Miner Capitulation & AI Pivot

Hashrate decline nears 287 days, difficulty down ~20%, 21% hash rate cut as miners pivot to AI (Riot $9.1B Anthropic deal, Hut 8 $9.8B AI lease). MARA sold 15k BTC, Strategy sold 1,690 BTC. Wintermute confirms miner selling is suppressing BTC's rally. AI pivot doubles valuations for HPC-focused miners, but pure-play miners under pressure. VanEck's capitulation indicator suggests market stress has peaked. Supply squeeze potential if miner exhaustion sets in. Whale accumulation contrasts with miner selling.