Hupzy (Spot On Chain)|Jun 18, 2026 19:44
๐จ ๐๐ฃ๐ ๐ผ๐ฟ๐ด๐ฎ๐ป: ๐๐ง๐ ๐ต๐ฎ๐ ๐๐ฟ๐ฎ๐ฑ๐ฒ๐ฑ ๐ฏ๐ฒ๐น๐ผ๐ ~$๐ณ๐ด๐ ๐ฝ๐ฟ๐ผ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป ๐ฐ๐ผ๐๐ ๐ณ๐ผ๐ฟ ๐ฑ ๐บ๐ผ๐ป๐๐ต๐, leaving ~20% of miners unprofitable. Miners sold 32,000+ BTC in Q1 2026 alone โ already exceeding all of 2025's total sales.
๐๐๐ฝ๐๐ ๐๐ฎ๐ธ๐ฒ: This is a bearish fundamental signal for BTC in the near term. Miner forced selling creates persistent sell-side pressure that suppresses price. The fact that Q1 2026 sales already topped all of 2025 shows the severity of the cash crunch. If BTC doesn't reclaim $78K, further miner capitulation and hashrate drops are likely. Historically, extended periods below production cost have marked cycle bottoms โ but the timing is unpredictable. The setup is structurally bearish until BTC reclaims production cost levels.
source: WuBlockchain
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