Bitcoin miners losing $19,000 per coin produced. Options fear at all-time high. Trump drops 48-hour Iran ultimatum. $299M in liquidations. This isn't a dip. It's a stress test.

Today's key developments:
• Bitcoin miners are losing $19,000 on every coin they produce — and difficulty just dropped 7.8% as the miner exodus accelerates.
• Bitcoin options downside protection premium hit a new all-time high — even as spot prices stabilized, per VanEck.
• Trump issued a 48-hour ultimatum on Iran power plants, sending BTC below $69,200 with $299 million in liquidations — long positions took 85% of the damage.


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