1. Bitcoin Market

During the period from June 14 to June 20, 2025, Bitcoin's specific price movements were as follows:

June 14:Bitcoin briefly surged to $105,889 in early trading before undergoing a technical pullback to $104,835. Although it rebounded to a high of $106,109, bullish momentum was insufficient, and the price entered a volatile downward trend. It eventually closed at $104,867, displaying a pattern of rising followed by a retracement, reflecting pressure at higher price levels.

June 15:The market maintained the previous day’s choppy pattern. After bears pushed the price down to around $104,400, it found support. Bulls gradually regained control, pushing the price up to the $105,500 range, where it began consolidating. Bitcoin then climbed further to $106,114 before a slight pullback to stabilize around $105,000, closing at $105,591—indicating a slightly bullish consolidation.

June 16:After a brief dip to $104,572 in early trading, Bitcoin quickly strengthened and began a steady upward trend. Amid intraday fluctuations, the price continued to rise, briefly reaching a high of $107,000. After a short consolidation, the uptrend resumed, and it closed at $107,486, marking a significant gain and a sign of renewed bullish confidence.

June 17:Continuing the strong momentum from the previous session, Bitcoin pushed up to $108,845 at the open, hitting a short-term high before encountering heavy selling pressure. The price quickly dropped to $106,286, briefly rebounded to $107,682, but faced continued bearish pressure and weakened again, ultimately closing at $104,251. The day saw significant volatility and intensified market fluctuations.

June 18:Bitcoin remained weak, dipping to a new local low of $103,622 in early trading. It then quickly rebounded to $105,181, followed by a brief correction and consolidation around $104,560. After another attempt upward to $105,537, it pulled back again. Volatility increased in the evening amid intense tug-of-war between bulls and bears. The day closed at $104,829.

June 19:The overall trend was one of narrowing consolidation, with volatility shrinking. The market made several attempts up and down during the morning, with a low of $103,695 before a quick rebound to hover around $104,850. Compared to previous days, intraday swings were noticeably subdued, indicating rising short-term investor indecision. Bitcoin closed slightly down at $104,121, continuing the consolidation trend.

June 20:Bitcoin maintained the prior day's weak and narrow consolidation pattern, briefly dipping to $103,988 before the downward pressure eased and a mild recovery followed. As of writing, Bitcoin is showing signs of stabilizing at a lower range, trading near $104,700 and currently quoted at $104,702. The price remains within a narrow band, with future direction dependent on trading volume and broader macro sentiment.

Summary

This week, Bitcoin exhibited a market structure characterized by "rising with resistance, followed by volatile pullbacks."From June 14 to 15, Bitcoin oscillated between $104,000 and $106,000, with visible tug-of-war between bulls and bears. On June 16 and 17, the price surged from around $104,500 to a high of $108,800, only to quickly fall back to the $103,600 region due to apparent resistance, suggesting weakening bullish momentum.From June 18 to 20, the market entered a post-pullback consolidation phase, with fierce bull-bear competition and gradually narrowing price movements, reflecting increasing market indecision.Overall, the short-term trend remains uncertain, and the next move will depend on trading volume and news-driven sentiment.

Bitcoin Price Trend (2025/06/14–2025/06/20)

2. Market Dynamics and Macro Background

Capital Flows

1.Low On-Chain Activity + Whale Token Locking: Bitcoin Market Enters a Wait-and-See Phase
According to CryptoQuant and Alphractal data, since June, the volume of Bitcoin inflows to exchanges by both whales and retail investors has hit a cycle low, while on-chain transaction counts have dropped to an 18-month low. This indicates a continued cooling of market speculation, with investors preferring to “HODL and wait” rather than engage in frequent trading. At the same time, over 20,000 addresses hold Bitcoin worth more than $10 million each, with total locked value approaching $200 billion—accounting for 9.43% of the total supply. This shows that large holders maintain strong confidence in the medium- to long-term outlook, providing structural support for the spot market.

2.Bitcoin Derivatives Market: Funding Rates and Options Structures Show Strong Bullish Sentiment
Based on data from CryptoQuant and Glassnode, Bitcoin perpetual futures funding rates remained positive on June 18 (+0.0049%), indicating that longs are paying shorts—a structure that reflects a broadly bullish market expectation.
At the same time, the options market's skew (tilt indicator) is clearly biased toward out-of-the-money (OTM) calls, suggesting that capital is flowing toward bullish positions, and long-leveraged positions are dominating market structure.

3.Sustained Net Outflows from Exchanges: Rising Token Lock Sentiment
According to a joint report by AMINA Bank and Glassnode, the average daily net outflow of Bitcoin from exchanges over the past 30 days has been around 72,000 BTC. This has shown a significant negative correlation (–0.605) with a 4.4% increase in Bitcoin's price over the same period.
This trend suggests that users are transferring their Bitcoin from exchanges to self-custody wallets, reflecting increasing token-lock behavior. This in turn reduces short-term selling pressure and supports stability and breakout potential in the mid-term price structure.

4.Stablecoin Market Cap Growth Provides Liquidity Ammunition
As of June, the total market cap of stablecoins has reached $250 billion, with an average on-chain daily circulation volume of approximately $15 billion. The continued issuance of USDT and USDC has boosted market liquidity, supporting upward momentum in both spot and derivatives markets, and providing a direct channel for new capital inflows.

5.Spot Bitcoin ETFs Dominate Market Structure, Institutions Accelerate Takeover of Native Exchange Share

Spot Bitcoin ETFs have become the primary channel for capital inflows, with their trading volume now accounting for 25% of the global BTC spot market—up from 10% in October 2024, and at times approaching 30%.

This week’s daily ETF inflow/outflow details:

June 16: +$412.2 million net inflow
June 17: +$216.5 million net inflow (7th consecutive day of net inflows)
June 18: +$388.3 million net inflow

ETF Inflow/Outflow Data Image

This strong inflow not only enhances the price discovery mechanism of ETFs but also further diverts funds and users from native crypto exchanges.

However, in the short term, net inflows into some mainstream ETFs have paused. On June 18 and 19, major ETFs including ARK and Invesco recorded “zero inflow” days. While this does not represent a trend reversal, it does reflect a short-term shift in investor sentiment toward caution, likely in anticipation of clearer macro policy signals, market direction, or developments from the Federal Reserve—highlighting the sensitivity of capital flows to uncertainty.

Overall, the rapid rise of spot ETFs is reshaping the trading structure and capital landscape of the Bitcoin market. Due to their regulatory compliance, simplified custody processes, and lower trading thresholds, ETF products are regarded as ideal vehicles for institutional entry. As Wall Street’s financial infrastructure continues to penetrate deeper, the dominance of native crypto trading platforms is gradually being eroded. Global Bitcoin capital flows are now undergoing a profound transformation from “on-chain native” to “regulatory-driven.”

Technical Indicator Analysis

1.Relative Strength Index (RSI 14)

According to Investing.com data, as of June 20, Bitcoin’s 14-day Relative Strength Index (RSI) stood at 55.528, within the “neutral to slightly bullish” range (50–70). The current RSI level indicates that market momentum is gradually recovering, with mild buying sentiment picking up, though it has not yet entered an overbought state. This value reflects investors’ continued confidence in the outlook, and although no sharp short-term rally is evident, a “slow bottoming” technical structure is initially taking shape. If the RSI returns above 55, it suggests short-term selling pressure has been absorbed, and the market holds potential for further rebound. A sustained rise beyond 60 would further strengthen the bullish trend and could push prices to test prior resistance near $106,500. Conversely, if the RSI falls below 50 again, attention should be paid to the possibility of the market returning to a weak, oscillating pattern.
In summary, the RSI is currently in a “consolidation to strengthening” phase, a typical warming signal. Technically, it leans mildly bullish but requires confirmation through volume and price synergy to validate a breakout.

2.Moving Average (MA) Analysis

5-day moving average (MA5): $105,412.20

20-day moving average (MA20): $106,200.73

50-day moving average (MA50): $100,688.22

100-day moving average (MA100): $94,518.36

200-day moving average (MA200): $89,697.33

Current market price: $104,771.40

MA5, MA20, MA50, MA100, MA200 Data Image

From a short-term perspective: The current price is below both the MA5 and MA20, indicating a slightly bearish short-term trend with price pressure and some downside risk.From a medium-term perspective: The price remains significantly above the MA50, MA100, and MA200, indicating that the medium- to long-term trend is still upward.
The MA50 and MA100 show a “golden cross” pattern and are well above the MA200, which is a typical bull market alignment.
If the price can reclaim the MA20 in the short term, rebound momentum may restart; if it continues to be capped by the MA20, attention should turn to the support validity near the MA50 (approximately $100,700).
Summary: Overall trend is “medium-term bullish, short-term weak consolidation.”

3.Moving Average Convergence Divergence (MACD) Analysis

According to Investing.com data, the MACD fast line is currently below the slow line, with a negative difference of -17, indicating that market momentum remains in a downward range. The histogram shows a gradual contraction pattern, signaling weakening bearish momentum approaching a crossover point.
The current MACD issues a “Sell” technical signal but not a strong bearish signal; it is closer to a “momentum exhaustion + wait-and-see” phase. If a “golden cross” (MACD fast line crossing above slow line) occurs later, it will be an important confirmation of reversal. If the fast and slow lines continue downward, the next support level (such as near the MA50) must be closely watched for potential breach.
Summary: MACD shows short-term bearish dominance but marginal weakening of bearish momentum, indicating a “low momentum oscillation” stage, awaiting a clear directional breakout signal.

4.Key Support and Resistance Levels

Support:Bitcoin’s current short-term key support levels lie at $103,500 and $103,000. During trading on June 18 and 19, Bitcoin showed signs of stabilization near the $103,500 support level, repeatedly halting declines and rebounding, indicating significant buying support in this area. If the market pulls back again, this range is expected to continue providing support and act as a key defense for short-term bulls.

Resistance:Short-term core resistance levels are at $105,500 and $106,000, with a higher medium-term pressure zone near $109,000. On June 18, Bitcoin attempted to break $105,500 but failed and subsequently pulled back, reflecting strong selling pressure in that region. Earlier this week, from June 14 to 16, Bitcoin repeatedly tested $106,000 but could not break through. On June 17, the price rose to a weekly high near $109,000 but failed to break and fell back under pressure.

In summary, Bitcoin is currently trading in a range between $103,000 and $106,000. A volume breakout above $106,000 could lead to a further test of the $109,000 area; conversely, a break below $103,000 support may trigger a larger downward correction.

Market Sentiment Analysis

1.Sentiment Overview

This week, the overall sentiment in the crypto market remained stable but somewhat cautious. From June 14 to 17, Bitcoin showed strong momentum, rising consecutively and briefly breaking through the key resistance level of \$106,000, reaching a high near \$109,000. This boosted short-term risk appetite in the market, tilting investor sentiment toward optimism.

However, since the evening of June 17, Bitcoin quickly pulled back and entered a sideways consolidation range from June 18 to 20, with prices returning to the \$104,000–\$105,000 range. This caused market enthusiasm to cool rapidly. The fluctuation also prompted some short-term investors to adopt a wait-and-see approach, with overall sentiment returning to a neutral and slightly cautious stance.

2.Key Sentiment Indicator (Fear & Greed Index)

The Fear & Greed Index, an important tool for measuring investor sentiment in the crypto market, effectively reflects the cyclical changes in market risk appetite. As of June 20, the index registered at 48, placing it within the “Neutral” range. This indicates that overall market sentiment is in a holding pattern, with investors neither exhibiting strong greed nor significant fear, and trading decisions tending toward rationality.

Reviewing this week (June 14–19), the daily index values were: 52, 50, 51, 53, 48, and 48. Overall, the index roughly stayed within the 48–53 range during the week. Sentiment was slightly positive in the first half of the week, then declined amid price consolidation and a slowdown in some ETF inflows. This suggests weakening confidence in the short-term trend, with investors awaiting further guidance from macro or technical factors. Currently, market sentiment remains in a “neutral-range oscillation” state without forming any trend-extreme signals.

Fear & Greed Index Data Image

Macro Economic Background

Cooling Expectations for Rate Cuts, Market Turns Cautious
On June 18, the Federal Reserve maintained interest rates at 5.25–5.50% as expected, but the dot plot indicated only one rate cut anticipated this year, a significant tightening compared to the “two rate cuts” expected in March. Several officials even projected no rate cuts this year. Powell stated that the Fed will continue to be “data-driven” and monitor the potential inflationary impact of tariffs and the Middle East situation. The overall tone was hawkish, weakening market expectations for liquidity expansion, suppressing Bitcoin’s short-term upward momentum, and shifting the market into a consolidation and wait-and-see mode.

Escalating Middle East Tensions Fuel Safe-Haven Demand and Inflation Concerns
Tensions between Israel and Iran escalated again, with Brent crude oil prices briefly surpassing $78 per barrel. A former White House National Security Advisor warned that if the Middle East conflict continues to escalate, it could raise global inflation and even trigger a recession, forcing the Fed to delay rate cuts. Rising geopolitical risks benefit Bitcoin as “digital gold” due to increased safe-haven demand, but concerns about inflation driven by higher oil prices also weigh on the market, resulting in a mixed bullish and bearish situation.

Trump’s Aggressive Remarks Raise Policy Uncertainty
Trump publicly criticized Powell as “stupid” again, advocated for an immediate 2 percentage point rate cut, and mentioned considering “personally serving as Fed Chair,” sparking market worries over future policy independence. He also revealed that Iran is “in contact with the U.S. side,” briefly raising expectations of easing tensions in the Middle East. Although these statements have no substantive policy effect, they significantly increase uncertainty around policy direction, intensifying Bitcoin’s short-term volatility and raising interest in safe-haven assets.

Macro Data Outlook: Inflation and Consumer Data in Focus
According to crypto media such as BeInCrypto and CoinWorld, several key macroeconomic data releases are expected this week, with the market closely watching:

• May retail sales month-over-month forecasted at -0.6%; weak data would reinforce cooling consumption and rate cut expectations;
• Initial jobless claims expected to rise, indicating pressure on the labor market;
• FOMC meeting minutes and officials’ speeches will continue to provide policy guidance signals.

Overall, if data are generally weak, it will be positive for Bitcoin and risk assets; conversely, stronger data increases the risk of a “soft landing” failure, dampening crypto market sentiment.

3. Hashrate Changes

During the period from June 14 to June 20, 2025, the Bitcoin network hashrate exhibited fluctuations, detailed as follows:
On June 14, the overall Bitcoin network hashrate fluctuated moderately, rising slowly from 929.15 EH/s in the morning to 969.11 EH/s, then falling back to a low of 803.44 EH/s, indicating some nodes temporarily went offline or mining power exited. Near the end of the day, hashrate rebounded to 936.76 EH/s, reflecting relatively high overall network activity.

On June 15, the hashrate dropped slightly in the early phase to 896.48 EH/s, then strongly rebounded to the day’s high of 993.82 EH/s. However, the upward momentum did not sustain, with a rapid decline to 838.80 EH/s by the close, showing miners’ sensitivity to current price fluctuations and possible exit of some high-cost equipment.On June 16, hashrate continued to climb in the early stage, peaking at 985.81 EH/s, but then quickly fell back under market sentiment pressure, closing at 891.79 EH/s. This indicates that although new mining power joined briefly, overall network stability still faced some stress.On June 17, Bitcoin’s total network hashrate showed a clear downward trend throughout the day, declining steadily from around 900 EH/s to a low of 710.35 EH/s, the week’s lowest point.

On June 18, the hashrate started to rebound from a low of 757.88 EH/s, gradually rising to 850 EH/s, then continuing upward to 937.52 EH/s, showing signs of network hashrate recovery; however, it slightly declined at day’s end, closing at 867.97 EH/s.On June 19, hashrate exhibited a volatile downward trend, dropping to 802.29 EH/s in the morning, briefly rising to 841.82 EH/s, then further falling to 774.98 EH/s before the day ended.On June 20, hashrate showed signs of recovery, rising back to around 850 EH/s at the time of writing, indicating some rebound momentum as mining power gradually returned to the network.

Overall, Bitcoin’s hashrate this week displayed significant wide-range fluctuations, especially between June 16 and 17, hitting a low of 710.35 EH/s, reflecting temporary exits of some mining power due to market or operational pressures. Although a recovery followed, the network remains in an adjustment phase. At this stage, miners are sensitive to price fluctuations and cost changes, and hashrate volatility may continue as the mining ecosystem accelerates optimization towards higher efficiency and lower costs.

Bitcoin Network Hashrate Data

4. Mining Revenue

According to data from YCharts, the total daily revenue of Bitcoin miners (including block rewards and transaction fees) for this week is as follows: June 14: $50.64 million; June 15: $45.80 million; June 16: $49.38 million; June 17: $39.63 million; June 18: $47.26 million; June 19: $42.11 million. From the overall trend, the miners’ average daily total revenue this week remained roughly between $45 million and $50 million. Overall, the fluctuations in miners’ revenue this week largely aligned with the network hashrate trend, but the growth potential of revenue was somewhat suppressed due to a decline in transaction activity and a significant reduction in fees.

Over the past week, the unit hashrate revenue (Hashprice) of the Bitcoin network showed a pattern of rising first and then falling back, reaching a weekly high of $54.56 per PH/s/day on June 17; as of June 20, the Hashprice retreated to $52.73 per PH/s/day, with limited change compared to the start of the week. From a monthly perspective, the current level remains in a historically low range, while on a quarterly basis it stands at a relatively medium-high position, indicating that amid continuous hashrate expansion, unit revenue is under pressure.

Although the Bitcoin network hashrate hit a historic high of 946 EH/s on June 14 (calculated by the 7-day simple moving average), surpassing the previous peak of 943 EH/s on May 31, showing ongoing expansion of network computing power, miners’ actual profits have been continuously shrinking. Over the past 30 days, the unit hashrate revenue (Hashprice) dropped from $55.53 per PH/s/day on May 14 to the current $52.92 per PH/s/day, reflecting that despite the strengthening network security and increasing hashrate competition, miners have not been able to achieve higher returns in sync.

Meanwhile, the proportion of transaction fees in miners’ revenue structure has sharply declined. According to Luxor’s Hashrate Index data, the transaction fee income proportion of miners’ total revenue in June has fallen below 1%, hitting a new low since 2022. Currently, for each processed block, miners receive about 3.125 BTC (approximately $327,000), but the average transaction fee is only $1.45, resulting in continuously weakened contribution of fees to miners’ total revenue. In the past 24 hours, transaction fees accounted for only 1.32% of miners’ single-block revenue, reflecting a phase of weakened network usage.

In summary, although Bitcoin’s price remains high and hashrate repeatedly reaches new highs, the profitability challenges faced by miners have not eased. CJ Burnett, Chief Revenue Officer at Compass Mining, pointed out that since the 2024 halving, mining revenue has remained near historic lows. In future cycles, high-efficiency mining equipment and low electricity cost resources will become core factors for miners to maintain competitiveness, while miners relying on high operating costs or lacking resource advantages will continue to face increasing survival pressure.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to data from CloverPool, the Bitcoin network completed a new round of mining difficulty adjustment at 09:46:44 Beijing time on June 14, 2025 (block height 901,152). This round saw a difficulty decrease of 0.45%, lowering it to 126.41 T. As of the time of writing on June 20, based on CloverPool’s real-time data, the total network hashrate stood at 873.05 EH/s. The next difficulty adjustment is expected around June 28, with a predicted decrease of 0.35%, reducing difficulty to 125.96 T. This trend indicates that although the overall network hashrate remains high, miners’ output efficiency is experiencing a phase of downward pressure. Coupled with some older mining machines exiting the network, overall hashrate growth has slowed, prompting two consecutive small difficulty reductions. This phenomenon also implies miners’ continued exit or transformation under a high-cost environment.

On the other hand, mining costs are rising significantly. According to the latest report from TheMinerMag released on June 17, the average Bitcoin mining cost in Q2 2025 is expected to surpass $70,000 for the first time, up about 9.4% from approximately $64,000 in Q1. This cost increase is driven mainly by two factors: first, the network hashrate continuously reaching new highs this quarter, raising the competitive cost per Bitcoin; second, upward pressure on energy prices, especially in major U.S. mining hubs like Texas, where energy costs remain elevated. The report highlights that publicly listed mining companies such as Terawulf have seen their unit energy costs increase by over 100% compared to the same period last year.

Overall, current Bitcoin mining activity is in a stage characterized by “high costs, high hashrate, and low unit revenue.” Although the network difficulty has been technically reduced, rising electricity costs and intense competition have further squeezed miners’ profit margins. In future cycles, mining profitability will heavily depend on hashrate efficiency, energy allocation, and operational cost control. Small and medium miners lacking low-cost electricity resources or using outdated equipment will face significantly increased pressure to exit.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

Michael Saylor to Serve as Advisor to Help Pakistan Establish Bitcoin Reserve Plan
On June 16, it was reported that Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), met with Pakistan’s Finance Minister Muhammad Aurangzeb and Blockchain Minister Bilal Bin Saqib to discuss how Bitcoin can function as a national reserve asset. Saylor expressed his willingness to serve as an advisor for Pakistan’s cryptocurrency plan.
Pakistan has recently shifted toward supporting cryptocurrencies, having established a cryptocurrency regulatory authority last month and planning to set up a Bitcoin reserve. Minister Saqib stated that Pakistan should emulate Saylor’s approach of transforming Strategy into a Bitcoin purchasing vehicle.
The Pakistan Crypto Commission submitted a legal framework draft on June 6, with the Finance Ministry agreeing to expedite the approval process. The Pakistani government aims to lead the Global South countries in digital asset development and adoption.

Related Images

Texas Bitcoin Reserve Bill Faces Sunday Deadline; Governor’s Inaction Will Cause Automatic Enactment
On June 17, it was reported that Texas Governor Abbott must make a decision on the Bitcoin reserve bill SB 21 by this Sunday. If no action is taken, the bill will automatically become law under the Texas Constitution.

Brazil Bitcoin Reserve Bill Passes First Committee Review
On June 17, it was reported that Brazil’s Bitcoin reserve bill “PL 4501/2023 or PL 4501/2024” has passed the first committee review. The bill proposes to establish a “Sovereign Strategic Bitcoin Reserve,” allocating up to 5% of foreign exchange reserves to Bitcoin. Once implemented, Brazil will become the second Latin American country after El Salvador to legally establish a BTC reserve. In March, Pedro Giocondo Guarac, Chief of Staff to Brazil’s Vice President, stated that a “Strategic Sovereign Bitcoin Reserve” is crucial for national prosperity and a matter of public interest, referring to Bitcoin as “gold on the internet.”

Ohio Passes HB 116 “Bitcoin Rights” Bill
On June 18, Cointelegraph reported that Ohio’s HB 116 “Bitcoin Rights” bill passed the House Technology and Innovation Committee unanimously with a 13-0 vote and will now move to the Senate for review. The bill protects self-custody rights, ensures mining and node operation, and establishes a $200 capital gains tax exemption on digital asset transactions.

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French Parliament Rejects Bitcoin Mining Proposal
On June 19, it was reported that the French National Assembly declined to discuss a proposal to consider Bitcoin mining as a potential use for France’s surplus energy. The proposal was dismissed for procedural reasons and did not proceed to substantive discussion. The proposal aimed to evaluate “conditions for developing Bitcoin mining activity in France as a tool to utilize electricity production surplus, stabilize the grid, and optimize nuclear power plant operations.”

Arizona Bitcoin Reserve Bill HB 2324 Passes Senate
On June 20, it was reported that Arizona’s Bitcoin reserve bill HB 2324 passed the Senate by a 16-14 vote after a reconsideration motion and has now been submitted to the House. The bill allows Arizona to establish a digital asset reserve fund using digital assets seized from criminal forfeitures.

7. Mining News

Pakistan Utilizes 2,000 MW Surplus Power for Bitcoin Mining and AI
On June 13, it was reported that Pakistan is using 2,000 MW of surplus electricity for Bitcoin mining and AI development to reduce power waste and promote technological advancement.

Russia Busts Illegal Bitcoin Mining Operation Using Trucks, Seizes 95 Mining Devices
On June 14, according to Russia’s official news agency TASS, during a routine power line inspection in the Baikal region, an illegal cryptocurrency mining operation hidden inside a Kamaz truck was discovered. The truck drew power from a 10 kV line and contained 95 mining devices along with a mobile substation. However, two suspects fled the scene in an SUV before police arrived. Buryat Energy Company, a subsidiary of the Siberian power company in Russia, reported six electricity theft cases related to crypto mining since the beginning of this year.

Reuters: Three Leading Chinese Bitcoin Miner Manufacturers Establish Manufacturing Bases in the U.S.
On June 18, Reuters revealed that Trump’s tariff war is reshaping the cryptocurrency supply chain. The world’s top three Bitcoin miner manufacturers — Bitmain, Canaan, and MicroBT (all from China) — are setting up manufacturing bases in the United States, potentially shielding themselves from tariffs. Bitmain began producing miners in the U.S. in December last year, Canaan is piloting production, and MicroBT is actively advancing its U.S. localization strategy. Analysts estimate that by 2028, these three companies will dominate the $12 billion crypto mining hardware industry.

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Russian Deputy Finance Minister: Only 30% of Miners Registered; Industry Still Needs “Cleansing”
On June 20, according to TASS, Ivan Chebeskov, Deputy Minister of Finance of Russia, stated at the St. Petersburg International Economic Forum that currently only about 30% of cryptocurrency miners are registered with the Federal Tax Service and have become compliant. The remaining roughly two-thirds of miners remain in the “gray zone.” Authorities will continue to advance the mining registration system to promote comprehensive “cleansing” of the industry.

8. Bitcoin-Related News

Global Corporate Bitcoin Holdings Update (This Week’s Statistics)

1.Metaplanet Holdings Surpass 10,000 BTC, Market Value Exceeds $1 Billion, Surpassing Coinbase
On June 16, Japanese publicly listed company Metaplanet announced an additional purchase of 1,112 Bitcoins, bringing its total holdings to 10,000 BTC, surpassing Coinbase’s 9,267 BTC and ranking ninth among global publicly traded companies. Following this increase, Metaplanet’s total Bitcoin market value exceeded $1.075 billion.

2.Australia’s Monochrome Bitcoin ETF Holdings Rise to 765 BTC
On June 17, official disclosures showed that Monochrome’s spot Bitcoin ETF (IBTC) held 765 BTC as of June 16, with a market value of approximately AUD 126 million.

3.Genius Group BTC Holdings Increase to 100 BTC, Targeting 1,000 BTC Acquisition
On June 17, Singapore-based AI education company Genius Group announced its Bitcoin holdings rose to 100 BTC, with plans to gradually expand to 1,000 BTC.

4.The Blockchain Group Adds 182 BTC
On June 18, The Blockchain Group increased its holdings by 182 BTC, valued at approximately €17 million (around $19.6 million), bringing total holdings to 1,653 BTC. The company reported a 1,173% Bitcoin yield this year and plans to continue accumulating.

5.Spanish Vanadi Coffee Announces Purchase of 20 BTC
On June 18, Spanish coffee chain Vanadi Coffee announced the purchase of 20 BTC, bringing total holdings to 30 BTC.

6.Bitmine Immersion Holdings Increase to 154.167 BTC
On June 18, U.S.-based software company Bitmine Immersion Technologies announced an increase in Bitcoin holdings, now totaling 154.167 BTC. The company invested approximately $16.347 million at an average purchase price of $106,033 per BTC, funded by proceeds from issuing common stock.

7.The Smarter Web Company Adds 104.28 BTC
On June 19, London-listed tech company The Smarter Web Company announced an increase of 104.28 BTC, at an average buy price of $104,451, raising total holdings to 346.63 BTC.

Trump Media and Technology Group’s Bitcoin Treasury Protocol Registration Statement Approved by the U.S. SEC
On June 14, Trump Media and Technology Group Corp., currently listed on Nasdaq and NYSE Texas, announced that its previously submitted Form S-3 registration statement was approved and became effective on June 13, 2025, by the U.S. Securities and Exchange Commission. Trump Media and Technology Group operates the social media platform Truth Social, streaming platform Truth+, and fintech brand Truth.Fi. Last month, the company announced it raised approximately $2.5 billion from institutional investors to support one of the largest Bitcoin treasury allocations among publicly traded companies. The company’s CEO stated that the registration statement allows investors to resell about 56 million shares and 29 million convertible notes to support the establishment of its Bitcoin treasury.

Analysis: Bitcoin Remains Resilient Amid Middle East Conflict Escalation and Trade War Concerns, Maintaining an Upward-Shifting Low Pattern
On June 14, due to traders weighing geopolitical impacts and tariff uncertainties, Bitcoin briefly dropped below $104,200 overnight but then rebounded with high trading volume and quickly stabilized, currently hovering around $105,100. It declined 0.22% over the past 24 hours as traders largely digested the geopolitical tensions. Traders appear moderately bullish mid-term since despite intraday volatility, Bitcoin maintains an upward-shifting low pattern. Profit-taking near $106,000 limits upward momentum, but support near $105,000 continues to attract dip buyers. Market participants are closely watching this range, especially as safe-haven demand and risk sentiment remain intertwined.

Michael Saylor: Global Capital Will Flow into the Bitcoin Network
On June 14, Strategy founder Michael Saylor stated that global capital will gradually flow into the Bitcoin network and other digital spaces. He believes the U.S. should hold as much Bitcoin as possible as early as possible to gain an advantage before other countries realize its value. Saylor emphasized that the Bitcoin network, as decentralized financial infrastructure, will become the core of future capital flows.

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Coatue Founder: Bitcoin Will Become a More Core Asset in Investment Portfolios
On June 14, Philippe Laffont, founder of hedge fund giant Coatue Management, stated at the Coinbase Cryptocurrency Summit in New York that although investors may have been deterred by Bitcoin’s early volatility, Bitcoin’s volatility has decreased over time, meaning the cost of investing in Bitcoin is falling. Institutional acceptance of Bitcoin is also a sign of cryptocurrency maturity.

Additionally, the number of Bitcoin wallets holding cryptocurrency for at least one month and then fully selling has significantly declined, indicating investors are holding crypto long-term rather than trading it. Of course, at this stage, Bitcoin’s proportion in global net assets remains very small (about $2 trillion out of $500 trillion). If Bitcoin is to be seen by more as a value asset, it must become a more core asset in portfolios.

Glassnode: Bitcoin’s Uptrend Has Not Changed Despite Significant Growth in Previous Two Cycles
On June 15, Glassnode posted on X that although Bitcoin’s market cap has grown substantially compared to the previous two cycles, the current cycle’s development trend has not changed due to the market cap increase and continues the growth pattern of the prior two cycles. Data shows Bitcoin increased 1076% from 2015 to 2018, 1007% from 2018 to 2022, and 656% since 2022. This trend indicates that market demand growth is synchronized with Bitcoin’s maturation and is also a sign that investors remain optimistic about Bitcoin.

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Opinion: Public Companies Face Capital Reallocation, Traditional Companies Without Bitcoin Strategy May Be Eliminated
On June 15, David Bailey, President of Bitcoin Magazine, posted on X that whenever a company adds Bitcoin to its corporate treasury, it effectively eliminates a traditional company without Bitcoin holdings. Nowadays, corporate liquidity is essentially Bitcoin liquidity, and companies that do not adopt it face “death.”

In response, Adam Back, co-founder and CEO of Blockstream, said companies adopting Bitcoin treasury strategies are “eating the lunch” of publicly listed companies. Ignoring the biggest arbitrage opportunity of this century means capital reallocation will leave you behind — this really isn’t a choice.

DDC Enterprise Plans to Raise $528 Million to Expand Bitcoin Reserves

On June 17, New York Stock Exchange-listed company DDC Enterprise Limited announced it has signed three securities purchase agreements. After deducting placement agent fees and issuance costs, it expects to raise up to $528 million.

Investors include Anson Funds, Animoca Brands, Kenetic Capital, QCP Capital, and a network of leading institutional funds and individual Bitcoin investors. The funds raised will be used to expand the company’s Bitcoin reserves.

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Spanish Bank BBVA’s Private Banking Recommends Clients Allocate 3% to 7% of Portfolio to Bitcoin

On June 18, according to monitoring by HODL15Capital, private banking under Spain’s BBVA bank recommends clients allocate 3% to 7% of their investment portfolios to Bitcoin.

Semler Scientific Appoints Bitcoin Strategy Director, Aiming to Hold at Least 10,000 BTC by End of 2025

On June 20, Nasdaq-listed medical technology company Semler Scientific (Nasdaq ticker: SMLR) appointed Joe Burnett as Bitcoin Strategy Director, with a goal to hold at least 10,000 bitcoins by the end of 2025 and reach 105,000 by the end of 2027.

Joe Burnett is a leading figure in Bitcoin and financial markets. Previously, he served as Market Research Director at Unchained, a financial services company focused on Bitcoin, promoting broader Bitcoin adoption in capital markets and helping shape institutional understanding of collaborative custody. Before joining Unchained, Joe was Chief Analyst and Product Manager at Blockware Solutions and helped launch Blockware Marketplace, one of the largest Bitcoin mining platforms in the US.