📉⛏️ The stress of Bitcoin miners has just reached a historically rare level.

The Miner Cycle Stress Composite, an indicator that combines the Puell Multiple and the miner capitulation index, has fallen to its lowest level of 2026 and has just entered a zone of strong undervaluation.
Historically, this type of signal has appeared near major market bottoms, notably in 2015, 2018, 2020, 2022, and 2024.
Even more notably, the indicator is returning to a level near 0, a threshold that had only been reached in 2015, during the miner capitulation that saw Bitcoin fall from about $300 to $160 in a few days before forming a cycle bottom.
While history never repeats itself exactly, this indicator suggests that miners are currently going through a phase of extreme stress, a context that has often coincided with interesting accumulation zones for Bitcoin.