Bitcoin Bottom Signals Flash: Miner Capitulation Looms, Whales Stack BTC
On-chain data screams a Bitcoin bear market bottom is close, but not locked. The Puell Multiple is flashing miner capitulation, while long-term holders are stacking BTC at record levels. This setup historically precedes major cycle lows.
Bitcoin trades near $62,600, roughly 50% off its peak. Two critical on-chain signals are screaming: the bear market bottom is closing in, but the final flush isn't confirmed.
The Puell Multiple, tracking miner revenue against its yearly average, is hovering just above 0.5. Historically, a decisive drop below 0.5 signals miner capitulation and marks cycle lows. We're on the edge of that zone, suggesting more pain for miners before the bounce.
Meanwhile, long-term holder supply—coins unmoved for over 155 days—just hit a record 16.75 million BTC. That's nearly 84% of circulating supply, a massive accumulation wave by smart money while price is down.
The message is clear: strong hands are buying the dip, but the full capitulation event that typically ends bear markets hasn't fully played out. Past cycles saw LTH supply rise as Puell Multiple bottomed.
On-chain models hint at a potential low near $47,000. While Bitcoin's maturing market might mean a shallower Puell dip this time, the confluence of these signals points to a generational buying opportunity forming.