Bitcoin is currently at electricity cost (blue line). The white line represents electricity cost + operating costs. So the miners are not selling their bitcoin until BTC go above the white line.
The negative premium has never been that huge on Bitmex, meaning that everybody is short. That is a recipe for short squeeze.
Is the panic sell over? I am not sure but I think that smart money is buying now. Time for accumulation.
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Second thought: we have never seen Bitcoin during a financial crisis, so it is very possible that it keeps falling, if the stocks market continues to crash. So I will follow my previous strategy: Bitcoin - BTCUSD - When to buy