Bitcoin has returned below JPMorgan’s estimated $84,948 production cost after briefly rising above $87,000, renewing pressure on miners even as forced selling appears to have eased. A September 23 note led by Nikolaos Panigirtzoglou called the estimate a "soft floor"; Bitcoin traded at $85,795 then and was later about 2.4% below the estimate. The newer data showed hashrate down about 19% from its October peak and mining difficulty down roughly 15%, although an earlier September 25 report recorded a temporary rise from 851 EH/s to 1,110 EH/s as improved prices reactivated equipment. CryptoQuant data showed miner-to-exchange flows peaking near 24,000 BTC in February, with smaller surges afterward, while miners continued transferring coins during rallies to raise cash.