Bitcoin miners are losing $19,000 on every coin and South Korea crypto liquidity tumbles.

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The math has turned against Bitcoin miners, according to Check on Chain's difficulty regression

model. The average cost to produce a single Bitcoin hit $88,000 as of mid-March. With Bitcoin

currently trading below $69,000, there is a gap of nearly $19,000 per coin, and the average miners operating at a massive 21% loss on every block mined.

The squeeze is being driven heavily by the conflict in the Middle East, with oil surging past $100 a barrel and the straight of Hormuz effectively closed, energy costs are skyrocketing.

When miners can't cover costs,

they're forced to sell their Bitcoin to fund operations, adding heavy supply pressure to a market

already struggling to maintain momentum. Is retail capital in South Korea rotating out of

crypto? Onshame data shows that stable coin balances on South Korea's five largest crypto exchanges

have plunged 55% since July, dropping to just $188 million.

The massive wave of outflows was triggered by the Korean one, weakening past $1,500 per dollar, a threshold not seen since the 2008 financial crisis.

Traders are cashing out their dollar denominated stable coins like Tether

and aggressively redeploying that capital into domestic equities. The Cosby Index is up another

37% this year, making it the world's best performing major index for the crypto markets.

This capital rotation marks the loss of one of the industry's most important retail liquidity

pools.

And decentralized exchange hyperliquid is seeing a massive shift in trading behavior with traditional commodities now completely outpacing major cryptocurrencies.

Leveraged traders on the platform are flocking to perpetual futures contracts tied to crude oil and silver.

Over the past 24 hours, oil contracts saw over $500 million in trading volume,

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