JPMorgan calculated the average cost of Bitcoin after the halving.
$53K immediately after the halving, which will force some miners to exit the market due to loss of competitiveness. Eventually, the cost will decrease to $42K.
Here you have a benchmark for the fair value of Bitcoin, from which you can understand whether the market is in euphoria or undervalued.
Possibly, Ordinals on Bitcoin were launched specifically to shake out small and medium players from the mining business during this event.
I remind you that after the launch of Ordinals on Bitcoin, the hash rate began to grow very rapidly.
And I remind everyone that a huge mining business is built on Bitcoin. If in the times of Tsar Gorokh, anyone could mine, today, to be profitable, significant investments are required. The higher the hash rate, the less room in the market for small and medium miners.