Here's what's happening with Bitcoin right now: miners are facing a significant squeeze. The cost to mine a single BTC has climbed to roughly $101K, yet the asset is currently trading around $90K. That's a $11K gap working against miners—at least on paper.

But here's the thing people get wrong about this scenario: miners don't panic-dump their way out of this spot. Instead, they adapt. When production costs exceed market price, the natural response is to cut inefficiencies, optimize operations, maybe dial back some hash rate. The marginal producers—those running thin margins—exit the game.

This actually strengthens the network. Fewer but more efficient miners means reduced selling pressure from forced liquidations. Plus, historically when BTC trades below miner profitability, it signals a potential floor. Once marginal operations shut down and hash rate normalizes, miners who stay become more selective, not more aggressive about selling.

That's precisely why many analysts consider this setup as quietly bullish. The market stress doesn't create a flood of supply—it creates consolidation.