Bitcoin is facing a major crisis as miners capitulate en masse, selling off a staggering $2 billion worth of BTC in June alone. The mass exodus of miners has led to a significant decline in Bitcoin's price, which is struggling to stay afloat amidst dwindling revenue numbers.

The root of the problem lies in the April 19 halving, which reduced miner rewards and revenues by half. Many miners are finding it unprofitable to continue operating, leading to a massive drop in Bitcoin's difficulty and a sharp decrease in daily mining revenue. Despite increased transaction fees from Ordinals and the Rune protocol, miner revenue has plummeted by 58% since the halving.

As miners shut down operations and liquidate their bitcoins, institutions are swooping in to absorb the assets. Blackrock alone has amassed over $20 billion in assets under management in just the past month. However, this influx of institutional investment is not enough to offset the massive sell-off by miners, leading to a tug-of-war between bullish and bearish forces in the market.

The miner capitulation has visibly impacted Bitcoin's price performance, which has struggled over the past month. According to IntoTheBlock, miners have sold over 30,000 BTC, valued at nearly $2 billion, since June alone. This sell-off has sparked a massive shift in Bitcoin's network dynamics and price trajectory.

As the situation continues to unfold, it remains to be seen whether Bitcoin can recover from this miner capitulation. One thing is certain, however: the current landscape is unforgiving, and only the strongest miners will survive. The question on everyone's mind is: what's next for Bitcoin?