Bitcoin's trading price is below the breakeven point estimated by large miners at $95,000 to $96,000, which compresses profit margins and hampers network expansion. Although hash rate growth is slowing and mining difficulty has only adjusted by 1.2%, on-chain data shows that miners are managing their balance sheets rather than liquidating reserves, with a net increase of approximately 663 Bitcoins. This indicates that under financial pressure, miners are in a phase of adjustment and consolidation rather than large-scale capitulation.