BTC Spot ETF inflows still going strong, but what about the miners?

It's been fascinating to watch the $BTC spot ETF inflows continue their march, even with price flirting with resistance. The demand is clearly there, but I can't shake the feeling that the market is overlooking the potential squeeze on miners post-halving. With transaction fees remaining somewhat subdued compared to the last bull run, and the block reward cut in half, has anyone done the math on how many might be operating on thinner margins than comfortable? It feels like an elephant in the room that everyone's too busy watching the ETF ticker to acknowledge.