Miners are bleeding. $BTC refuses to break. 🚨

- Block 963648 marked the 17th difficulty adjustment of 2026.

- Difficulty hovers near the floor after a year of capitulation.

- Hashrate is grinding, not expanding. Margins are razor thin.

Meanwhile, the SEC proposed its first dedicated token securities framework. Clearer rules could pull institutions in as miners tap out.

Two forces are colliding: supply stress and regulatory clarity. Whoever wins sets the next $BTC trend.

Is miner capitulation a bottom signal — or a warning? Drop your take below. 👇