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The JP Morgan strategy team, led by Nikolaos Panigirtzoglou, released a report saying that bitcoin miners will choose to keep selling bitcoin in order to meet ongoing costs or deleverage if their profitability fails to improve, which could continue into the third quarter of this year. With pressures such as soaring global power costs and an overall weaker crypto market currently hitting crypto miners' profitability, miners are trying to boost profits by cutting costs and selling some of their bitcoins.
In addition, bitcoin miners are also facing significant pressure from creditors and other counterparties, and those who obtain funds through highly leveraged borrowing could even trigger a larger chain reaction leading to the bankruptcy of cryptocurrency lending service providers and hedge fund companies.
In addition, bitcoin miners are also facing significant pressure from creditors and other counterparties, and those who obtain funds through highly leveraged borrowing could even trigger a larger chain reaction leading to the bankruptcy of cryptocurrency lending service providers and hedge fund companies.
