Bitcoin Miner Metrics Signal Mounting Pressure on June 11, But Below Historical Lows

According to BlockBeats, on June 11, Bitcoin miner economics entered a notable pressure phase as three key metrics simultaneously weakened, though not approaching the systemic capitulation levels seen in 2018 and 2022.

The Puell Multiple (30-day average) fell to 0.74, declining from 0.83 at May's end, reflecting compressed miner daily revenues. The raw Puell indicator reached 0.58. Meanwhile, the P2MR index dropped to 80 from a 2025 peak of 160, now in a "normalized valuation range." Miner Capitulation pressure expanded to negative 21%, down from negative 8% on June 1, signaling accelerating miner stress. Analyst Adler AM emphasized the current status remains in a "pressure zone" but has not entered the "capitulation zone," with the critical 0.50 threshold historically marking large-scale mining shutdowns.