Adler AM states that Bitcoin miners are in a moderate stress zone but have not reached a systemic surrender level

Cryptocurrency market analyst Adler AM pointed out that the Bitcoin miner economy has entered a period of pressure, but has not reached the level of systematic surrender seen in 2018 and 2022. The average of Puell Multiple over 30 days has dropped to 0.74, while the original Puell index is 0.58. The current level is similar to the range of 55000 to 68000 BTC in July August 2024, and higher than the extreme values of 0.45 at the end of 2022 and 0.33 in 2018. The P2MR index has fallen from 160 to 80, within the range of normalized valuation, close to the 57000 BTC level in November 2021, far higher than the undervalued areas of 33 at the end of 2022 and 15 in 2019. Miner Capitullation shows that the price relative difficulty has bottomed out by 0.21, falling below the 0.15 pressure line and entering the red range. However, there is still a distance to go from the historical extremes of 0.39 in 2022 and 0.05 to 0.06 in 2018. If BTC falls below 55000, Puell may approach 0.50; If the price rises to over 70000, the pressure on miners will ease.