Energy Market Crack Spreads Hit Record, Bitcoin Faces New Pressure

The significance here is that Bitcoin's cost structure is being tied to an energy-market signal rather than crypto-native flows, which reframes miner stress as a macro energy story. That matters most for miners operating on thin margins and for anyone treating hashprice as a standalone metric. What is worth watching is whether crack spreads stay elevated long enough to feed through to mining economics, and whether sentiment reacts to the cost channel or keeps treating it as background noise.