#比特币价格波动 Recently, it has been observed that Bitcoin prices are under continuous pressure, mainly due to two factors: the decline in hash rate and mining difficulty, and the movements of Strategy company. Notably, high electricity prices are squeezing miners' profits. According to JPMorgan's analysis, the current cost of Bitcoin production is approximately $90,000, and for every $0.01 increase in electricity price per kilowatt-hour, the production cost for high-cost miners increases by $18,000. This cost pressure has led some miners to sell off Bitcoin, creating market selling pressure. From on-chain data, this selling pressure may persist in the short term, and it is recommended to closely monitor miner behavior and large transfers to assess their potential impact on the market.