The market has entered the 'miner liquidation' phase again. More and more BTC miners are approaching their breakeven point. Currently, the average shutdown price across the network is around $58,000 - $63,000, while the comprehensive cost for publicly listed mining companies is between $68,000 - $74,000. In previous cycles, since the profit margin was large enough, miners kept their machines running even when BTC prices dipped slightly. But with the current competitive landscape, miner profits have become razor-thin. Data shows that over 20% of miners are already operating at a loss. Additionally, publicly listed mining companies (like MARA, RIOT) are burdened with heavy fiat debt and interest payments. To cover fixed electricity costs, these companies can no longer afford to hold BTC long-term like before and are forced to dump their reserves like crazy (selling 32,000 BTC in Q1 just to stay afloat). If prices drop and remain below the cost zone for an extended period, miners will be forced to liquidate their inventories in a panic during the market's worst liquidity conditions, triggering a stampede. At the same time, stock prices will plummet, and the risk of mining rig-backed loans defaulting will pile up. When multiple forces hit at once, it could push BTC into a deep pit.