1. Bitcoin Market

During the period from April 12 to April 18, 2025, the specific movements of Bitcoin were as follows:

April 12:Bitcoin experienced a rapid surge in the early hours, rising sharply from around $82,122 to $84,067. It then maintained a high-level consolidation, fluctuating narrowly around $83,800. After a brief pullback to $82,817, it regained upward momentum, reaching as high as $85,152, indicating that bullish forces were temporarily dominating the market.

April 13:Continuing the previous day’s strong performance, Bitcoin trended upward with sustained intraday volatility, peaking at $85,758. A technical correction followed, bringing the price down to around $84,400 for consolidation. It briefly dropped to $83,541 but quickly rebounded to $84,828, suggesting that the market still held a certain level of support.

April 14:After opening, Bitcoin quickly retraced to $83,044, then initiated a rebound. Volatility intensified during the session, with a short-term spike to $85,241 followed by a decline to $83,778. It eventually stabilized near $84,500. Overall, market disagreements between bulls and bears intensified, and volatility increased significantly.

April 15:Bitcoin began a new round of gradual climbing, with a narrower fluctuation range. It steadily rose from $84,450 to $85,858. After a brief pullback, it broke through $86,075. However, a sharp decline followed, quickly dropping to $85,078, and further to $84,760, indicating that the market might enter a short-term correction phase.

April 16:Continuing the previous day’s downward trend, Bitcoin steadily declined during the session, falling from around $85,000 to $83,274. Although there was a brief rebound to $83,924, it failed to establish effective support and dropped again to $83,195. Toward the close, buying interest revived, pushing the price past the $84,000 mark, peaking at $85,324. However, due to insufficient momentum, it eventually closed at $83,769.

April 17:Bitcoin maintained a narrow consolidation pattern, with volatility further contracting. The price mainly fluctuated within the $84,000 to $85,000 range. It showed a slow upward trend during the session, testing $84,580, $84,927, and $84,811 successively. This indicated that bullish forces were attempting to gently push prices higher, though the upward momentum remained limited.

April 18:Bitcoin extended the previous day’s gradual upward trend, successfully breaking the short-term resistance at $85,000, reaching $85,342 during early trading. A pullback followed, with the price retreating to around $84,900. As of the time of writing, Bitcoin is trading at approximately $84,936.35.

Summary

This week, Bitcoin rebounded strongly from last week’s lows and is currently trading around $84,000, maintaining levels above $82,000 overall. During this period, prices attempted multiple rallies toward the $86,000 range, but none resulted in a decisive breakout and were followed by corrective pullbacks. The overall trend shows a moderate upward channel. Future price action remains heavily dependent on macroeconomic factors, particularly Trump’s tariff policies, inflation data, and global risk appetite. If there are no significant negative macroeconomic shocks, Bitcoin is likely to test higher technical resistance zones in the coming weeks.

Bitcoin Price Trend (2025/04/12 – 2025/04/18)

2. Market Dynamics and Macroeconomic Background

Capital Flows

1. Exchange Capital Movements
Net Outflows from Exchanges Continue to Expand, Funds Shifting to Cold Wallets
According to on-chain analytics firm IntoTheBlock, over $467 million worth of Bitcoin flowed out of exchanges on April 15, indicating that investors are increasingly transferring assets to self-custody wallets. This suggests a stronger willingness to hold and a decrease in short-term selling pressure.

2. Institutional and Whale Activity
Large Whale Withdrawals Concentrated on OKX and Binance
According to Lookonchain data, on April 15, a whale withdrew 1,500 BTC (worth approximately $128 million) from OKX within 20 hours, reflecting continued confidence in market performance by large holders.
Additionally, on April 16, a wallet address linked to hedge fund Abraxas Capital withdrew 747 BTC (about $63.78 million) from Binance after two months of inactivity, potentially signaling a re-entry into the spot market.
Whales Reduced Holdings by 30,000 BTC This Week, Net Accumulation Rate Hits Lowest Since February
On April 16, on-chain analytics platform CryptoQuant reported that whales have reduced their holdings by approximately 30,000 BTC this week, indicating that some large investors are gradually realizing profits. Notably, on April 7, miners offloaded 15,000 BTC in a single day, when average mining profit margins had fallen to 33%.
The overall net accumulation rate of Bitcoin in the market has dropped to its lowest level since February, suggesting that long-term holding behavior by new entrants has slowed significantly. This reflects a more cautious stance among major capital, possibly awaiting clearer trend signals.

3. ETF Developments and Capital Flows
Net Inflows Show Signs of Recovery
On April 14, according to Farside Investors, U.S. spot Bitcoin ETFs recorded a net inflow of $1.5 million, ending a streak of seven consecutive trading days of net outflows. Among them, IBIT (BlackRock) saw a net inflow of $36.7 million, while FBTC (Fidelity) had a net outflow of $35.2 million.
On April 15, net inflows increased to $76.89 million (according to Trader T data), indicating a noticeable return of capital to the crypto asset market.

Short-Term Capital Still Fluctuating
On April 16, ETF net outflows reached $170.77 million (monitored by Trader T), showing that market sentiment remains unstable.
On April 17, according to Lookonchain, 10 Bitcoin ETFs had a net inflow of 672 BTC, with BlackRock contributing 455 BTC. BlackRock now holds 571,869 BTC, valued at $40.01 billion.
During the same period, 9 Ethereum ETFs saw a net outflow of 2,578 ETH, with Fidelity accounting for 2,248 ETH. Fidelity currently holds 363,525 ETH, valued at $573.28 million.

Overall Still in a Monthly Net Outflow Phase
According to CoinDesk, as of mid-April, U.S. spot Bitcoin ETFs had experienced cumulative net outflows exceeding $800 million—potentially the second-largest monthly outflow in history.
This may be due to institutions temporarily reallocating to U.S. Treasury bonds, with the current 3-month T-bill yield rising to 4.225%, prompting some institutions to reduce exposure to risk assets and instead seek safer investments.

Total ETF Holdings Surpass Key Threshold
According to Dune Analytics, as of April 13, U.S. spot Bitcoin ETFs held a total of 1.133 million BTC on-chain, accounting for 5.71% of the current total Bitcoin supply. The on-chain total value is close to $96.5 billion.

Technical Indicator Analysis

1. 14-Day Relative Strength Index (RSI 14)
As of April 16, 2025, Bitcoin's 14-day RSI stands at 52.00, indicating a neutral market condition—neither overbought nor oversold. An RSI around 50 typically suggests a lack of clear market direction. Notably, Bitcoin's weekly RSI recently broke through a long-term trendline, which could signal a shift in price momentum. Investors should closely monitor RSI changes in the coming weeks.

2. Moving Averages (MA)
As of April 17, the moving average data for Bitcoin is as follows:

50-day Moving Average (MA50): $87,918

200-day Moving Average (MA200): approximately $81,000

It is noteworthy that on April 6, Bitcoin’s 50-day moving average crossed below the 200-day moving average, forming a “death cross” pattern, which may indicate a potential downward market trend.

3. Key Support and Resistance Levels

Key Support Level:$82,900; if this level is breached, the price may further test $81,100.

Key Resistance Level:$85,200; breaking above this level may open up upward potential, with a target of $87,000.

Market Sentiment Analysis

Price Recovery Amid Cautious Sentiment
This week, Bitcoin rebounded from last week’s lows, trading around $84,000 after previously dropping below $77,000. Despite the price recovery, trading volume has declined, reflecting weakened investor risk appetite. This caution is largely attributed to concerns over a potential bear market and economic recession, triggered by the uncertainty surrounding U.S. President Donald Trump's re-election and his unpredictable trade policies.

Key Sentiment Indicator (Fear & Greed Index)
As of April 18, the Fear & Greed Index stands at 32, indicating a market sentiment that leans neutral but remains cautious. Previously, the index dropped to 25 in February, signaling a state of extreme fear.

Macroeconomic Background

U.S. Tariff Policy and Rising Trade Tensions

On April 16, 2025, the Trump administration announced it would close the “de minimis” import policy loophole starting May 2. Previously, this policy allowed goods valued under $800 to enter the U.S. duty-free. The change will impact Chinese e-commerce platforms such as Shein and Temu, likely forcing them to raise product prices.

Trump’s tariff measures have triggered strong international backlash, escalating global trade tensions:

• China:Strongly opposed the U.S. tariff actions, condemning them as “irrational” unilateralism and refusing to negotiate without a foundation of equality and mutual respect.
• Canada and Mexico:Responded with retaliatory tariffs on U.S. goods worth billions of dollars.
• European Union:Faced with a 20% tariff on EU imports imposed by the Trump administration, the European Central Bank was forced to cut interest rates again to counter the worsening economic outlook.

3. Hashrate Fluctuations

Between April 12 and April 18, 2025, the Bitcoin network’s hashrate experienced notable volatility, as detailed below:

April 12:The hashrate showed an initial surge followed by a sharp decline. It rose rapidly from 905.02 EH/s to 947.25 EH/s and 975.18 EH/s, followed by high-level fluctuations. Toward the end of the day, it dropped significantly, hitting a low of 830.19 EH/s.

April 13:The hashrate steadily climbed throughout the day, remaining at a high level around 1080 EH/s for an extended period, and peaked at 1113.03 EH/s—setting a new record.

April 14:The hashrate began to decline from its high, falling from 1113 EH/s to 876.98 EH/s during the day, with a low of 847.77 EH/s. A rapid rebound to 1009.16 EH/s occurred near the close, suggesting the network retained some capacity for hashpower recovery.

April 15:The hashrate remained above 900 EH/s but was highly volatile. It dropped from 961.95 EH/s to 922.10 EH/s, surged to 998.33 EH/s, dipped again to 952.13 EH/s, and peaked at 1021.94 EH/s. Toward the day’s end, it fluctuated sharply from 920.99 EH/s to 972.97 EH/s, then dropped quickly to 834.15 EH/s.

April 16:The downward trend continued, with the hashrate falling to 792.45 EH/s and 780.16 EH/s—this week’s low. It then stabilized somewhat, rebounding to 906.92 EH/s, indicating that some miners may have resumed operations and mining stability marginally improved.

April 17:The hashrate climbed again, reaching 1024.14 EH/s before retreating and closing at 894.83 EH/s.

April 18:The hashrate declined further to around 850 EH/s, marking the end of this week’s fluctuation cycle.

Summary

This week, the Bitcoin network hashrate exhibited a wide-ranging oscillation pattern, characterized by notable phases of concentrated entry and withdrawal. This reflects miners' increasing sensitivity to market expectations, energy costs, and macro policy shifts. Despite several episodes of extreme fluctuation, the overall hashrate remained relatively resilient at high levels, indicating continued network security and mining activity strength. Going forward, attention should be paid to electricity prices, changes in miner profitability, and potential regulatory disruptions that could further impact hashrate distribution.

Bitcoin Network Hashrate Data

4. Mining Revenue

According to data from YCharts, the daily total revenue for Bitcoin miners (including block rewards and transaction fees) for the week is as follows:April 12: $38.21 million, April 13: $47.36 million, April 14: $39.92 million, April 15: $39.34 million, April 16: $39.31 million.

Although miner revenue briefly spiked to a weekly high of $47.36 million on April 13, the overall trend remained relatively stable, with daily averages hovering around $39 million. Compared to the same period last year—when daily revenue was approximately $71.88 million—miner earnings have fallen by about 45%, highlighting substantial revenue pressure facing the mining industry.

Meanwhile, as the network's total hashpower continues to rise, the hashprice (revenue per unit of hashrate) has dropped below$42 per PH/s, reaching a historic low. According to analysis byTheMinerMag,$40 per PH/sis considered the breakeven point for many publicly listed mining companies. At current hashprice levels, these firms are struggling to remain profitable after accounting for electricity and operational expenses.

In addition, a report byJefferiesnoted that during the first two weeks of April 2025, the average daily block reward revenue per EH/s was approximately$41,500, representing a12% declinefrom March. This further intensifies operational pressure on miners—especially small to mid-sized firms with higher cost structures or lacking economies of scale—whose profitability is now under serious threat.

Bitcoin Miner Daily Revenue Data

5. Energy Costs and Mining Efficiency

According to data from CloverPool, as of April 18, 2025, the total Bitcoin network hash rate is approximately 907.75 EH/s, with the current network mining difficulty at 121.51 T. The next difficulty adjustment is expected to take place on April 20, 2025, with an estimated increase of 2.99%, raising the difficulty to 125.14 T. This trend indicates that miners are continuously increasing their hash rate, intensifying network competition.

It is noteworthy that on April 13, 2025, the Bitcoin network hash rate briefly surpassed 1000 EH/s, setting a new all-time high, which reflects a significant improvement in network security and concentration of hash power. As the hash rate continues to rise, coupled with the 2024 halving event reducing block rewards, the cost of mining a single Bitcoin has simultaneously increased, further squeezing the profit margins of smaller miners. This may accelerate the consolidation of resources within the industry and the exit of marginal mining operations.

According to the latest model by MacroMicro, as of April 16, 2025, the unit production cost of Bitcoin is approximately $90,019.68, while the spot price on that day was $84,033.87. This gives a mining cost-to-price ratio of 1.05, which is significantly higher than 1, indicating that the current Bitcoin price is below the average mining cost across the network. Miners are operating below the breakeven point, with most facing pressure on narrowing profit margins or even losses.

In terms of energy consumption,The Bitcoinistestimates that the global Bitcoin network’s annual electricity consumption is about 185.82 terawatt-hours (TWh), which is equivalent to the annual electricity consumption of a medium-sized country. This data once again underscores Bitcoin mining’s high dependence on energy resources.

Additionally, according toFingerLakes1, Bitcoin mining in the United States accounts for approximately 2.3% of the country’s total electricity consumption, resulting in consumers bearing an additional $1 billion in electricity costs annually. This situation has drawn continued attention from the public and regulators concerning the sustainability of energy consumption in mining activities.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

U.S. Senate Proposes Emission Fees on High-Energy Data Centers, Bitcoin Mining Companies May Be Affected

On April 12, 2025, Bloomberg reported that U.S. Senate Democrats introduced theClean Cloud Actdraft, which proposes imposing fees on data centers supporting blockchain networks and artificial intelligence (AI) models that exceed federal emissions targets. The bill requires the U.S. Environmental Protection Agency (EPA) to set emissions standards for data centers and cryptocurrency mining facilities with IT-rated power exceeding 100 KW. The goal is to reduce emissions by 11% annually. Facilities exceeding the emission limits would be fined $20 per ton of CO2 equivalent, with this amount increasing by $10 each year to adjust for inflation. Notably, Bitcoin mining companies, such as Galaxy, CoreScientific, and Terawulf, are increasingly transitioning to providing high-performance computing (HPC) power for AI models. This bill has not yet been passed by the Senate.

Oklahoma Senate Committee Votes Against Bitcoin Reserve Proposal

On April 16, 2025, the Oklahoma Senate Tax Committee narrowly voted 6-5 to reject House Bill 1203, also known as theStrategic Bitcoin Reserve Act. The bill, introduced by Representative Cody Maynard in January, would have allowed the Oklahoma State Treasurer to invest in Bitcoin and other eligible digital assets. Eligible digital assets were defined as any asset with a market capitalization exceeding $500 billion in the past year, with only Bitcoin meeting this threshold. Earlier, the committee had overwhelmingly approved the bill by a 12-2 vote in February, setting the stage for this crucial decision.

North Carolina HB 92 Bill Allows State Treasurer to Invest in Bitcoin and Other Qualified Digital Assets

On April 17, 2025, North Carolina's HB 92 bill passed through the House Pension and Retirement Committee. This bill grants the state treasurer the authority to invest in Bitcoin and other qualified digital assets.

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7. Mining News

CryptoQuant: Miners Increasing Bitcoin Sales Due to Price Drop and Rising Mining Difficulty

On April 16, 2025, CryptoQuant released a report stating that, as Bitcoin's price fell below $80,000, miners accelerated their Bitcoin sales. On April 7, miners sold 15,000 BTC, which was the third-largest single-day outflow of the year. Based on the day's lowest price of under $75,000, this amounted to at least $1.12 billion in value. CryptoQuant noted that "miners' profitability is squeezed by falling prices, low transaction fees, and record-high network hash rates, which have resulted in higher mining costs." The company's report indicated that miners' average operating profit margins have dropped from 53% at the end of January to 33% now. Since November 2022, Bitcoin has been in one of its least favorable periods, with its price, which once approached $109,000 before former President Trump's inauguration, struggling to break through the $90,000 level.

JPMorgan: Mixed Performance for U.S.-Listed Bitcoin Miners in the First Two Weeks of April, Overall Market Cap Down 2%

On April 16, 2025, JPMorgan released a research report indicating that U.S.-listed Bitcoin miners experienced mixed performance in the first two weeks of April, with the overall market cap falling by 2%, down to $16.9 billion. The report highlighted that Bitcoin miners focused purely on Bitcoin performed better than those diversifying into high-performance computing (HPC), with MARA Holdings and CleanSpark being the only miners performing better than Bitcoin. In the first two weeks of April, the average daily block reward income per EH/s for miners was approximately $41,500, a 12% drop from March.

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8. Bitcoin News

Global Bitcoin Holdings by Companies and Countries (This Week's Update)

1.BlackRock's IBIT Bitcoin Holdings Exceed 570,000 BTC
On April 14, 2025, it was reported that as of April 11, BlackRock’s spot Bitcoin ETF, IBIT, holds 570,983 BTC, valued at over $47 billion, accounting for more than 2% of the total Bitcoin supply.

2.Metaplanet (Japan) Increases Bitcoin Holdings by 319 BTC
On April 14, 2025, it was reported that Japanese listed company Metaplanet increased its Bitcoin holdings by 319 BTC, bringing its total holdings to 4,525 BTC, with a total investment of 58.145 billion JPY.

3.Strategy (formerly MicroStrategy) Purchases an Additional 3,459 BTC in One Week
Strategy purchased an additional 3,459 BTC in the past week, bringing its total holdings to 531,644 BTC, with a total investment of approximately $35.92 billion.

4.Hong Kong's Asia Holdings Increases Bitcoin Holdings by 10 BTC
On April 14, 2025, it was reported that Hong Kong-listed company Asia Holdings purchased 10 additional BTC, raising its total holdings to 28.88 BTC, with a total investment of around $2.52 million.

5.El Salvador Increases Bitcoin Holdings by 8 BTC in One Week
The government of El Salvador added 8 BTC to its holdings in the past seven days, bringing its total Bitcoin holdings to 6,147.18 BTC, with a total value of approximately $521 million.

6.Monochrome Bitcoin ETF in Australia Increases Holdings to 331 BTC
Australia's Monochrome Bitcoin ETF (IBTC) increased its holdings from 330 BTC on April 14 to 331 BTC on April 15, with a market value of approximately $44.58 million.

7.Value Creation (Japan) Announces Additional Bitcoin Purchases
On April 15, 2025, it was reported that Japanese listed company Value Creation announced an additional investment of 100 million JPY to purchase Bitcoin, reinforcing its long-term bullish stance on Bitcoin.

CMC Altcoin Season Index Reaches 18, Showing Continued Bitcoin Dominance

On April 13, 2025, it was reported that the CMC Altcoin Season Index reached 18, indicating a slight market recovery but still significantly lower than the March average of 32 and February's average of 43. This suggests that the market is still predominantly driven by Bitcoin.
The CMC Altcoin Season Index tracks the performance of the top 100 cryptocurrencies over the past 90 days to determine whether the market is in "Altcoin Season" or "Bitcoin Season." When 75% or more altcoins outperform Bitcoin, the market is considered to be in "Altcoin Season."

Trump Administration Digital Asset Advisor: US May Use Tariff Revenue to Purchase Bitcoin

On April 15, 2025, Bitcoin Magazine reported that Bo Hines, executive director of the Trump administration's Digital Asset Advisory Committee, stated that the United States might use tariff revenue to purchase Bitcoin.

Bitcoin's 14-Year Return of 7.2 Million Percent Surpasses S&P 500 and Gold

On April 15, 2025, it was reported that Bitcoin has shown exceptional performance over all timeframes, with a 14-year return of approximately 7.2 million percent, far surpassing the 306% return of the S&P 500 index and the 116% return of gold. Over the past two years, Bitcoin's return rate was 173%, further solidifying its dominance over traditional investment assets like gold and the S&P 500.

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Bo Hines, Executive Director of Trump's Digital Asset Advisory Committee: The Significance of Bitcoin Strategic Reserves

On April 15, 2025, Bo Hines, executive director of the Trump Digital Asset Advisory Committee, explained the importance of the United States' Bitcoin strategic reserves. In an interview posted on X, Hines stated that the purpose of the strategic reserve is to accumulate assets for the American people rather than to deplete them. The significance of Bitcoin strategic reserves lies in the recognition of Bitcoin's value. Since Bitcoin is limited in supply, this strategic reserve could potentially spark a global asset accumulation race.

Bitcoin Wallets Using ESP32 Chip Found Vulnerable to Serious Flaw

On April 16, 2025, Protos reported that Bitcoin wallets, including Blockstream's Jade wallet, that use the ESP32 chip have been found to have a severe vulnerability (CVE-2025-27840). According to cybersecurity research firm Crypto Deep Tech, this vulnerability could lead to private key theft.

Bitcoin Expected to Experience a Rebound Similar to 2023

On April 16, 2025, Andre Dragosch, European research head at Bitwise Asset Management, noted that the U.S. Dollar Index (DXY) had fallen below the psychological 100 mark and is hovering near multi-year lows. This downward trend in the DXY indicates a potential for Bitcoin to experience a rebound similar to the one seen in early 2023, following the bear market of 2022. Dragosch and trader BitBull suggest that Bitcoin's optimism may continue to build as the dollar weakens.

Analyst Predicts Bitcoin Will Follow Gold's Surge

On April 18, 2025, it was reported that the price of gold surged to a new all-time high of $3,357 per ounce on April 17. This sparked speculation on whether Bitcoin will follow suit. Historically, when gold experiences a significant rise, Bitcoin tends to follow with a delay of 100 to 150 days. For instance, in 2017, Bitcoin followed gold's 30% rise by hitting $19,120, and in 2020, Bitcoin surged to $69,000 after gold reached nearly $2,075. According to Theya Growth head Joe Consorti, Bitcoin is expected to follow gold's price movement, and given this pattern, Bitcoin might see new all-time highs between the third and fourth quarters of 2025. Anonymous Bitcoin supporter apsk32 anticipates a similar result or a bull market between July and November.