Recently, there has been a major shake-up in the crypto market—JPMorgan’s latest report has laid bare the difficulties Bitcoin miners are facing. With electricity costs surging, high-cost miners can’t withstand the pressure and have started selling off, triggering a chain reaction that is stirring up the entire market.

**Miners’ Survival Crisis Is Now Out in the Open**

What does selling pressure from high-cost miners mean? Simply put: some miners are no longer making a profit from mining Bitcoin. In the past, mining was highly lucrative, but now electricity prices are soaring while Bitcoin prices linger at low levels, so many miners are actually losing money with every coin they mine. JPMorgan’s report shows that the current Bitcoin price has already fallen below the production cost for some miners, so continuing to mine only increases their losses. To recoup cash and maintain operations, these miners have no choice but to sell their coins to cut losses.

More importantly, JPMorgan has lowered the benchmark “production cost” for Bitcoin from $94,000 to $90,000. What does this mean? As long as the price of Bitcoin doesn’t hold above $90,000, mining is a losing proposition for miners, so selling pressure in the market won’t ease any time soon.

**Hashrate Drop and Whale Holdings: Double Pressure Looms**

On one hand, global mining hashrate is experiencing a pullback. China has long banned individual mining, and overseas mining farms with high electricity costs are shutting down one after another. As a large number of mining rigs go offline, more Bitcoin flows from miners to the market, increasing supply-side pressure and putting downward pressure on prices.

On the other hand, the positions held by giants like Strategy are also closely watched. Although they haven’t sold off on a large scale yet, it’s like a sword hanging overhead—if these whales lose faith in the market and start selling, retail investors simply won’t be able to absorb that selling pressure.

**What Should Ordinary Investors Do Now?**

Stay calm—don’t rush to “buy the dip.” The market is currently under selling pressure from miners, and blindly entering now could leave you stuck. Especially for those with heavy positions, consider reducing your holdings to avoid risk; don’t hold on until you’re deeply underwater.

Keep an eye on two key signals: First, when will electricity prices come down? If miners’ costs decrease, selling pressure will naturally ease. Second, when will Bitcoin prices return above $90,000? Once the price stabilizes above the cost line, miners will no longer be losing money and the selling pressure will also ease. When both of these signals appear at the same time, that might be a better time to enter the market.

Market volatility is normal. Those who truly survive are the ones who can see the situation clearly, wait for the right opportunity, and act with precision.