PANews reported on June 11 that CryptoQuant analyst Axel Adler Jr. stated that the economic pressure on Bitcoin miners is intensifying. The 30-day Puell multiple has dropped to 0.74, with miners' daily revenue below the annual average, a decline of 11% in ten days. This figure is comparable to that of Bitcoin around the $55,000-$68,000 range around the July-August 2024 halving, but significantly higher than the 2022 low of 0.45 and the 2018 low of 0.33. If the current rate of decline continues, the 0.50 threshold (the level of large-scale mining shutdowns in 2022) could be reached by the end of June.

The price-to-miner revenue multiple has fallen from a peak of 160 to 80, indicating that Bitcoin's valuation premium relative to miners' annual revenue is shrinking, but it is far from being undervalued (33 at the 2022 bottom and 15 in February 2019). The miner capitulation indicator shows that the current price is 21% lower than the previous difficulty bottom, entering a pressure zone, but still about half the extreme -39% drop seen in 2022. All three indicators show increasing miner pressure, but have not yet reached the capitulation levels seen at the bottoms of the 2018 and 2022 cycles.