News about the current Bitcoin situation is quite interesting. The current BTC price is around $77,000, but it still seems to be significantly below the miners’ production costs. What can be observed is that miners across the entire network are under heavy pressure.

Blockchain indicators show that the market has entered a phase of structural stress. The entity-adjusted NUPL has fallen to about 0.2, which is a level that historically indicates fear. Previously, when Bitcoin traded near $110,000, this indicator was at 0.6, but now continuous sell pressure has compressed profits across the entire network.

What’s disheartening is that most miners are operating at a loss. As collateral declines, many miners are forced to sell to maintain cash flow. Some companies have started looking for alternatives, such as exploring the infrastructure of artificial intelligence data centers to diversify income, but this still isn’t enough.

Mining conditions clearly reflect this pressure. The network hashrate fluctuates between 980 and 1,150 EH/s. After the difficulty adjustment in February, the hashprice was pushed down to $30–32 per PH/s per day, leaving most miners’ profits near breakeven.

But what’s interesting is that positive signals are starting to appear. The Inter-exchange Flow Pulse has formed a new golden cross above the 90-day average. This signal often indicates an accumulation phase. In the past, moves like this have occurred before sustained expansions in 2016, 2019, and early 2023. Now, this metric has turned upward again, which may mean that large investors are starting to buy even in the current environment.

Stablecoin liquidity also reinforces this story. Stablecoin market capitalization is $312.95 billion, up 3.73% month-over-month. USDC volume surged 9.34% over the past thirty days, indicating a return of capital that is ready to be deployed. At the same time, funds in OTC accounts have fallen significantly, as organizations withdraw Bitcoin to hold it long term.

The current situation is that miners remain under stress, but the market may be preparing for a change. With prices below production costs, limited liquidity, and pressure from all miners colliding with the emerging accumulation signals, this is a rather interesting turning point. If these trends continue, we may see the next recovery, even though tight macroeconomic conditions may still pose additional challenges for miners.