I just noticed that Bitcoin is entering a pretty serious pressure phase. The current price is around $78K, but miners are still operating with production costs of $89K-$91K. This means the network is operating below breakeven—an uncommon situation.

Interestingly, on-chain metrics are starting to show signs of accumulation. Entity-Adjusted NUPL has dropped into the historical fear zone, similar to patterns that occurred in 2016 and 2019 before major rallies. The Inter-exchange Flow Pulse has also just formed a golden cross above the 90-day average—an indicator that usually aligns with the early accumulation phase.

Stablecoin liquidity is also beginning to move. USDC supply has increased significantly, and OTC desk balances continue to decline as institutions start pulling Bitcoin for long-term holding. This suggests capital rotation is happening behind the scenes.

Miner pressure is still real—hashrate fluctuates between 980-1150 EH/s, and hashprice remains pressured at $30-$32 per PH/s/day. But the combination of signals above? We might be at a structural turning point. Macro credit conditions still remain a wildcard that needs to be monitored closely.