I've been monitoring Bitcoin for a few days and found this situation interesting.

BTC is trading around 77K now, but miners have a much higher production cost, around 89-91K.
This means that a large part of the network is operating at a loss, liquidating reserves just to maintain cash flow.
The hashrate has fluctuated quite a bit recently, between 980 and 1,150 EH/s, and profitability is at breakeven for most miners.

But there's an interesting detail I observed.
The inter-exchange flow indicator formed a golden cross above the 90-day moving average, something that historically appears at the beginning of accumulation phases.
This happened in 2016, 2019, and early 2023, and all times preceded upward expansions.
Meanwhile, OTC balances are falling significantly, suggesting that institutions are withdrawing Bitcoin for longer-term horizons.

Liquidity in stablecoins is also signaling movement.
The USDC supply increased by 9.34% over thirty days, showing available capital returning.
All of this together — the inter-exchange flow crossover, the reduced selling pressure from miners, the capital movement — suggests a possible rotation is starting.
Bitcoin is at a fragile point, but the technical signals are pointing to something different from what we've been seeing.
It's worth keeping an eye on it.