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Miners Just Dumped 32,000 Bitcoin. Here Is Why That Might Be Incredibly Bullish
The pain you can see on chain Bitcoin hovers around $62,500, a level that feels like purgatory after the highs of the past cycle. While traders argue about support and resistance, a much bigger story is unfolding beneath the surface. Bitcoin miners are bleeding. Publicly. Visibly. On chain for anyone to see. A new JPMorgan report puts the average cost to mine a single Bitcoin at $78,000. That number should make your eyes go wide. It means roughly 20 percent of the network has been operating at a loss for five straight months. The response from miners has been brutal and simple. They are selling. In the first quarter of 2026 alone, public miners dumped over 32,000 BTC just to keep the lights on. That figure exceeds the total miner selling for all of 2025. The $78,000 problem nobody wants to talk about Seventy-eight thousand dollars is the line. Above it, mining is profitable. Below it, every hash costs more than it earns. Bitcoin has not traded above $78,000 in months. That means a...