I've noticed that Bitcoin is currently in a rather tense situation. The price has dropped to $77.78k, but it's still about 20% below what miners consider their break-even point. I previously saw that NUPL fell to 0.2 – this is historically a low level of market fear. Miners are clearly under stress; many are selling their reserves just to maintain cash flow.

But here's what's interesting – despite pressure from the hash rate, fluctuating between 980 and 1150 EH/s, signs of change are beginning to appear. I noticed that the Inter-exchange Flow Pulse has formed a golden cross above its 90-day moving average. Such events previously occurred in 2016, 2019, and early 2023 before a sustained rise. This hints that large players are quietly accumulating despite the current pain of miners.

At the same time, stablecoins are showing an interesting dynamic. The capitalization of stablecoins has increased by 3.73% over the month, and USDC has surged by 9.34% in thirty days. Meanwhile, OTC balances are falling – this indicates that institutions are withdrawing Bitcoin for long-term storage. The hash price remains pressured at around $30-32 per PH/s per day, which only keeps the most efficient miners profitable. But the very fact of capital rotation on exchanges could be a signal of re-accumulation before the next phase. Consolidation around $77-71K looks like a critical turning point.