After setting a historic low of $2.112 on April 7th, FIL rebounded to $2.5 with the market and was accompanied by heavy buying. From a weekly perspective, FIL has experienced five large-scale price increases since 2022, and has remained in the range of $3 to $6 for a long time, only falling below $3 in extreme bearish conditions, indicating that the market has formed strong consensus support for $3. This decline is related to the overall risk asset decline caused by Trump's tariffs, and FIL is weaker than BTC and has a stronger linkage with ETH, reflecting its greater liquidity and emotional impact. From the on chain data, both effective computing power and active storage have declined, indicating that some miners are withdrawing, mainly due to FIL prices falling below the cost line. At present, for every 1TB of computing power added, 4 FILs need to be pledged, and approximately 1.944 FILs can be produced in 540 days, which is far from enough to recover the essence of staking coins. Therefore, mining with FILs has become mainstream. Based on the current coin price of $2.5 and an annualized lending rate of 15%, the non pledged cost is $1.6, plus the pledged lending interest of 0.9 FIL, the total cost is approximately $2.725. If the coin price is $3, the cost is $2.95, which is basically in line with the market's consensus range for the bottom of FIL. Although FIL's current price is still in the loss making zone, the cost can be spread to $1.5-1.6 by sharing 50:50 with the mining site through centralized borrowing, maintaining a low profit state. Small miners are gradually being washed out of the field, while large miners have more cost control and pressure bearing capabilities. The future trend still depends on whether the macro liquidity and FIL's own narrative upgrade. Before it turns into a comprehensive reversal, FIL is more suitable for a position changing game rather than blindly buying the bottom. But if the price falls further towards $2, it may become an important area for a new round of bottoming out. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex