course that the rewards are divided into two in halving… The decrease in miner profitability causes these miners to make serious sales to cover their costs and thus the price drops.