⚠️ Floating loss of 50 million + Miners collectively surrender: Double bottom signal or minefield?
Binance spends $750 million to accumulate 10,455 BTC, currently showing a loss of nearly $50 million on paper. The average buyback price during four rounds of bottom fishing is all above 70,000, but now the price hovers around 68,000— the exchange's "protection fund" has trapped itself first.
Worse still, miners are "voting with their feet." The total network computing power has dropped by 20%, marking the biggest difficulty adjustment since 2021. This is not a technical failure; it's a real shutdown of production lines: the average mining cost of each BTC is $87,000, selling it incurs a loss of 45%.
On one side, miners are cutting off power to stop losses, and on the other side, SAFU keeps buying as prices fall. Historically, the simultaneous occurrence of "production cost inversion + major capital floating loss" often corresponds to the extreme end of a violent washout. But this time is different: the market sentiment index has dropped to 10 (extreme fear), leverage has almost cleared, and those wanting to cut losses are nearly gone.
The biggest contradiction is here: If this is the bottom, why is the smart money still adding short positions? If it will continue to fall, why is Binance willing to bet all users' lifeline funds?
The answer may be very cruel: this is not a bull-bear transition; it is a war of attrition that the internal funds cannot afford. Miners cannot survive the electricity costs, exchanges cannot endure floating losses, and retail investors cannot withstand liquidation. Everyone is waiting for the Fed to lower interest rates and inject liquidity, but before the water comes—don't get washed out first.#何时抄底？ #中文币中本聪
