Bitcoin trades 20% under miner costs as on-chain stress meets early accumulation signs

On-chain metrics show Bitcoin in a structurally stressed phase as its price trades about 20–25% below estimated miner production costs around $89,000–$91,000. While miners face margin compression and have been liquidating reserves, indicators such as the Inter-exchange Flow Pulse golden cross and growing stablecoin capitalization suggest early-stage accumulation and capital rotation may already be forming.