1. Miners' 'Wallet Emergency'

1⃣️ Selling Coin to Seek Generation Daily: Miners are currently losing $8,000 for each coin mined, selling coins to seek generation daily. Miner Position Index -1.31 (Negative = Selling at a Loss), equivalent to a cost of $85,000 for each Bitcoin mined, but the market price is only $77,000, resulting in a net loss of $8,000 for each coin sold.

2⃣️ Turning Point in April?: In 2024, miners will almost sell throughout the year, resembling workers selling blood when cornered; starting from April 2025, the selling speed begins to slow down, with the largest single-day sell-off of 1,627 coins occurring on April 7, but in the past week, selling pressure has dropped by 40%, resembling a signal to cut losses and stop the decline.

2. Miners' 'Tourniquet' Starting to Take Effect?

1⃣️ Holding Position Steady as an Old Dog: Bitcoin reserves remain stuck at 1.8-1.81 million coins, returning to the 1.81 million mark in early April, firmly holding the line since the end of December last year; if it drops further, liquidation will occur.

2⃣️ The Three Acts of Selling Pressure Retreat: The selling volume has decreased by 43% in the last 7 days, 17% in 30 days, and 69% in 90 days, as miners transition from mass selling to waiting for a rebound.

3⃣️ But the crisis is not resolved: The current selling speed remains 1.5 times the historical average, like a patient whose blood transfusion speed has slowed but is still losing blood.

3. Bitcoin Price vs Miner's Survival Line

1⃣️ Miners' Bottom Line Game: Market price $77,000 vs Cost $85,000; miners either grit their teeth and hold out for a bull market rebound or shut down mining machines, triggering a sharp drop in hash power.

2⃣️ Wall Street's Abacus: If Bitcoin stabilizes above $80,000, miners can breathe a sigh of relief; if it drops below $70,000, it could trigger a catastrophic sell-off.

3️⃣ The script of 2018 is repeating, hiding a turnaround; in April, miner selling slowed down + expectations of Federal Reserve interest rate cuts are rising, and the market is starting to bet that miners will survive the winter and welcome a halving bull market.

Miners are performing a real-life version of the 'Squid Game,' losing money while mining, and firmly holding their positions, just waiting for Bitcoin to break through the $85,000 cost price mountain. Can this bloody mining endure until a reversal? The market is already voting with its feet.