Bitcoin miners are shifting to other cryptocurrencies amid falling profits, reports CryptoQuant CEO Ki Young Ju. Bitcoin's hashprice has hit an all-time low.

This metric indicates expected daily earnings per unit of mining power, which is a fundamental indicator of the overall efficiency of the mining business.

The trend is affecting mining companies' strategies. Many are simply forced to slow equipment investments. Some are switching to alternative proof-of-work coins. These moves aim to hedge against market uncertainty.

Ju states, "Bitcoin hashprice hit an all-time low. Many mining companies slowed mining rig investments, with some switching to other PoW coins to hedge against market uncertainty."

He believes this shift is temporary. Miners are not long-term bearish, in his view. They are waiting for buy-side liquidity to recover.

This pattern suggests miner capitulation. Such behavior often precedes Bitcoin bull runs.

Bitcoin currently trades at $60,681.

Ju also sees signs of an emerging altcoin season. Ethereum's Market Value to Realized Value (MVRV) ratio is rising faster than Bitcoin's. This indicates growing interest in Ethereum relative to its on-chain fundamentals.

"We're entering early altcoin season," Ju notes. "ETH MVRV is rising faster than Bitcoin (BTC) MVRV, suggesting ETH market is heating up relative to its on-chain fundamentals."

He speculates this could be an Ethereum-focused trend. Current ETF developments may drive this dynamic.

Historically, Ethereum price surges often lead to broader altcoin rallies, simply put, ETH is a locomotive for other altcoins to follow, and it quite often happens exactly so. Market participants will be watching closely for potential ripple effects across the cryptocurrency sector.

The situation highlights the evolving dynamics in the cryptocurrency mining industry. Miners are adapting to changing market conditions. Their strategies reflect broader trends in profitability and investor sentiment across different blockchain networks.