Bitcoin miners have flipped back to net accumulation after a six-week stretch of selling, posting three straight days of positive net position change starting June 5. The shift ends a capitulation phase that ran from April 23 through June 4 — one of the longer such phases this year. Bitcoin bounced about 1.6% over 24 hours to near $63,100 after dipping below $60,000.
Miner capitulation phase ends
The selling pressure that started in late April finally exhausted itself by June 4. The prior miner capitulation closed near a local bottom around $64,088 in late February; after that, miner flows turned positive in early March and helped lift prices. This cycle looks similar — the question now is whether the fresh accumulation can sustain the rebound.
Revenue snapshot
May was a strong month for miner revenue. Total transaction fees — the network revenue miners earn — reached 89 BTC in May, the best monthly reading of 2026 so far. That compares with 80 BTC in February, 79 BTC in March, and 74 BTC in April. June's reading is 26 BTC so far, but that covers only the first eight days of the month.
Leverage pulls back
Total open interest in bitcoin futures slumped from about $31.26 billion in late May to roughly $22.31 billion, after briefly touching $21.09 billion. That's a sharp unwind. The current funding rate sits at 0.005%, just below the 0.006% reading from early June that preceded the price crash. It suggests leverage is still cautious.
Whale losses mount
New whales — large holders that entered the market recently — have realized $1.77 billion in losses over the last seven days. That kind of loss-taking can add downward pressure even as miners start to hold again. It's partly why the recovery has been tentative so far.
The market will be watching whether miner accumulation continues through next week, and whether the funding rate stays subdued. If the selling from new whales eases, the bottom could hold — but there's no guarantee yet.
