JPMorgan: Bitcoin Above $85,000 Production Cost Could Ease Miner Selling

The framing here matters more than the level itself: JPMorgan is treating an estimated production cost as a behavioural trigger for miner supply, not as a valuation anchor. Miners are structurally forced sellers when price sits below marginal cost, so a sustained move above it can quietly remove a persistent source of order flow — a mechanical shift rather than a sentiment one. The open question is whether the level holds long enough to change treasury and hedging behaviour, since the effect depends on persistence, not on a single print.