Bitcoin's slide toward $59,100 tightens the squeeze on miners, nearing 2022-style stress

Bitcoin's recent retreat to around $59,100 is intensifying pressure on short-term holders and miners, CoinDesk reported, as risk appetite remains fragile and ETF outflows add to the strain. Analyst Darkfost said spot Bitcoin ETFs are in their largest drawdown on record, with roughly $10.5 billion in net outflows since October 12. The scale of the redemptions suggests current buying support is limited. The report added that ETF flows should be assessed alongside on-chain indicators. Miner revenues are also weakening. The 30-day average Puell Multiple has fallen to 0.74 from 0.83 at the end of May, pointing to shrinking income relative to the annual average. Analyst Axel Adler Jr. noted that when the Puell Multiple nears 0.50, it has often coincided with broad miner shutdown phases such as those seen in 2022, and the current reading is trending in that direction. The report said shutdown risk is building. The miner surrender indicator stands at 21%, well above the severe-stress threshold of 15%, signaling continued operational pressure. AMBCrypto said further price weakness would raise the risk of miner shutdowns and a contraction in hash rate.