BTC has been stuck below miner costs for an entire week, which is pretty rare historically. Current price: $64K. According to JPMorgan's metrics, the full mining cost has risen to $78K, meaning miners are losing money for every coin they mine. MVRV is at 1.1, sitting right in the historically undervalued zone. Fear & Greed Index is at 23, extreme fear, even lower than last week. All three indicators are screaming 'cheap.' The problem is, no one’s buying the dip. Spot ETFs have seen a net outflow of $2.1 billion since June, and the narrative is even colder—new speculative money is all chasing AI and SpaceX instead. Cheap + no new buying pressure means the price is just stuck here, neither dropping nor rising. Focus on two things: ETFs returning to consistent net inflows and stablecoin market cap continuing to expand. Without these two, 'cheap' alone isn’t a good enough reason.