The bull market is expected to start in the second half of 2027. Over the next year or so, it will be a period of massive sell-offs by miners. Top mining companies are shifting to AI, with returns dozens of times higher for the same electricity usage. Transitioning to AI requires money, so selling coins is the obvious choice. MARA has adjusted its policy to allow the sale of over 100,000 holdings and has already started selling recently; Core Scientific has also sold over 200 recently. The average cost of miners' BTC is around $60,000. Spot holders, don’t worry.