Analysis: Bitcoin miner cycle stress composite index hits new low in 2026 and enters historical undervaluation zone

CoinFeed July 6 news, according to Bitcoin News citing analyst @gaah_im, the Bitcoin miner cycle stress composite index has fallen to a new low in 2026, entering the historical 'undervaluation' zone. The indicator combines the Puell Multiple and the Inverse Miner Capitulation Index, which respectively measure miner revenue and cost dynamics, and their synchronized signal has historically had strong indicative significance for Bitcoin cycle bottoms. Previously, synchronized crashes of this composite index occurred near major Bitcoin bottoms in 2015, 2018, 2020, 2022, and 2024. The only time this composite index previously hit 0.00 was during the 2015 capitulation, when Bitcoin fell from about $300 to $160 in a week. The indicator replicating similar behavior in 2026 marks miner stress reaching historically rare levels again.