A lot of people underestimate what miner costs mean for the market.

When production cost is sitting at $75K–$138K, miners have two options:
1. Hold their BTC and wait for higher prices
2. Sell into the market to stay alive
When price grinds lower, forced selling begins.
That’s where you get heavy supply, sudden drops, and panic.
When price stays comfortably above production cost, miners hold, supply tightens, and rallies become easier.
It’s not magic, it’s simple economics.
Miners are the largest consistent sellers in the market.
Watch their behavior the same way you watch funding or open interest.
Miner stress = market risk
Miner strength = market fuel
If BTC consolidates above these cost levels, that’s a sign of underlying demand still absorbing supply.
Ignore this metric at your own risk.