Analysis: Three major indicators of miners are under pressure simultaneously, and Bitcoin has entered the "miner pressure zone" but has not reached historical levels According to BlockBeats, on June 11th, cryptocurrency market analyst Adler AM stated in his latest Bitcoin Morning Brief that the Bitcoin miner economy is entering a phase of significant pressure, but has not yet reached a systemic surrender in the 2018 and 2022 grades. The Puell Multiple (30 day average) has dropped to 0.74, continuing to decline from 0.83 at the end of May to June 10th, with a decrease of about 11% within 10 days. The original Puell index was as low as 0.58, indicating a significant compression in miners' daily income. The current level is similar to the July August 2024 range (BTC around 55K-68K), but significantly higher than the bottom extreme of 0.45 at the end of 2022 and 0.33 in 2018. Adler emphasized that the current situation still belongs to the "pressure zone", but has not yet entered the "surrender zone", with a key threshold of 0.50, which historically corresponds to the large-scale mining machine shutdown stage in 2022. At the same time, the P2MR index has also fallen from 160 to 80, halving from its peak in July 2025 and February 2021. This indicator reflects the valuation level of BTC price relative to miners' annualized income. Currently, 80% is in the "valuation normalization range", close to November 2021 (about 57K BTC) but much higher than the undervalued area of about 33% at the end of 2022 and about 15% in 2019. If you want to enter the bottom area of the depth, this indicator needs to be further explored to the range of 40-50. And Miner Capitulation shows that the price has retreated 21% relative to the 'difficulty bottom'. This indicator was only -8% on June 1st, close to 0 at the end of May, and now rapidly expanding to -21%, indicating increasing pressure on miners. Comparison history: In 2022, the deepest point reached -39% (BTC is about 35K), while in 2018 it was only -5% to -6%. At present, it has fallen below the -15% pressure line and entered the 'red zone', but there is still a distance from the historical extreme. If it further drops to -30%, it usually corresponds to the stage of large-scale shutdown and passive selling of mining machines in history. The current market as a whole is still under "moderate pressure" and has not yet entered the comprehensive surrender cycle of 2018 and 2022. If BTC falls below about 55K and there is no difficulty reduction, Puell may approach 0.50; If the price rises above 70K, the pressure on miners is expected to significantly ease and reset the cycle structure. [Original link]