Last night's drop wasn't just about the unemployment data—there's an even more direct reason: miners are starting to buckle under the pressure.

Morgan Stanley's report was pretty straightforward: quite a few mining farms are selling coins to recoup losses. Why? Let's do the math. Electricity costs keep soaring, but the coin price isn't keeping up. What they mine isn't even enough to cover the power bill. Those mining farms with already high costs are just digging themselves into a bigger hole the more they mine. If they don't sell coins, what else can they do? It's like running a restaurant where the cost of ingredients is higher than your selling price—you'll have to close down sooner or later.

What does this mean for the market?

In the short term, as miners keep selling, there's definitely selling pressure. Prices might stay shaky for a while. But don't overreact—there's no need to panic.

Looking at it another way: high-cost players exiting is actually the market doing a "health check," squeezing out the weak hands and making what remains more solid. Besides, the big institutions and whales are still holding strong, which means the long-term logic is intact. In fact, when prices drop, that's the window for regular folks to pick up some chips—just don't go all in at once.

A few practical suggestions:

Don't let the news lead you by the nose. Panicking when prices drop and chasing when they rise—no one wins with that approach. Hold the positions you’re comfortable with for the long term. If prices dip a lot, you can add a little; if they surge, don’t get greedy.

At the end of the day, this market has never lacked volatility—what it lacks is conviction. Miners selling coins is just a short-term blip. Whoever can hold on, wins in the end.