Bitcoin’s Miner Cycle Stress Composite has fallen to a new 2026 low and entered its “undervalued” range, a synchronized decline previously seen only near the market’s major bottoms in 2015, 2018 and 2020. The reading arrives with bitcoin trading near $63,800 and nearly one in five miners producing coins at a loss.
Key Takeaways
Similar miner-stress declines appeared near bitcoin bottoms in 2015, 2018 and 2020.JPMorgan estimates bitcoin has traded below its $78,000 production cost for five straight months.Vaneck found past hashrate contractions preceded median 90-day returns in the high-40% range.
