Crypto analyst venturefounder tweeted that Bitcoin’s worst drop ever was due to miner capitulation (Dec 2018, March 2020), and when BTC falls below production costs, it will face miner capitulation risk.
BTC miners risked a capitulation of $30,000 in June and are now at risk of $34,000. He further claimed that this could be a dangerous situation for BTC miners, as many still hold large inventories of Bitcoin (which they accumulate from summer 2021).
This is also different from the near capitulation in June 2021, because the computing power and mining difficulty hit new highs, and the profit of miners is already very thin.