BlockBeats News, June 11th, Crypto market analyst Adler AM pointed out in his latest "Bitcoin Morning Brief" that the Bitcoin mining economy is entering a phase of noticeable pressure, but has not yet reached the systemic surrender levels seen in 2018 and 2022.

The Puell Multiple (30-day MA) has dropped to 0.74, continuously decreasing from 0.83 at the end of May to June 10th, with a drop of about 11% in 10 days. The original Puell Multiple has fallen even lower to 0.58, indicating a significant compression in daily miner revenue. The current level is similar to the range in July-August 2024 (BTC around 55K–68K), but significantly higher than the bottom extremes of 0.45 at the end of 2022 and 0.33 in 2018. Adler emphasized that the current situation still falls within the "pressure zone" but has not yet entered the "surrender zone," with a key threshold at 0.50. Historically, this level corresponds to the large-scale miner shutdown phase in 2022.

Meanwhile, the P2MR indicator has also dropped from 160 to 80, halving from the peaks seen in July 2025 and February 2021. This indicator reflects the valuation level of BTC price relative to miner annualized revenue. Currently at 80, it is in the "normalized valuation range," close to November 2021 (around 57K BTC) but far above the undervalued regions of around 33 at the end of 2022 and around 15 in 2019. To enter a deep bottom area, this indicator needs to further decline to the 40–50 range.

On the other hand, Miner Capitulation shows a 21% retracement from the "difficulty bottom" relative price. This indicator was only -8% on June 1st, close to 0 at the end of May, but has quickly expanded to -21% now, indicating increased miner pressure. Compared historically: the deepest point in 2022 was at -39% (BTC around 35K), while in 2018 it was only -5% to -6%. The current level has dropped below the -15% pressure line, entering the "red zone," but still remains distant from historical extremes. If it further drops to -30%, it typically corresponds to a stage of significant miner shutdowns and passive selling.

The overall current market is still in a phase of "moderate pressure" and has not entered a full-scale surrender cycle like those in 2018 and 2022. If BTC drops below around 55K without a difficulty adjustment, the Puell might approach 0.50. However, if the price rises above 70K, miner pressure is likely to significantly ease, resetting the cycle structure.