Catenaa, Monday, December 07, 2025-Bitcoin’s outlook in the weeks ahead may hinge on Strategy’s ability to maintain its balance sheet rather than on selling by miners, JPMorgan analysts said Wednesday in a new report.

The bank said recent selling pressure stems from lower network hashrate, higher operating costs and market concern over Strategy’s equity position.

Analysts said China renewed its mining ban after signs of private activity. High electricity prices have also limited revenue for miners in other regions.

JPMorgan now estimates bitcoin’s average production cost at about $90,000 with power priced at five cents per kilowatt hour. Each one cent increase adds roughly $18,000 for higher cost miners. Some miners have sold bitcoin to cover expenses as prices remain below those levels.

Strategy continues to hold more than 650,000 bitcoin.

Its enterprise value to bitcoin holdings ratio remains above one. JPMorgan said this suggests Strategy can meet debt and dividend obligations without selling bitcoin.

Analysts highlighted a cash reserve of about $1.4 billion, which could support those payments for nearly two years.

Investors are watching index provider MSCI ahead of a January 15 ruling on whether Strategy will stay in its equity indices. JPMorgan said Strategy shares dropped sharply since October and markets already accounted for a potential removal.

The bank added that long term models still show upside if trading conditions steady.