1. Bitcoin Market

During the period from June 21 to June 27, 2025, Bitcoin's specific movements were as follows:

June 21:Bitcoin’s price quickly dropped from around $106,000 to near $104,000, then briefly rebounded but failed to hold, continuing its decline with an intraday low of $102,770 before the drop slowed. Entering the European and US trading sessions, Bitcoin began to stabilize with slight fluctuations, rebounding to $104,008 in the evening before retreating to close at $103,605.

June 22:The day opened weakly, quickly breaking the key support level of $102,000 and dipping to a low of $101,229 before rebounding to $103,134. However, the upward move lacked volume support, and the price entered a sideways consolidation phase amid clear market divergence. Near the evening session, Bitcoin plunged sharply again, falling from $102,780 to $99,131, breaking the important psychological threshold of $100,000 and triggering a sharp rise in market panic. This crash was widely interpreted as a risk reaction to potential escalation in the Middle East. Investors feared that regional conflicts would push oil prices and global inflation expectations higher, exerting pressure on risk assets. On-chain data showed that over $1 billion worth of crypto assets were liquidated forcibly that day.

June 23:Bitcoin continued the previous day’s downward trend, briefly rebounding to $100,030 at the start of the session before falling again to a weekly low of $98,523. As macroeconomic conditions improved and trade tensions eased, the market gradually recovered and entered a consolidation and repair phase. Bitcoin successively surpassed the $101,000 and $102,000 levels, reaching a high of $102,480. Although it retreated somewhat late in the session, the overall recovery momentum persisted, closing at $101,473.

June 24:Continuing the previous day’s correction, Bitcoin pulled back to around $100,000 in early trading, then rapidly rebounded with a sharp rise to near $103,000, followed by further gains, surging to $106,023 to complete a deep recovery of earlier losses. It then pulled back slightly to around $105,000 to consolidate but showed signs that bulls were regaining control, with market sentiment clearly warming.

June 25:Bitcoin extended the prior day’s steady upward trend, climbing from $105,285 and maintaining an ascending channel. The evening session saw a peak at $107,983, approaching a resistance level but failing to break through decisively, then slightly retreating to close the day at $107,072. The overall trend was bullish, with the short-term upward momentum continuing.

June 26:Bitcoin’s rise slowed, fluctuating up to $108,037 and setting a new local high. In the evening, short-term profit-taking caused a slight pullback to a low of $106,782, maintaining a narrow consolidation range as the market entered a phase of high-level sideways movement.

June 27:Under pressure from above, Bitcoin corrected slightly during the session to around $106,600, maintaining weak sideways fluctuation. At the time of writing, the price stood at $106,712, with market sentiment turning cautious and short-term direction awaiting clearer signals.

Summary

This week, Bitcoin showed a three-phase pattern: initial selling pressure and decline, technical recovery, and finally high-level consolidation. From June 21 to 23, influenced by unexpected airstrikes and escalating Middle East tensions, Bitcoin’s price plunged sharply, breaking multiple key supports from around $106,000 to a low of $98,523. This triggered forced liquidations exceeding $1 billion in crypto assets and a rapid rise in market panic. Starting June 24, Bitcoin initiated a rapid rebound with concentrated short-term capital replenishment, strongly recovering above $106,000 and recapturing lost ground. From June 25 to 27, bullish momentum weakened somewhat, and prices oscillated near $107,000, maintaining a high-level consolidation pattern as the market turned cautious, awaiting new directional signals.

Overall, Bitcoin demonstrated strong resilience and recovery capability this week, shifting from extreme panic to relative stability in the short term, while still requiring caution over the ongoing impact of geopolitical risks and macroeconomic factors on sentiment and capital flows.

Bitcoin Price Movement (2025/06/21–2025/06/27)

2. Market Dynamics and Macroeconomic Background

Capital Flows

1.On-chain Whale Activity
Long-term holders show no signs of selling; holdings highly concentrated
Data from CryptoQuant indicates that long-term holders (LTH) maintain a strong inclination to hold, with almost no obvious selling signals. The current on-chain LTH holdings amount to approximately 14.7 million BTC, a historical high in proportion. A Glassnode report further shows that the “LTH Spent Output Ratio” has been steadily declining since June 10, reflecting growing market confidence in the mid-to-long-term trend. Such a phase of dormant holdings has historically been viewed as a signal before major market rallies.

LTH/STH Holding Ratio Significantly Rising: Major Rally Approaching
CryptoQuant analyst Axel Adler Jr points out that the LTH/STH (long-term/short-term holder) holding ratio is currently entering a sustained upward channel. The two previous major Bitcoin rallies (from $28,000 to $60,000 and $60,000 to $100,000) both occurred within 1–2 months after significant rises in the LTH ratio. Currently, Bitcoin is at the key $100,000 price level, with large-scale accumulation by LTH occurring again. If this trend continues, a one-sided bullish run could emerge within 4–8 weeks. Using a conservative multiplier model (1.6x), the next target range could be around $160,000.

2.On-chain Liquidity and Exchange Behavior: Strengthening Trends on Both Supply and Demand Sides
Inflow/Outflow Ratio Remains High
The 30-day Simple Moving Average (SMA) shows Bitcoin’s on-chain inflow/outflow ratio is holding at levels seen at the start of the 2023 bull market, indicating that on-chain demand remains robust. The market has entered a low-volatility “chip redistribution phase,” but exchange inflow pressure remains very low, supporting a price breakout to the upside.

Exchange Net Inflows Remain Positive
CryptoQuant data shows that BTC balances on exchanges are steadily increasing, reflecting continuous inflows from over-the-counter (OTC) channels. Although whale activity is relatively low, major funds are positioning via OTC or limit order strategies. A typical feature is a gradual rise in exchange balances without sharp fluctuations.

3.Market Share and Capital Preference: BTC’s Absolute Dominance Remains Firm

According to CoinMarketCap data, Bitcoin’s market dominance has rebounded to 62%, significantly up from 59% at the end of May. Altcoin market capitalizations remain low, investors’ risk appetite is conservative, and capital is further concentrating into BTC, creating a strong “safe-haven siphon effect.”

4.Spot Bitcoin ETF Net Inflows Continue This Week

Daily ETF capital inflows/outflows this week:

• June 23: +$350.6 million
• June 24: +$588.6 million
• June 25: +$547.7 million
• June 26: +$63 million

Total net inflows for the first three days exceeded $1.48 billion. Although there was a slight decline on June 26, the overall trend remains in a strong channel.

ETF Inflow/Outflow Data Chart

Spot ETF Total Holdings and Cumulative Trading Volume

On-chain Holdings Break Through 1.218 Million BTC
As of June 22, total on-chain holdings of US spot Bitcoin ETFs reached approximately 1.218 million BTC (accounting for 6.13% of global supply), with a total value around $126.2 billion.

Cumulative Trading Volume Surpasses $1 Trillion
Since launching in January 2024, the total trading volume of US spot BTC ETFs has exceeded $1 trillion. IBIT (BlackRock’s iShares BTC Trust) dominates 79% of the market share, with daily trading volume between $2.3 billion and $4.4 billion; its assets under management have surpassed $120 billion, with IBIT alone exceeding $70 billion.

Technical Indicator Analysis

1.Relative Strength Index (RSI 14)

According to data from Investing.com, as of June 27, 2025, Bitcoin’s 14-day Relative Strength Index (RSI) stands at 50.555, within the neutral range (50–70). This indicates that the market is currently in a state of relative balance between bulls and bears, with no obvious overbought or oversold signals. The RSI close to the midpoint reflects cautious market sentiment and a lack of clear short-term directional guidance. If the RSI subsequently breaks above 60 and continues rising, it may signal strengthening buying momentum; conversely, if it falls below 50, there is a risk of further market pullback.

2.Moving Average (MA) Analysis

• 5-day Moving Average (MA5): $106,517.54
• 20-day Moving Average (MA20): $105,917.61
• 50-day Moving Average (MA50): $102,865.20
• 100-day Moving Average (MA100): $94,951.70
• 200-day Moving Average (MA200): $90,835.33
• Current Market Price: $107,296.39

MA5, MA20, MA50, MA100, MA200 Data Chart

Bitcoin’s price is currently trading above all major moving averages, demonstrating strong medium- to long-term upward trend support. In the short term, MA5 and MA20 show a bullish alignment, with the price steadily running above them, reflecting active short-term buying power. Mid-term, MA50 and MA100 are trending upwards, indicating the market is maintaining a structural uptrend overall. Notably, the current price is above MA50 and MA100, indicating the trend has not weakened. Long-term, the sustained rise of MA200 confirms Bitcoin remains in a long-term bull market structure. However, it should be noted that although the current price stands above the moving average system, the margin above MA5 and MA20 is limited. If volume is insufficient going forward, a short-term technical pullback to test moving average support is possible.

3.Moving Average Convergence Divergence (MACD) Analysis

Based on Investing.com data as of June 27, the MACD fast line is at -32.94, in negative territory, indicating that the short-term moving average (12-day EMA) has fallen below the long-term moving average (26-day EMA), meaning short-term market momentum is weakening. The current MACD issues a “Sell” technical signal, and the MACD histogram shows negative bars, indicating downward momentum has not yet fully exhausted.
If the MACD fast line crosses above the signal line accompanied by the histogram turning positive, this would be an early indication that the market has completed a short-term bottom formation; otherwise, continued caution for downside risk is advised.

4.Key Support and Resistance Levels

Support:The current short-term key support levels for Bitcoin are at $105,000 and $106,000. If prices decline further, the next important support zone is concentrated between $98,500 and $100,000. The overall trend remains within an upward channel, with no effective correction pattern formed. During a rapid intraweek dip, the $98,500 and $100,000 support levels showed significant buying interest, successfully halting the decline and triggering a short-term rebound, indicating strong absorption capacity at these supports.

Resistance:In the short term, Bitcoin faces core resistance at $108,000. During the rise from June 25 to 27, the price repeatedly touched this level but failed to break through effectively, followed by a technical pullback. This suggests the resistance level faces strong selling pressure and a bearish defense line. If the price can break above $108,000 with volume, it may further test $110,000 and open up new upward space; otherwise, a failure to break through could lead to a short-term retracement to the $105,000 area to seek support.

Summary:Bitcoin currently maintains a high-level consolidation pattern, with technical indicators showing an upward trend but weakening momentum. The price remains above major moving averages, indicating the medium- to long-term bullish structure is intact. However, short-term RSI and MACD signals suggest a temporary slowdown in bullish momentum and a possible need for a pullback. Investors are advised to monitor the $107,000–$108,000 range for a breakout, as the breakout direction will determine the short-term trend path. If the price pulls back without breaking support and is accompanied by volume-driven rallies, following the trend may be considered. If support at $105,000 is broken, further correction risk should be noted. For risk management, it is recommended to pay attention to macroeconomic news and the interaction effects between the US stock market and the US Dollar Index, guarding against sudden emotional market fluctuations.

Market Sentiment Analysis

1.Sentiment Overview

This week, the overall market sentiment showed a "fall first, then rise" pattern. From June 21 to 23, the price oscillated downward, breaking below the psychological level near $100,000, with most traders adopting a cautious stance and strong wait-and-see sentiment. From June 23 to 24, after stabilizing at a key technical support level, the price quickly rebounded to around $105,000, and market sentiment noticeably warmed up. Some bullish capital re-entered the market, gradually restoring confidence. From June 25 to 27, Bitcoin’s price steadily rose within an upward channel, sentiment stabilized, and the market overall returned to rational optimism.

2.Key Sentiment Indicator (Fear & Greed Index)

As of June 27, the Fear & Greed Index was at 49, positioned in the "Neutral" range. This indicates overall balanced market sentiment with rational investor attitudes, showing no obvious panic or excessive chasing behavior.
Reviewing the week from June 21 to June 26, the daily index values were: 43 (Neutral), 40 (Borderline Fear), 37 (Fear), 47 (Neutral), 48 (Neutral), and 50 (Neutral). Overall, the index was in the "Fear" zone in the first half of the week, reflecting market concerns over the price pullback; with the market rebound, the index gradually rose back to the "Neutral" level, indicating sentiment recovery and improved investor confidence.

Fear & Greed Index Data Chart

Macroeconomic Background

1.Powell Denies Fed Will Purchase Bitcoin
On June 25, Federal Reserve Chairman Powell publicly stated that the Fed “neither owns nor seeks to obtain legal authority to purchase Bitcoin,” clearly rejecting market speculation about the Fed possibly directly engaging in Bitcoin asset purchases. This statement delineates the central bank’s boundaries in the digital asset field, causing a slight short-term negative impact by suppressing expectations of “central bank buying.” However, from a medium- to long-term perspective, Bitcoin’s decentralization and anti-inflation logic still hold. It is worth noting that investors should focus more on whether the Treasury Department and the Trump administration will promote a national-level Bitcoin reserve policy, as the Fed’s stance does not represent the entire government’s position.

2.US Military Action Against Iran Triggers Geopolitical Risk, Bitcoin Rebounds After Falling Below $100,000
In the early hours of June 22, the US launched the “Midnight Hammer” military operation, striking three nuclear facilities in Natanz, Fordow, and Isfahan, Iran. On the night of June 21, Bitcoin’s price briefly fell below $100,000, touching $98,000 and triggering over $300 million in long liquidations. The market then quickly recovered, with the price rebounding to the $100,000–$105,000 range, demonstrating strong market resilience and that the geopolitical shock did not cause sustained selling pressure.
At the same time, concerns arose that Iran might block the Strait of Hormuz, increasing energy supply uncertainty. This strait accounts for about 20% of global oil transportation, and if blocked, it would trigger severe oil price volatility. JPMorgan Chase predicts oil prices could surge to $120–$130 per barrel, pushing US inflation to 5% and intensifying risk-off sentiment. Despite short-term downward pressure from the geopolitical conflict, Bitcoin’s safe-haven attributes could be strengthened in the medium to long term.

3.Trump’s Hawkish Stance and Middle East Ceasefire Expectations Intertwine Repeatedly
This week, Trump displayed a hawkish position during the NATO summit, publicly supporting military strikes on Iran’s nuclear facilities, sparking market concerns over escalating tensions. His strong rhetoric was described by media as a “Hiroshima moment,” intensifying geopolitical uncertainty and supporting demand for safe-haven assets like gold and Bitcoin.
On June 23, Trump announced a “ceasefire in the Iran-Israel conflict,” although media noted that clashes continued. Nevertheless, this news temporarily boosted market risk appetite, leading to a drop in oil prices and a rebound in stock markets. Bitcoin’s price also recovered to the $106,000–$107,000 range, showing its high sensitivity to changes in macro expectations.

4.Weak Performance of Crypto Market This Year; July CPI a Key Watchpoint
10x Research pointed out that although over $63 billion in liquidity has flowed into the crypto market since the start of 2025, Bitcoin has only risen 13% year-to-date, far below market expectations. Regarding inflation, the US CPI has fallen from 3.5% in April to a current three-month consecutive 2.4%, below Powell’s previously warned “risk level above 3%.” Meanwhile, the unemployment rate remains stable at 4.2%, with no obvious deterioration in the labor market.
In this context, the market is widely focused on the upcoming US CPI data release on July 15, which will directly influence whether the Fed maintains its hawkish stance or shifts earlier toward easing. If CPI further declines, it may create policy tailwinds for Bitcoin; conversely, if inflation rises again, the funding enthusiasm in the crypto market may be suppressed.

3. Hashrate Changes

During the period from June 21 to June 27, 2025, the Bitcoin network hashrate exhibited fluctuations as follows:

On June 21, the Bitcoin network’s total computing power (hashrate) showed minor fluctuations, maintaining a range between 880 EH/s and 940 EH/s in the morning. In the afternoon, it briefly rose to 954.61 EH/s, then gradually declined, closing the day at 844.81 EH/s, indicating a decrease in miner participation. On June 22, the hashrate continued to decline, extending the downward trend from the previous day, starting at 844.81 EH/s and dropping to a low of 666.02 EH/s. Despite a slight intraday rebound, it ultimately closed at 692.02 EH/s, showing pressure on network computing power.

On June 23, the hashrate saw a mild recovery, reaching an intraday high of 773.57 EH/s before falling again to close at 688.33 EH/s, failing to form an effective short-term reversal signal. On June 24, the downward trend continued, with the hashrate hitting a phase low of 632.89 EH/s before rebounding to close at 734.06 EH/s, reflecting some miners reconnecting to the network after hashrate adjustments.

On June 25, the Bitcoin network’s hashrate rose significantly, showing continuous upward momentum throughout the day. Starting from 734.06 EH/s, computing power steadily recovered, indicating an increase in miner connectivity, possibly due to some mining farms completing equipment maintenance and power adjustments. Near the end of the day, the hashrate reached 946.63 EH/s, approaching previous high levels, demonstrating rapid return of network computing resources and a trend toward operational stability.

On June 26, the hashrate continued rising, climbing from 920.76 EH/s to a recent peak of 1071.10 EH/s, setting a new short-term high. However, after reaching this high, network computing power slightly declined, closing the day at 949.36 EH/s, possibly due to some hashrate withdrawing post-peak.

On June 27, the hashrate continued the previous day’s downward trend, steadily falling in the morning. According to current data as of the time of writing (UTC), the hashrate dropped to around 900 EH/s, indicating reduced miner block production activity.

Overall, the midweek Bitcoin hashrate remained at low levels, with a minimum dip to about 632.89 EH/s, reflecting low miner connectivity. According to Bitinfocharts data, the daily average network hashrate fell to 661.26 EH/s, the lowest since mid-October 2024, down more than 10% from the previous day. Some analysts believe the sharp hashrate drop is related to the US airstrikes on Iranian nuclear facilities on June 22, which may have caused temporary outages or power cuts at mining farms in the region, impacting global hashrate supply.

Subsequently, the hashrate rapidly recovered starting June 25, briefly surpassing 1071.10 EH/s on June 26, reaching a phase high. By June 27, the hashrate slightly retreated to around 900 EH/s, exhibiting a “low-level oscillation — rapid recovery” pattern, indicating the network is currently in dynamic equilibrium adjustment.

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 21: $46.57 million;June 22: $34.17 million;June 23: $34.61 million;June 24: $39.24 million;June 25: $48.33 million;June 26: $53.55 million.From this, it can be seen that miners’ average daily total revenue this week roughly remained between $34 million and $54 million, approximately within the range of $44M ± $10M, showing an overall “decline followed by rise” trend. The lowest point occurred between June 22–23, followed by a continuous rebound reaching a new high by the end of the week.

This revenue fluctuation was mainly influenced by Bitcoin price volatility and hashrate adjustments. As Bitcoin’s price dropped below $100,000 midweek, on-chain transaction activity temporarily slowed, leading to a decrease in the proportion of transaction fees during certain periods, which in turn lowered total revenue. However, in the latter part of the week, due to increased network congestion and rising unit hashrate revenue (Hashprice), miner daily income recovered quickly. It should be noted that structural changes in the network and changes in miner behavior still have a significant impact on revenue.

From the perspective of Hashprice (unit hashrate revenue), the overall trend this week showed a decline followed by a rebound. According to Hashrate Index data, on June 23, the Bitcoin network Hashprice dropped to $49.65 per PH/s/day, marking the weekly low and close to the monthly bottom. By June 27, Hashprice had recovered to $54.47 per PH/s/day. The fluctuation in Hashprice results from the combined effects of Bitcoin price changes and global hashrate adjustments, particularly reflecting the direct impact of geopolitical events on regions with highly concentrated hashrate. It also further highlights the critical importance for mining companies to strategically deploy hashrate across multiple regions and ensure stable power supply when formulating mining strategies.

From an industry perspective, major publicly traded mining companies in the US achieved considerable profit growth in May. According to data disclosed this week by investment bank Jefferies, listed mining companies’ overall mining profits increased by nearly 20% month-over-month in May 2025. Among them, Marathon Digital (MARA) produced the highest output at 950 BTC, followed by CleanSpark with 694 BTC. In total, US listed miners produced 3,754 BTC in May, a 14.5% increase compared to April, with their market share rising from 24.1% to 26.3%.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to data from CloverPool, as of the time of writing on June 27, 2025, the total Bitcoin network hashrate reached 813.00 EH/s, with the current network mining difficulty at 126.41 T. The next difficulty adjustment is expected to take place on June 29, with a predicted downward adjustment of 6.31%, reducing the difficulty to 118.44 T. Additionally, according to a June 24 report by CoinDesk, the upcoming difficulty adjustment could reach approximately 9%, marking the largest single adjustment since China implemented its mining ban in July 2021.

This significant decline in difficulty signals an important turning point in the mining ecosystem. The reduction in mining difficulty is a major positive for miners because it directly increases the probability of block discovery per unit of hashrate, thereby improving miners’ profit margins. At the same time, for mining farms with higher marginal electricity costs, the difficulty adjustment provides some buffer space, helping optimize their operational strategies.

Recently, the May financial reports of major publicly listed US mining companies showed steady profit growth. Many miners have accelerated expansion efforts, adopting strategies such as acquiring mining farms, introducing more energy-efficient S21 miners, and optimizing electricity supply chains, aiming to reduce marginal costs and increase the value per unit of hashrate. The competitive landscape in the industry increasingly reflects a “strong get stronger” pattern—capital and technological barriers have become core competitive advantages for large mining companies. Through economies of scale and technological upgrades, these miners are not only better equipped to manage risks related to difficulty and price fluctuations but also have the capacity to lead the next phase of industry development.

Overall, the Bitcoin mining industry is entering a new phase of optimization and adjustment. The significant difficulty reduction will ease pressure on miners in the short term and improve overall profitability. Meanwhile, improvements in energy efficiency and cost control are becoming critical for miners’ survival and growth. As large miners achieve scaled expansion driven by both capital and technology, the industry is showing signs of intensified differentiation. In the future, only miners who continuously improve hashrate energy efficiency, optimize power structures, and master flexible scheduling capabilities will maintain a leading position in the fiercely competitive market. For investors, focusing on miners with technological upgrading capabilities and stable power supply guarantees is more likely to yield long-term, steady returns.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

Texas Signs Bill to Establish Bitcoin Reserve, Plans to Purchase $10 Million BTC
On June 24, it was reported that Texas Governor Greg Abbott signed Senate Bill No. 21, officially establishing the first publicly funded state-level Bitcoin reserve in the United States. Texas will allocate $10 million to purchase Bitcoin, distinguishing itself from Arizona and New Hampshire, which have only authorized reserves without funding. The accompanying bill HB 4488 also stipulates that this reserve cannot be diverted for general fiscal revenue.

Texas Passes SB1498 Authorizing Seizure of Crime-Related Bitcoin and Digital Assets
On June 24, according to Cointelegraph, Texas officially signed SB1498 into law, allowing the state to seize Bitcoin and digital assets related to specific crimes. Seized assets will be deposited into a forfeiture fund.

Related Images

Powell: The Federal Reserve Neither Owns Nor Seeks Legal Authority to Purchase Bitcoin
On June 25, Federal Reserve Chair Jerome Powell stated that the Federal Reserve neither owns nor seeks legal authority to purchase Bitcoin.

Ohio Representative: After Passing HB 116 to Reduce Cryptocurrency Taxes, Next Step is Creating a State Bitcoin Reserve
On June 25, according to Bitcoin News, following the passage of HB 116 to reduce cryptocurrency taxes, Ohio Representative Steve Demetriou indicated that the next step will be to establish a state-level Bitcoin reserve. A new bill, HB 18, would allow the state treasurer to invest up to 10% of specified public funds in "high market cap" cryptocurrencies.

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Arizona Passes Bitcoin Reserve Bill HB2324, Awaiting Governor’s Signature
On June 25, according to Bitcoin Laws, Arizona passed the "Bitcoin Reserve" bill HB2324. The bill aims to establish a reserve fund to hold assets acquired through criminal asset forfeiture.
If Governor Hobbs signs it, this bill will become the second officially legislated reserve bill in Arizona.

White House Digital Assets Policy Advisor: U.S. Is Building Infrastructure for Strategic Bitcoin Reserve
On June 27, FOX Business reporter Eleanor Terrett reported that White House digital assets policy advisor Bo Hines confirmed the U.S. is building the infrastructure for a strategic Bitcoin reserve.
He pointed out that although the executive order issued by former President Trump in March did not mandate the Treasury Department to disclose the U.S. government’s current Bitcoin holdings, the government may choose to release such information publicly. He added that the U.S. government is “very inclined” to increase Bitcoin holdings through budget-neutral means.

7. Mining News

Satoshi Action Fund Co-Founder: U.S. Government Should Provide Funding or Incentives for Bitcoin Mining Development
On June 23, Dennis Porter, co-founder of Satoshi Action Fund, stated, "The U.S. government should provide funding or incentives for the development of Bitcoin mining, just as it does for batteries or renewable energy. Bitcoin mining is one of our most powerful tools for balancing the grid and advancing U.S. energy goals. We can eliminate energy poverty."

Canaan Announces Strategic Restructuring to Focus on Crypto Infrastructure and Bitcoin Mining
On June 24, according to official news, Canaan announced it has initiated a strategic restructuring. Chairman and CEO Zhang Nangeng stated the company will focus on crypto infrastructure and Bitcoin mining, including Bitcoin miner sales, self-operated mining business, and consumer-facing mining products. Additionally, Canaan disclosed that revenue from selling edge computing products in fiscal year 2024 was approximately $900,000. The unaudited operating expenses related to this business accounted for about 15% of the company’s total operating expenses in fiscal year 2024.

Bit Digital Announces Full Transition to Ethereum Staking and Treasury Company, Raises $150 Million to Purchase ETH and Exit Bitcoin Mining
On June 26, U.S.-listed company Bit Digital (ticker: BTBT) announced a strategic transformation, planning to gradually exit Bitcoin mining operations and fully shift to Ethereum staking and asset allocation, aiming to become a “pure Ethereum staking and treasury company.” To accelerate the transition, Bit Digital raised $150 million through a public offering at $2 per share and granted underwriters an option for an additional 11.25 million shares. The funds will be used to purchase ETH, marking one of the largest Ethereum financial commitments in the public market. Additionally, the company plans to sell shares and spin off its high-performance computing subsidiary WhiteFiber. As of the end of March this year, Bit Digital held over 24,000 ETH and 417 BTC, operating one of the world’s largest institutional-grade Ethereum staking infrastructures.

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8. Bitcoin News

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

1. El Salvador:On June 22, mempool data shows El Salvador currently holds 6,215.18 BTC, worth approximately $637 million.
2. BlackRock: On June 23, BlackRock’s spot Bitcoin ETF IBIT held 683,017.53 BTC as of June 18, representing over 3% of Bitcoin’s total supply.
3. Cardone Capital: On June 23, Cardone Capital has purchased about 1,000 BTC and plans to increase holdings to 4,000 BTC this year.
4. Strategy (formerly MicroStrategy): On June 23, Strategy added 245 BTC, bringing total holdings to 592,345 BTC.
5. Méliuz S.A.: On June 23, Brazilian listed company Méliuz purchased an additional 275.43 BTC, raising total holdings to 595.67 BTC.
6. The Blockchain Group: On June 24, European listed company The Blockchain Group bought 75 BTC, with total holdings reaching 1,728 BTC.
7. Australia Monochrome ETF: On June 24, Australia’s spot Bitcoin ETF Monochrome (IBTC) held 877 BTC as of June 23.
8. The Smarter Web Company: On June 24, UK-listed The Smarter Web Company increased holdings by 196.9 BTC, totaling 543.52 BTC.
9. Vinanz: On June 24, UK-listed Vinanz purchased an additional 37.72 BTC, raising total holdings to 58.68 BTC.
10. Bitmax: On June 24, South Korean listed Bitmax bought 49.06 BTC, with total holdings at 300.08 BTC, making it the largest holding listed company in South Korea.
11. ProCap Financial (including ProCap BTC):On June 25, ProCap and its Bitcoin-native financial services company ProCap BTC acquired 1,208 BTC, bringing total holdings to 4,932 BTC. ProCap acquired 3,724 BTC on June 24 alone. The company expects its Bitcoin assets to reach $1 billion after business consolidation.
12. Matador: On June 25, Bitcoin and RWA fintech company Matador added 8.4 BTC, bringing total holdings to 77 BTC. The purchase was valued at approximately $878,000 as part of its long-term Bitcoin capital strategy.
13. Metaplanet: On June 26, Japanese listed company Metaplanet acquired 1,234 BTC, raising total holdings to 12,345 BTC. This surpasses Tesla’s 11,509 BTC, making Metaplanet the seventh largest publicly listed company adopting a Bitcoin treasury strategy worldwide.
14. NanoLabs: On June 26, Nasdaq-listed NanoLabs purchased 600 BTC. The company’s treasury holds 1,000 BTC, sourced from the first round of a $500 million convertible bond transaction.
15. Bitcoin Treasury Capital: On June 26, Canadian listed Bitcoin Treasury Capital announced the acquisition of 66 BTC, worth approximately $7 million (around 66 million SEK). The company stated this purchase marks the official launch of its long-term reserve strategy.

French Parliamentarian Invites Jan3 Founder to Promote National-Level Bitcoin Adoption Plan
On June 22, French Member of the European Parliament Sarah Knafo invited Jan3 founder Samson Mow to visit France to jointly explore establishing a “strategic Bitcoin reserve” for France and promoting friendly regulation. Mow expressed his anticipation of sparking a “national-level wave of Bitcoin adoption” in France and throughout Europe. This initiative comes amid increasing Bitcoin engagement in France’s public and private sectors, including the state-owned bank Bpifrance announcing a $27 million investment to support local crypto projects, and Europe’s first Bitcoin treasury company, Blockchain Group, increasing its Bitcoin holdings to 1,471 BTC.

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Survey: Nearly Three-Quarters of Young Investors Prefer Bitcoin Over Gold
On June 23, a new global survey by DeVere Group revealed that 73% of investors aged 24-45 regard Bitcoin as a better long-term investment than gold. The survey covered 730 clients worldwide, with younger investors viewing Bitcoin as “digital gold,” valuing its borderless nature, accessibility, and alignment with future trends.
DeVere CEO Nigel Green stated that Bitcoin and gold are not competitors but different assets solving different problems. He advised investors to hold both assets simultaneously to hedge against macroeconomic uncertainty, changes in monetary policy, and geopolitical risks. Green predicts gold prices will reach $5,000 per ounce by 2025, while Bitcoin will climb to $150,000.

BlackRock Executive: Bitcoin Is a "Global, Scarce, Non-Sovereign, Decentralized Asset"
On June 25, According to BitcoinMagazine, BlackRock executive Mitchnick recently stated that Bitcoin is a "global, scarce, non-sovereign, decentralized asset that does not belong to any single country."

Billionaire Investor Philippe Laffont: Bitcoin Has the Potential to Become One of the Most Valuable Assets Globally Within the Next Five Years
On June 27, Billionaire investor Philippe Laffont, founder of the hedge fund and tech venture capital firm Coatue Management, recently released his list of the "Top 40 Companies for 2030," which drew widespread attention for one unexpected asset — the world’s largest cryptocurrency, Bitcoin.
In a June 25 interview on CNBC’s "Squawk Box," Laffont grouped Bitcoin alongside well-known tech giants Microsoft, Nvidia, Amazon, and Meta, expressing his belief that Bitcoin has the potential to become one of the most valuable assets worldwide within the next five years. Laffont has previously admitted missing early opportunities to invest in Bitcoin and expressed regret. He believes Bitcoin’s market valuation could double before 2030, potentially reaching $5 trillion.

Bakkt Updates Investment Policy and Announces $1 Billion Securities Offering Plan, Aiming to Incorporate Bitcoin and Other Digital Assets into Corporate Treasury
June 27 — According to documents released by Bitcoin Magazine, publicly listed company Bakkt, focused on digital assets, has updated its investment policy and announced a $1 billion securities offering plan aimed at incorporating digital assets into its corporate treasury.
Screenshots of the documents show that to support this new strategy and provide funding flexibility for potential digital asset acquisitions, Bakkt has submitted a plan for a mixed securities offering of up to $1 billion. The plan covers various types of securities including Class A common stock, preferred stock, debt securities, warrants, and units. The company stated that proceeds from the offering, excess cash, or existing capital sources may be used to acquire digital assets, subject to the limitations set forth in the investment policy.
Additionally, Bakkt plans to explore other opportunistic financing options, including issuing convertible notes, bonds, or other debt instruments, for the purchase of digital assets or other purposes consistent with its investment policy.

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Bitcoin Reserves in the Kingdom of Bhutan Reach $1.3 Billion, Nearly 40% of GDP
June 27 — Bhutan’s Bitcoin reserves are valued at $1.3 billion, accounting for approximately 40% of the country’s GDP. Dennis Porter, CEO of Satoshi Action Fund, called this a "crypto milestone."
Bhutan began mining in 2020 under the initiative of King Jigme Khesar Namgyel Wangchuck, utilizing its abundant hydroelectric resources. Five years later, Bhutan has become the third-largest government holder of Bitcoin worldwide.