JPMorgan Identifies $85,000 as Critical Production Cost Floor for Bitcoin Miners

JPMorgan analysts, led by Nikolaos Panigirtzoglou, have identified Bitcoin’s production cost of approximately $85,000 as a critical "soft floor" for the market. Following a 280-day period where Bitcoin traded below this cost, the recent price recovery to $87,000 has provided relief to miners, reducing the risk of forced selling. While CryptoQuant data indicates that miner-to-exchange flows have decreased compared to earlier in the year, miners continue to move assets to exchanges during rallies to raise cash, suggesting a fragile recovery.