Thune Presses Trump for Cornyn Endorsement as Texas Primary Looms; Bitcoin Miner Capitulation Signals Market Bottom

By / / Breaking News

Key Takeaways

  • Senate Majority Leader John Thune is actively lobbying Donald Trump to endorse Senator John Cornyn in the Texas GOP primary, warning that a loss could force the party to divert up to $200 million in general election funds to defend the seat.
  • Bitcoin (BTC) is showing signs of a major price bottom as a three-month "miner capitulation" phase nears its end, a technical signal that historically preceded the November 2022 market recovery.
  • The Hash Ribbon indicator is approaching a bullish crossover, suggesting that the network stress which saw Bitcoin (BTC) drop from $90,000 to $60,000 is finally abating.
  • Texas Attorney General Ken Paxton currently leads Cornyn by approximately 7 percentage points in recent polling, heightening the urgency for establishment Republicans to secure Trump’s "kingmaker" endorsement before the March 3 primary.

Thune Seeks Trump Intervention in Texas Primary

Senate Majority Leader John Thune has confirmed multiple high-level discussions with Donald Trump regarding an endorsement for Senator John Cornyn in the upcoming Texas Republican primary. Thune is framing the endorsement as a critical "business decision" for the party, arguing that Cornyn remains the strongest candidate to hold the seat in a general election.

The Texas primary, scheduled for March 3, 2026, has become a flashpoint for the GOP as Cornyn faces a fierce challenge from Ken Paxton and Representative Wesley Hunt. Internal party concerns are mounting that a Paxton victory could jeopardize the Republican majority by forcing the party to spend between $100 million and $200 million in Texas—funds that would otherwise be deployed in battleground states like Georgia or New Hampshire.

Despite the pressure from Thune, Trump has remained strategically neutral, stating he supports "all three" major candidates. This neutrality has left the race wide open, with Paxton currently leading Cornyn 38% to 31% in recent surveys from the University of Houston.

Bitcoin Miner Capitulation Nears Exhaustion

In the digital asset markets, CoinDesk analysis indicates that the period of Bitcoin (BTC) miner capitulation is entering its final stages. This phase, which began in late 2025, has seen miners under extreme financial strain as the price of Bitcoin (BTC) fell nearly 33% from its November highs.

The Hash Ribbon indicator, which tracks miner activity, is on the verge of a bullish crossover. Historically, this signal has been a reliable predictor of price bottoms, most notably during the November 2022 cycle when Bitcoin (BTC) bottomed near $15,500. Currently, Bitcoin (BTC) is trading around $66,000, which is notably near the estimated average production cost for many mining operations.

Market participants are closely watching the behavior of public mining firms for signs of total exhaustion. Bitdeer Technologies Group (BTDR) recently reported liquidating its entire corporate Bitcoin (BTC) treasury, a move often viewed as a "final flush" of sell-side pressure. Conversely, MicroStrategy (MSTR) (now known as Strategy) continues its aggressive accumulation strategy, recently adding another 2,486 BTC to its holdings.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.
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