In-depth analysis: Key Bitcoin network metrics show signs of pressure, suggesting miners may face capitulation as profitability declines. On-chain data overview: • Mining difficulty just dropped by 7.76%, the second largest negative adjustment this year. • Bitcoin hashrate is currently about 22% lower than its all-time high. • Seven of the last ten difficulty adjustments have been negative. The continued decline in these two metrics indicates that miners are increasingly shutting down their mining rigs.