1. Bitcoin Market

Between April 5, 2025, and April 11, 2025, the specific price movements of Bitcoin were as follows:

April 5:Bitcoin's price rose slightly from $82,839 to $84,508 in the early hours. It then traded sideways around $84,000 before gradually descending to around $83,570. After another period of sideways movement, it dropped slightly to $82,642.

April 6:Bitcoin maintained a sideways trend, first crawling up to $83,593, then dropping to $82,252. It then experienced a sharp decline, crashing to $78,898. This drop was triggered by escalating global trade tensions due to U.S. President Trump's tariff policies, which led to a market-wide chain reaction, culminating in the Bitcoin market's crash by the end of the day.

April 7:Bitcoin moved sideways for a short time, but the downtrend continued, with Bitcoin dropping to $77,206. It then briefly recovered to $79,115 but failed to stabilize. The price broke through the $77,500 support level and dropped further to $74,727. Bitcoin then bounced back, first oscillating up to around $77,500, then making a sharp upward movement to $79,454.

April 8:Bitcoin showed an upward oscillating trend, starting from $77,776, climbing to $79,022, then $79,870, and reaching $80,718. After a brief correction, it maintained around $79,800, then swiftly dipped to $76,529.

April 9:Bitcoin continued the previous day's downward movement, fluctuating downward to $75,005, before initiating a corrective trend. It saw a slight upward oscillation to $77,741, then fluctuated down to $75,858, before recovering to around $77,525.

April 10:The market's risk appetite briefly rebounded after news that "Trump may consider canceling some tariffs," leading to a rapid Bitcoin price surge. Bitcoin broke through multiple resistance levels, rising from $77,131 to $82,555. After some profit-taking, a slight technical pullback occurred, but bullish momentum continued, pushing the price back up to $83,428. In the evening, market sentiment weakened, and selling pressure intensified, causing Bitcoin's price to drop quickly to around $78,707, where it temporarily stopped falling. The overall movement formed a "bullish-driven surge followed by a pullback" pattern.

April 11:After the price stabilized at the end of the previous trading day, Bitcoin's overall trend on April 11 became relatively steady, with market sentiment turning cautious and volatility narrowing. The price rose to $79,959, briefly dipped to $78,969, and then regained its upward momentum, peaking at $80,356. The price then continued a narrow range upward repair pattern. As of writing, Bitcoin is priced at $80,751.97, with overall volatility under control, and the market is in a short-term wait-and-see state.

Summary:This week, the Bitcoin market exhibited high volatility and wide fluctuations, driven by macroeconomic news. Due to bearish news, Bitcoin repeatedly broke key technical support levels, experiencing multiple "rapid sell-offs followed by weak rebounds," with the overall market sentiment leaning bearish. On April 10, the market saw a brief relief rally following news that "Trump may cancel some tariffs," and Bitcoin surged sharply, briefly reaching $83,428. However, the rebound lacked sustained buying support and failed to hold, resulting in a pullback. Overall, Bitcoin is still in an adjustment cycle dominated by macro uncertainty. With insufficient risk appetite and weak technicals, the market sentiment remains cautious, and further downward fluctuations in the short term remain a possibility.

Bitcoin Price Movements (April 5, 2025 - April 11, 2025)

2. Market Dynamics and Macro Background

Capital Flows

1.Exchange Capital Flows:

According to on-chain data from CryptoQuant and Glassnode, the net outflow of Bitcoin from exchanges significantly contracted this week. It dropped from an average daily net outflow of 9,500 BTC last month to a low point of 2,800 BTC this week. Notably:

During the sharp decline on April 6-7, some short- and medium-term holders panic-sold, causing a short-term net inflow into exchanges. On-chain data showed that the daily net inflow of Bitcoin exceeded 4,200 BTC during those two days, reflecting the concentrated release of market panic selling pressure.

Additionally, a large number of highly leveraged long positions were liquidated during the downtrend, further amplifying liquidity pressure. Some funds shifted into stablecoins as a risk hedge.

During the rebound on April 10, despite the rapid upward movement in Bitcoin's price, on-chain data indicated that there was no significant re-entry of capital into exchanges. This suggests that the rebound was primarily driven by short-term short covering rather than new funds entering the market.

2.On-Chain Activity and Whale Behavior:

Whale addresses (holding more than 1,000 BTC) remained relatively silent during the price decline this week, with no significant buying or bottom-fishing behavior observed, indicating a cautious stance among large holders.

Medium-sized addresses (holding 10-100 BTC) made minor accumulations at lower prices, but the scale was small and insufficient to reverse the overall market trend.

The number of active on-chain addresses dropped by over 13% during the week, with user participation significantly weakening, further confirming that the market is currently dominated by low trading volumes and technical rebounds.

3.Stablecoin Capital Dynamics:

The on-chain activity of USDT and USDC showed a slight increase this week, suggesting that some funds that temporarily exited the crypto market have parked in stablecoins, entering a "wait-and-see" phase.

However, there has been no significant inflow of stablecoins back into exchanges for new positions, indicating that capital is still primarily adopting a defensive strategy.

Technical Indicator Analysis

1.RSI (14-day):The RSI indicator briefly fell below 30 this week, entering the severely oversold territory. On April 10, during the rebound, it rose to around 45 but did not break the neutral 50 line, indicating that the market is in a short-term rebound but still in a weak recovery phase. The RSI structure shows an initial "bullish divergence," and if there is an increase in volume and a sustained recovery in the future, it could serve as a confirmation of a potential short-term bottom.

2.MACD:The MACD formed a death cross on April 6, with the fast line crossing below the slow line, causing a significant expansion of the bearish momentum bars. Although there was a slight convergence on April 10, no golden cross has formed yet. This suggests that the market has not yet seen a trend reversal, and the rebound is of a technical corrective nature. The bearish trend continues to persist.

Market Sentiment Analysis

1.Fear & Greed Index:At the beginning of the week, the index was in the "neutral" zone (around 27). However, starting from April 6, it quickly plunged, reaching a low of "extreme fear" at 17. On April 10, driven by news, it briefly recovered to "greed" at 60 but failed to maintain that level, dropping back to the lower end of the "neutral" zone on April 11. Overall, this reflects extremely fragile investor confidence, with high sensitivity to news events.

2.Derivatives Market Sentiment:

BTC Perpetual Contract Funding Rate Turned Negative Multiple Times (April 6-8):This indicates that the bears are in control, with a strong sentiment for shorting.

Implied Volatility (IV) of Options Spiked:This suggests an increased expectation of uncertainty in the market, reflecting heightened demand for hedging.

Long/Short Position Ratio Imbalanced in the Short Term:Long positions rapidly deleveraged, and speculative funds flowed out of the market significantly.

This week, Bitcoin market sentiment was heavily influenced by external macro variables, resulting in an "emotion-driven trading structure dominated by fear." Although there was a short-term rebound due to positive news, the overall sentiment remains bearish, and confidence is still in need of repair. Investors' short-term behavior is becoming more cautious, mainly focusing on hedging, waiting, or speculating on a rebound. True emotional recovery depends on the confluence of news developments and technical recovery.

Macroeconomic Background

U.S. Tariff Policy and Global Trade Tensions:On April 6, former President Trump announced the potential cancellation of some tariffs, which provided a brief boost to the market. However, due to the increasing uncertainty in global trade, risk-off sentiment continued to dominate the market, leading to significant selling pressure on Bitcoin. The adjustment in Trump's tariff policy failed to alleviate market concerns about an economic slowdown.

Monetary Policy and Risk Appetite:The expectations of looser monetary policy by the Federal Reserve have boosted demand for risk assets like Bitcoin. However, the global economic slowdown and stock market volatility have reduced market risk appetite, causing risk-off funds to flow out of traditional markets, which put pressure on Bitcoin. The strengthening of the U.S. dollar further restrained Bitcoin’s upward potential.

Global Financial Market Linkages:The fluctuations in global stock markets have affected the Bitcoin market, with capital flowing into safe-haven assets such as the U.S. dollar and gold, causing short-term downward pressure on Bitcoin. Although the tariff news on April 10 drove a brief rebound in Bitcoin, overall market sentiment remains cautious, awaiting a substantial recovery.

3. Hashrate Changes

From April 5 to April 11, 2025, Bitcoin network hashrate experienced fluctuations, with the following details:

On April 5, the hashrate quickly dropped from 1018.82 EH/s to 925.26 EH/s, then rebounded to 1035.81 EH/s. However, it failed to maintain the high level and once again dropped to around 950 EH/s during the day, indicating some pressure in the high hashrate range. On April 6, volatility increased, with the hashrate first dropping sharply to 853.38 EH/s, briefly recovering, and then plunging to the cycle's lowest point of 753.01 EH/s. This suggests that some miners may have adjusted their hashrate input in the short term. Subsequently, the hashrate quickly rebounded to 907.71 EH/s, reflecting a strong recovery momentum in the lower range.

On April 7, the network's hashrate briefly stabilized around 930 EH/s but then fell again, touching 825.98 EH/s. This shows that the market had not yet escaped the influence of the fluctuation zone, but the end of the day saw a recovery to 911.22 EH/s, indicating a trend of recovery. On April 8, the hashrate's volatility significantly increased, fluctuating rapidly between 958.68 EH/s and 864.75 EH/s throughout the day, reaching a high of 1019.86 EH/s before settling at 976 EH/s. The expanded fluctuation range reflected that miners' hashrate resources were frequently switching.

On April 9, the volatility narrowed significantly, and the hashrate remained within the 800 EH/s to 900 EH/s range, showing a weak oscillation pattern. It first dropped to 814.50 EH/s, then slightly recovered to 874.33 EH/s, and fell again to 794.16 EH/s by the end of the day, indicating a cautious market. On April 10, the hashrate stabilized, peaking at 883.89 EH/s, and fluctuated within the narrow 800-900 EH/s range throughout the day, reflecting a wait-and-see period for hashrate distribution in the short term. On April 11, the hashrate's volatility further converged, maintaining around 850 EH/s, marking the end of the previous period of sharp fluctuations, with miners' hashrate strategies tending towards steady operation.

In summary, the overall trend of Bitcoin network hashrate this week was influenced by multiple factors, including miners' hashrate adjustments, changes in block reward expectations, and the uncertainty in the market environment. Continued attention should be paid to the impact of future price fluctuations on small and medium miners, as well as the upcoming difficulty adjustment cycle's effect on hashrate stability.

Bitcoin Network Hashrate Data

4. Mining Revenue

According to the latest model by MacroMicro, as of April 9, 2025, the unit production cost of Bitcoin is approximately $89,076.32, while the spot price on the same day is about $82,573.95. The corresponding Mining Cost-to-Price Ratio is 1.08. This ratio is significantly higher than 1, indicating that the current market price is below the average mining cost across the network. As a result, the network is operating below the breakeven point, with most miners experiencing compressed profits or even losses.

This phenomenon reflects the significant squeeze on miner profit margins under the current market environment, especially for miners with high electricity costs or those using low-efficiency equipment. Smaller to medium-sized mining farms, particularly those relying on previous-generation ASIC miners, may have entered a zone of marginal losses or even full-scale losses. Historical data shows that when the cost-to-price ratio remains above 1 for an extended period, it usually leads to the exit of less efficient hashrates from the market, causing a reduction in the overall network hashrate and triggering a downward difficulty adjustment (Difficulty Adjustment Down) to rebalance network operational costs and entry barriers.

In early April 2025, Bitcoin miners face multiple challenges:

• The market price is below mining costs, compressing profit margins.
• Mining difficulty and hashrate are at high levels, leading to intense competition.
• Revenue per unit of hashrate remains low, decreasing profitability.
• Miner equipment costs and policy changes are increasing operational uncertainty.

Against this backdrop, miners need to closely monitor market dynamics and optimize their operational strategies, such as adopting high-efficiency mining machines and selecting low electricity cost regions for hashrate deployment, in order to cope with revenue fluctuations and cost pressures.

Bitcoin Mining Cost Data

5. Energy Costs and Mining Efficiency

According to data from CloverPool, Bitcoin underwent its most recent difficulty adjustment at block height 891,072 (April 5, 21:50:26 Beijing time), with the difficulty increasing by 6.81% to a record high of 121.51T. As of this writing, the total network hashrate stands at approximately 899.33 EH/s, and the current mining difficulty has risen to 121.63T. Based on the current block interval, the next difficulty adjustment is expected in about 8 days, with a projected increase of +0.10%. As network difficulty continues to rise, miners are placing greater emphasis on equipment performance and energy efficiency. Mining operations are gradually shifting toward high-efficiency, high-performance setups, which in turn is reshaping the overall structure of energy consumption within the ecosystem.

Notably, on April 7, multiple on-chain data platforms simultaneously reported that Bitcoin's hashrate exceeded 1 Zetahash per second (1,000 EH/s) for the first time in its 16-year history. This milestone marks the beginning of the network’s entry into the “Z Era” of hashrate, underscoring the unprecedented scale of computational and energy input now required for mining activities.

At the same time, on-chain indicators suggest that short-term market sentiment remains under pressure. According to data released by CryptoQuant on April 8, approximately 25.8% of Bitcoin’s circulating supply (equivalent to 5,124,348 BTC) is currently in a position of unrealized losses. This figure highlights the growing cost pressure faced by many investors and miners in the current environment of high difficulty and high energy consumption—particularly those operating in regions with elevated energy costs, whose profit margins are being increasingly squeezed.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

Nigeria Recognizes Bitcoin and Cryptocurrencies as Securities
On April 8, news emerged that Nigeria has officially recognized Bitcoin and cryptocurrencies as securities.

New Hampshire Passes Bitcoin Reserve Bill, Becomes Fourth U.S. State to Advance Such Legislation
According to Cointelegraph, on April 10 (local time), the New Hampshire House of Representatives passed Bitcoin Reserve Bill HB302 by a vote of 192 to 179. This makes New Hampshire the fourth U.S. state—following Arizona, Texas, and Oklahoma—to pass a Bitcoin reserve-related bill in one legislative chamber. The bill allows the state government to explore the feasibility of establishing Bitcoin reserves. It will now proceed to the state Senate for review.

Florida's Bitcoin Reserve Bill Sees Initial Progress, First Step in Legislative Process
Cointelegraph also reported that on April 10, the Insurance and Banking Subcommittee of Florida’s House of Representatives unanimously approved Bitcoin Reserve Bill HB487. The bill aims to enable the state government to hold Bitcoin as a reserve asset. However, it must still pass through three additional House committee reviews before moving further into the legislative process. This development reflects the growing interest among U.S. states in incorporating digital assets into public reserves.

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7. Mining Industry News

Commentary: Trump Tariffs May Lower Bitcoin Mining Machine Prices Outside the U.S.
On April 9, it was reported that the broad tariffs proposed by the Trump administration could lead to a collapse in U.S. demand for Bitcoin mining machines. This scenario may benefit mining operations outside the U.S., as manufacturers will likely seek to offload excess inventory at lower prices abroad, according to Hashlabs Mining CEO Jaran Mellerud.
“With machine prices rising in the U.S., paradoxically, prices elsewhere in the world could drop,” said Mellerud in an April 8 report. “Demand for shipments to the U.S. is expected to plummet, potentially to near zero.”
Manufacturers will be left with excess stock originally intended for the U.S. market and may need to lower prices to attract international buyers. This potential price drop could enable non-U.S. miners to expand operations and gain a larger share of the global Bitcoin hash rate.

Top Public Bitcoin Mining Firms Mined 3,648 BTC in March
According to Farside Investors on April 9, major publicly listed Bitcoin mining companies have released their production figures for March 2025. In total, these companies mined 3,648 BTC in March, marking a new post-halving high.

Pakistan Plans to Allocate Surplus Electricity for Bitcoin Mining
On April 10, Bilal Bin Saqib, CEO of the Pakistan Cryptocurrency Committee, stated that Pakistan is planning to allocate some of its surplus electricity for Bitcoin mining and AI data centers. He added that discussions have already taken place with several Bitcoin mining firms, and mining locations will be selected based on the availability of excess power in specific regions.

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8. Bitcoin-Related News

Global Corporate and National Bitcoin Holdings (This Week’s Statistics)

1.El Salvador:Increased Bitcoin holdings twice this week, each time by 1 BTC. The current total holding has reached6,143.18 BTC, with a total market value of approximately$488 million.

2.Australia – Monochrome:Its spot Bitcoin ETF (IBTC) holdings have risen to321 BTC, with a market value of approximately$40.14 million.

3.Canada – Neptune Digital Assets:Announced an increase in Bitcoin holdings this week to401 BTC, with an average purchase price of$31,564 per BTC.

"Rich Dad Poor Dad" Author: Market Crash Has Arrived, Recommends Investing in Bitcoin, Gold, and Silver

On April 5, Robert Kiyosaki, author ofRich Dad Poor Dad, stated on social media that the largest stock market crash he warned about in his bookRich Dad’s Prophecyhas now arrived. He believes the economy has entered a recession and may fall into a depression. Kiyosaki advises investors to focus on non-Wall Street assets, particularly physical gold, silver, and Bitcoin.

He pointed out that following a crash in paper asset markets, the Federal Reserve and the Treasury Department may begin large-scale money printing, during which the value of gold, silver, and Bitcoin would rise. He emphasized that the increase in prices of these assets actually reflects a decline in the value of the U.S. dollar, leading to rising prices of essential goods such as food, housing, and energy—i.e., inflation.

U.S. Treasury Secretary: Bitcoin Is Becoming a Store of Value

On April 5, according to Coingape, U.S. Treasury Secretary Scott Bessent stated in an interview with Tucker Carlson that Bitcoin is becoming an "emerging store of value." He likened Bitcoin to gold, emphasizing that both share store-of-value characteristics.

Analyst: Bitcoin’s Current Decline Shows More Resilience Than During Past Crises

On April 8, analysts at Bernstein stated that Bitcoin’s current decline shows more resilience compared to drops during past crises. Citing historical data, they noted that in past crises (such as the market panic during COVID-19 and interest rate shocks), Bitcoin saw declines of 50% to 70%. “The current price movement (a 26% decline) indicates that Bitcoin demand is now coming from more resilient capital.”

Analysts believe that while Bitcoin’s price may act as a leading indicator of risk sentiment, it does not diminish its strong long-term performance as a store of value in the digital space. Over time, Bitcoin becomes a probabilistic version of "gold"—one that trades with higher volatility and greater liquidity.

Opinion: Global Banking Sector Pushing into Bitcoin as Regulators Embrace Crypto

On April 9, during a panel at Paris Blockchain Week, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger stated that they expect a major shift in the banking sector’s involvement in crypto during the second half of this year.

According to the executives, the global banking industry is making a strong push into Bitcoin as regulators become more accepting of cryptocurrencies—including stablecoins and crypto services offered by banks. These crypto services are seen as having significant potential in the second half of 2025.

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Cardano Founder: Bitcoin Could Reach $250,000 by End of This Year

On April 10, Cardano founder Charles Hoskinson said in an interview with CNBC that with tech giants like Microsoft and Apple entering the crypto space, Bitcoin could reach $250,000 as early as this year.

Charles Hoskinson stated: “The tariffs may ultimately be more bark than bite, and people will realize that most countries around the world are willing to negotiate. The market will stabilize a bit and gradually adapt to the new normal. Then the Federal Reserve will cut interest rates, triggering a large inflow of capital, which will eventually flow into the crypto market. I believe Bitcoin will hit $250,000 by the end of this year or next.”

Grayscale: Tariffs and Trade Tensions Could Positively Impact Bitcoin Adoption in the Medium Term

On April 10, asset management firm Grayscale Investments released a research report stating that in the medium term, tariffs and trade tensions could ultimately have a positive impact on Bitcoin (BTC) adoption.

The report noted that increased tariffs may lead to stagflation—stagnant economic growth coupled with inflation—which is unfavorable for traditional assets but favorable for scarce commodities like gold. Trade tensions could also reduce global demand for U.S. dollar reserves, creating space for competing assets such as other fiat currencies, gold, and Bitcoin.

Historical precedents suggest that a weak dollar and above-average inflation could persist, and Bitcoin could benefit from this macro environment. “Rapid improvements in market structure, supported by shifts in U.S. government policy,” may help expand Bitcoin’s investor base.

Adam Back: Bitcoin to See Larger-Scale Institutional Allocation

On April 11, early Bitcoin developer and Blockstream CEO Adam Back stated that regulatory progress in the U.S. (such as the approval of spot Bitcoin ETFs) has provided a clear, compliant investment path for large global institutional investors.

He emphasized that the current institutional capital entering the space is “just the beginning.” As traditional financial infrastructure such as custody and derivatives continues to improve, Bitcoin will experience a larger scale of institutional allocation.