Catenaa, Saturday, December 06, 2025- Bitcoin miners are experiencing the harshest operating conditions in the asset’s history, with daily revenue now falling below median all-in costs and payback periods stretching beyond the next halving cycle, according to BRN.
Hashprice per PH/s has declined from roughly $55 in the third quarter to about $35, below the $44 per PH/s normalized median all-in cost for public miners.
The network’s hashrate remains near 1.1 zettahash, keeping operational pressure high. Analysts warn smaller miners could capitulate if Bitcoin dips below $85,000.
The Federal Reserve ended quantitative tightening this week, injecting $13.5 billion into the banking system, but cryptocurrency markets responded minimally.
Options markets indicate elevated stress, pricing a sub-$80,000 year-end close for BTC. Implied 30-day volatility has risen to nearly 50%, signaling potential for outsized spot swings.
Liquidity has returned after Monday’s flash-crash dip, with Bitcoin trading near $87,300. Altcoins showed limited movement, including ETH at $2,800, BNB at $830, and SOL at $125.
Total crypto market capitalization rose slightly to $3 trillion after almost $1 billion in liquidation-driven volatility on Dec. 1.
ETF flows were mixed, with U.S. bitcoin ETFs seeing $8.48 million in net inflows, XRP ETFs $89.65 million, Solana products $13.55 million in outflows, and Ethereum ETFs reversing $79.06 million after previous inflows.
Analysts say markets remain fragile, with investors bracing for volatility amid weak macroeconomic indicators and subdued risk sentiment.
Catenaa, Saturday, December 06, 2025- Bitcoin miners are experiencing the harshest operating conditions in the asset’s history, with daily revenue now falling below median all-in costs and payback periods stretching beyond the next halving cycle, according to BRN.
Hashprice per PH/s has declined from roughly $55 in the third quarter to about $35, below the $44 per PH/s normalized median all-in cost for public miners.
The network’s hashrate remains near 1.1 zettahash, keeping operational pressure high. Analysts warn smaller miners could capitulate if Bitcoin dips below $85,000.
The Federal Reserve ended quantitative tightening this week, injecting $13.5 billion into the banking system, but cryptocurrency markets responded minimally.
Options markets indicate elevated stress, pricing a sub-$80,000 year-end close for BTC. Implied 30-day volatility has risen to nearly 50%, signaling potential for outsized spot swings.
Liquidity has returned after Monday’s flash-crash dip, with Bitcoin trading near $87,300. Altcoins showed limited movement, including ETH at $2,800, BNB at $830, and SOL at $125.
Total crypto market capitalization rose slightly to $3 trillion after almost $1 billion in liquidation-driven volatility on Dec. 1.
ETF flows were mixed, with U.S. bitcoin ETFs seeing $8.48 million in net inflows, XRP ETFs $89.65 million, Solana products $13.55 million in outflows, and Ethereum ETFs reversing $79.06 million after previous inflows.
Analysts say markets remain fragile, with investors bracing for volatility amid weak macroeconomic indicators and subdued risk sentiment.
