1. Bitcoin Market

Bitcoin Price Trend (2025/08/16–2025/08/22)

This week, Bitcoin exhibited an overall stepwise correction. Market sentiment leaned toward caution, with funding conditions and macro policy expectations serving as the dominant forces. Price movements roughly went through four stages: sideways consolidation, three rounds of decline, and stabilization at lower levels.

Sideways Phase (August 16–17)

From August 16 to 17, Bitcoin fluctuated narrowly between $117,000 and $118,500, with trading volume continuously shrinking.
Technical analysis showed resistance near $118,500, which failed to break. During this phase, the market displayed cautious confrontation between bulls and bears, with insufficient capital inflow and a lack of breakout momentum.

Decline Stage 1 (August 18–19)

On August 18, Bitcoin experienced a significant correction, falling from $118,033 to $115,233, a daily decline of approximately -2.37%. The intraday low reached $114,732.
On August 19, the price briefly rebounded to $116,991 but failed to stabilize above $116,000, then quickly retreated to around $114,753.

Analysis of Decline Reasons:

1.The market remained influenced by Federal Reserve policy expectations: investors closely monitored the Jackson Hole conference and the upcoming FOMC meeting minutes, fearing a hawkish stance, which dampened market sentiment.
2.Technical instability: Most technical indicators (e.g., bearish MACD, failure to break the 50-day moving average) suggested weak buying pressure, suppressing rebound momentum.
3.Capital flow and leveraged liquidations: Large long positions, especially in ETH and BTC, were forcibly liquidated, adding extra pressure.

Decline Stage 2 (August 19–20)

On the evening of the 19th, Bitcoin briefly rose to $115,784, then entered a new round of rapid decline. From the evening of the 19th to the morning of the 20th, Bitcoin fell from $115,784 to $113,644, a decline of approximately -1.85%, continuing further to a low of $112,674. Although there was a weak rebound on the evening of the 20th, it still retreated to around $112,703.

Analysis of Decline Reasons:

1.Increased macro policy tension: Investors awaited clear guidance from the Federal Reserve. A hawkish signal at Jackson Hole could trigger a deeper correction.
2.Weakening overall market momentum: Trading volume dropped significantly and overall market capitalization contracted, reflecting cooling sentiment.
3.Technical weakness persists: Bitcoin broke through multiple support lines (e.g., 50-day moving average, key $114K level), spreading selling pressure.
4.Widespread concern about sustained high interest rates: Uncertainty in the external economy and rate hike expectations undermined the valuation of risk assets.

Decline Stage 3 (August 21–22)

From August 21 to 22, Bitcoin continued consolidating with slight downward movement. On the morning of the 21st, volatility increased significantly, with prices oscillating around $114,000 before gradually declining from $114,624 to $112,086 on the 22nd. The $112,000 level served as key support during this period, preventing further declines. At the time of writing, the price remains in sideways consolidation, showing signs of attempting to form a bottom.

This phase mainly reflects market caution and observation. As panic from previous consecutive declines gradually eased, some short-term funds began accumulating at low levels, but overall strength was insufficient to form an effective rebound. Additionally, incremental capital remains lacking, trading activity is thin, and prices are restricted within a range. Overall, this correction temporarily halted near the $112,000 support, but forming a trend reversal still requires renewed external capital inflows and clarity in macro policy.

Outlook

In the short term, after three consecutive declines, the market focus has clearly shifted downward, with $112,000 serving as a key support. If this level is broken effectively, prices could further retreat to the $110,000 mark or even test deeper technical support. On the upside, the primary resistance for a rebound lies in the $114,500–$115,500 range. Breaking and stabilizing above this range could restore some short-term bullish confidence. However, until macro events such as the Jackson Hole annual meeting unfold, market expectations remain cautious, and risk appetite is unlikely to recover quickly, making short-term price movements likely to remain range-bound.

From a long-term perspective, although tightening macro liquidity and high-interest expectations have suppressed Bitcoin prices, the medium-to-long-term structure of its bull cycle remains intact. Institutional investors’ continued holdings in Bitcoin spot ETFs, gradual decline in exchange reserves, and phased relief of miner selling pressure are all accumulating strength for future market moves. Once macro policy signals ease or the U.S. economy enters a monetary policy transition cycle, Bitcoin is expected to regain momentum and attempt to reach $120,000 and higher levels.

2. Market Dynamics and Macroeconomic Background

Capital Flows

1. ETF Capital Dynamics

This week, spot Bitcoin ETFs continued to experience outflows:

• August 18: -$121.7 million
• August 19: -$523.3 million
• August 20: -$315.9 million
• August 21: -$66.9 million

ETF Inflow/Outflow Data Image

According to Farside Investors, on Tuesday, August 19, net outflows from Bitcoin spot ETFs reached $523 million, with Fidelity’s FBTC seeing $246.9 million outflow and Grayscale’s GBTC $115.53 million outflow. BlackRock’s IBIT had zero net flow that day, indicating relatively stable holdings.
On August 20, both Invesco and Grayscale ETFs recorded zero net inflow/outflow, reflecting a market in a wait-and-see mode.
On August 21, Fidelity ETF recorded another $7.5 million net outflow, continuing the ongoing capital withdrawal trend.

Overall, spot Bitcoin ETFs showed a withdrawal trend this week, reflecting institutional caution. Meanwhile, the macro environment also pressured the market. Data indicates that U.S. spot Bitcoin and Ethereum ETFs have seen cumulative net outflows of approximately $1.9 billion over four consecutive trading days, with market sentiment clearly defensive ahead of Powell’s upcoming speech. Changes in the options market further confirm this: the put/call ratio for contracts expiring on August 22 rose to 1.33, with Bitcoin options worth $3.8 billion set to expire, implying potential short-term correction risks.

2. Exchange Capital Flows and Whale Activity

• On-chain analyst BorisVest noted that Binance’s net Bitcoin flow turned positive, with exchange reserves steadily rising, indicating capital is concentrating on exchanges and may create potential selling pressure in the next 1–2 weeks.
• Meanwhile, whales continued to accumulate during the correction. According to CryptoQuant analyst Cauê Oliveira, whale wallets have added over 16,000 BTC in the past seven days, showing strong buying power despite the downturn. Additionally, Cointelegraph reported that wallets holding 10–10,000 BTC have cumulatively added 20,061 BTC since last week’s correction, with a total cumulative increase of 225,320 BTC since March.

Binance Bitcoin Net Flow

3. On-Chain Capital Structure and Investor Behavior

• New Demand and Profit-Taking:Over the past five days, first-time Bitcoin buyers increased holdings by 1.0% to 4.93 million BTC, and steadfast buyers grew 10.1% to 1.03 million BTC. However, profit-taking also reached 1.83 million BTC, marking the largest increase this year. Overall, market demand persists, but short-term profit-taking pressure has intensified.
• Options Market Volatility:Last Friday, Bitcoin options trading volume reached a historic high of $226 million, with call options accounting for approximately 69%. However, on Monday, volume plunged to $18 million, showing a rapid decline in derivative market sentiment.
• Network Activity and Market Structure:VanEck data shows Bitcoin’s market dominance dropped from 64.5% in early July to 59.7% by mid-August. Meanwhile, network transaction counts rose 26% month-on-month, reaching a peak since November 2024; average transaction fees fell 13% to about 421 sats per transaction. This indicates enhanced capital liquidity and a shift in trading structure from whale-dominated activity to broader fragmented trading.
• On-Chain Transaction Activity:In mid-August, daily Bitcoin transactions remained high, between 410,000–480,000:

August 16: 401,706 transactions

August 18: 478,104 transactions

August 20: 424,869 transactions

This shows strong market activity, consistent with capital inflows and outflows.

Bitcoin Options Data

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of August 22, 2025, Bitcoin’s 14-day RSI stands at 45.46. The RSI is in the neutral-weak range of 40–50, indicating that the market is neither oversold (RSI < 30) nor overbought (RSI > 70). This reflects a temporary balance between bullish and bearish forces, with bears holding a slight advantage. If the RSI drops below 40, it may trigger further correction signals; if it rises above 50, short-term bullish momentum could strengthen.

2. Moving Average (MA) Analysis

• MA5 (5-day MA): $113,886
• MA20 (20-day MA): $116,723
• MA50 (50-day MA): $114,259
• MA100 (100-day MA): $106,641
• Current Price: $113,177

MA5, MA20, MA50, MA100 Data Image

In the short term, the current price is below MA5, indicating short-term pressure and reflecting selling pressure around the $114,000 level.
In the medium term, the price is also below MA20 and MA50, showing insufficient rebound momentum and weak consolidation.
In the long term, the price remains significantly above MA100 ($106,641), suggesting that the overall medium-to-long-term trend is still upward and the long-term bullish structure remains intact.
Notably, MA20 and MA50 are showing signs of convergence. If a death cross forms, market volatility may increase; conversely, if a golden cross occurs, it could trigger a medium-term rebound.

3. Key Support and Resistance Levels

Support:Short-term key support lies in the $112,000–$113,000 range. This zone was tested multiple times on August 20 and 22, and prices stabilized upon touching it, halting the downward phase. This indicates strong buying power and defensive significance. If this area fails, the next support could be around the $111,000 psychological level.

Resistance:Short-term resistance is in the $114,500–$115,500 range. A successful and stable break above $115,000 would open further upside potential, targeting the $116,000–$118,000 zone. If $118,000 is also breached, the price could return to levels seen on August 16 and potentially challenge the $120,000 psychological level, forming a phase rebound trend.

Comprehensive Analysis

Bitcoin is currently in a consolidation phase, with market sentiment cautiously bullish. From a technical perspective, support levels have been repeatedly tested, limiting short-term downside, while upside faces multiple resistance layers. The overall trend is range-bound. A significant increase in trading volume during a resistance breakout would increase the probability of an extended move toward $116,000–$118,000. Conversely, insufficient volume or adverse macro news could push prices back to the $112,000 support area or lower.

Trading Strategy:It is recommended to maintain a buying-on-dips approach near support zones while monitoring the $114,500–$115,500 resistance zone for a potential breakout, to assess whether short-term bullish momentum is strong enough to drive a new upward wave.

Market Sentiment Analysis

As of August 22, the Fear & Greed Index stood at 46, in the “Neutral” range, reflecting slightly cautious market sentiment with investors generally adopting a wait-and-see approach.

Reviewing this week (August 16–21), the daily Fear & Greed Index values were: 57 (greedy, positive market sentiment), 57 (maintaining optimism), 56 (slight cooling of optimism), 53 (approaching neutral), 45 (neutral-fear), and 50 (back to neutral). Overall, the index fluctuated within the 45–57 range, remaining in the “Neutral” zone, showing a rhythm of “optimistic → pressured pullback → moderate recovery → returning to caution.”

Structurally, from August 16 to 19, the market remained in the neutral-optimistic range, indicating some investor confidence in Bitcoin’s price trend. On August 20, the index dropped to 45, impacted by Bitcoin falling to the $113,000 level, causing short-term sentiment pressure, though still within the neutral range. Subsequently, on August 21, the index rebounded to 50, reflecting restored confidence amid the price rebound. By August 22, the index retreated to 46, indicating that investors became cautious ahead of key macro events (such as Fed Chair Powell’s speech), and the market entered a wait-and-see state.

Overall, Bitcoin market sentiment this week showed adjustments within the neutral range. Despite temporary pressure, panic was not amplified, and market support at lower levels remained intact. In the short term, macro policy signals will be a key factor influencing sentiment trends.

Fear & Greed Index Data Image

Macroeconomic Background

1. Federal Reserve Policy and Market Expectations

• Ending the “Novel Activities Supervision Program”:On August 15, the Federal Reserve announced the termination of the “Novel Activities Supervision Program” for cryptocurrency and fintech banks, integrating related oversight into the regular framework. This move is seen as regulatory easing and could pave the way for the legitimization of digital assets and institutional investment.
• FOMC Minutes Reveal Cautious Stance:The FOMC minutes from July 29–30 indicated that most Fed officials remain concerned about rising inflation, viewing it as a greater risk than potential employment losses. Therefore, despite weak employment data, the Fed maintained the benchmark interest rate at 4.25%–4.5%. Two members (Waller and Bowman) supported a 25-basis-point rate cut, reflecting internal divergence on monetary policy direction.
• Market Focus Shifts to Jackson Hole:Investors are turning attention to Fed Chair Powell’s speech at the Jackson Hole Economic Policy Symposium from August 21–23, seeking key guidance on future monetary policy.

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2. SEC Delays Approval of Multiple Crypto ETF Proposals

The SEC announced on August 18–19 that approval decisions for several popular crypto ETFs have been postponed to October. Examples include:

• Truth Social (Trump platform) Bitcoin–Ethereum ETF → October 8
• Solana ETF (21Shares/Bitwise) → October 16
• XRP ETF (21Shares Core XRP Trust) → October 19

This delay increases market uncertainty, though some analysts view it as laying the groundwork for early approvals, potentially acting as a catalyst in October.

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3. Regional Investors and Institutions Increasing Bitcoin Allocations

Asian high-net-worth family offices remain highly enthusiastic about crypto assets. Some institutions plan to allocate up to 5% of their investment portfolios to crypto. Singapore’s NextGen Fund quickly raised over $100 million.
Broader institutional capital, combined with improved regulation—such as the U.S. GENIUS Act and Hong Kong stablecoin legislation—is enhancing the credibility and acceptance of crypto asset investments.

4. Global Economic and Market Environment

Stagflation Risk in the U.S.:The U.S. economy faces the risk of stagflation, with slowing growth coexisting with high inflation. According to Bank of America Global Research, about 70% of investors expect U.S. stagflation in the next year. Recent signs, including a weakening labor market, rising core inflation, and higher producer prices, have heightened market concerns.

Eurozone Economic Activity Rebounds:Eurozone business activity accelerated in August, with new order growth driving the fastest pace of expansion in 15 months. France’s services PMI is close to 50, indicating economic stabilization.

Strong Growth in India:India’s private sector expanded at a record pace in August, with surging service demand pushing firms to raise prices and inflation reaching a 12-year high.

Abnormal Oil Market Trends:Despite major energy agencies forecasting global oil production exceeding demand, oil prices show a “futures curve smile” phenomenon: spot prices fall while futures contracts first invert then rise, sparking market concerns over potential future oversupply.

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3. Hashrate Changes

This week, Bitcoin network hashrate exhibited dynamic fluctuations of “rise → slight decline → gradual recovery → rise again.”

On August 16, the Bitcoin network hashrate began to climb gradually from a low of 790.90 EH/s, reaching 1.0706 ZH/s on the same day. From August 17 to 20, the hashrate experienced a slight decline, falling to 815.87 EH/s on August 20. Between August 20 and 22, network computing power gradually recovered, rising to 976.76 EH/s on August 21, and after a slight adjustment on August 22, climbing again to 1.0018 ZH/s, demonstrating the network’s rapid short-term adjustment capability.

Overall, this week, the Bitcoin network hashrate underwent a short-term correction following a rapid rise, yet maintained a steady upward trend. Short-term fluctuations were mainly influenced by miner power scheduling and Bitcoin price volatility. The recovery and surpassing of 1 ZH/s further reflect enhanced network security and miners’ long-term confidence.

This round of fluctuations demonstrates miners’ flexibility in responding to changes in price and mining revenue: when price or revenue expectations are favorable, hashrate quickly returns, driving an increase; when short-term profit windows narrow, some computing power temporarily exits, resulting in a slight decline. Overall, this week’s hashrate rebound and maintenance at high levels indicate that the Bitcoin network’s computing power is in a stable upward trajectory, retaining strong anti-attack capability and network stability in the short term.

Weekly Bitcoin Network Hashrate Data

From an annual perspective, the Bitcoin network hashrate shows a clear growth trend, with increased volatility. In the same period last year, hashrate remained within 550–750 EH/s, whereas it now maintains 850 EH/s–1 ZH/s.

This trend indicates that with improved mining machine performance and greater network participation, Bitcoin network security and resistance to attacks have further strengthened. At the same time, increased volatility suggests that miners flexibly adjust computing power during price fluctuations to optimize the balance between revenue and risk. Overall, annual data indicate continuous growth in network hashrate, improving network robustness, while hashrate concentration and volatility may exert some influence on short-term market trends.

Annual Bitcoin Network Hashrate Data

4. Mining Revenue

According to YCharts data, over the past week (August 16–22, 2025), Bitcoin miners’ daily total revenue (including block rewards and transaction fees) fluctuated between $49.94 million and $57.70 million, detailed as follows:

• August 16: $56.29 million
• August 17: $57.12 million
• August 18: $57.70 million
• August 19: $49.94 million
• August 20: $51.97 million
• August 21: $55.38 million

Daily Bitcoin Miner Revenue Data

Overall, Bitcoin mining revenue this week showed a pattern of rising, then falling, and rising again. This fluctuation reflects the combined impact of Bitcoin price, network hashrate, and transaction fees. Midweek, revenue peaked at $57.70 million on August 18, then dropped sharply to $49.94 million on August 19, a decline of approximately 13.5%. Revenue was mainly influenced by Bitcoin price and transaction fee fluctuations. By the end of the week, revenue recovered to $55.38 million on August 21, showing that miner income retained resilience after short-term volatility.

From the perspective of daily revenue per unit of hashrate (Hashprice), Hashrate Index data shows that as of August 22, 2025, Hashprice was $55.34/PH/s/day. During the week, Hashprice displayed a stepwise decline, with drops on the 18th, 19th, and 21st, falling from $57.50/PH/s/day at the start of the week to $54.92/PH/s/day on August 22. On August 19, it briefly rebounded to $57.15/PH/s/day. Overall, Hashprice fluctuations this week were largely consistent with total miner revenue, reflecting the short-term impact of Bitcoin price, network hashrate, and transaction fee changes on miner profitability.

Multidimensional Performance:

• Monthly Range: Hashprice is near the lower end of the past 30 days, indicating pressure on unit hashrate revenue and relatively limited miner profit space.
• Quarterly Range: Positioned at the mid-level of the past three months, showing that overall revenue remains stable and short-term volatility has not affected the quarterly average profit.
• Annual Range: Still at a mid-to-high level for the year, indicating that overall Bitcoin miner revenue remains above the annual average, and long-term profitability remains robust.

Hashprice Data

Notably, Jefferies’ latest report shows that Bitcoin mining profitability in July 2025 increased 2% month-on-month. This was mainly due to a 7% rise in Bitcoin price, while network hashrate increased only 5%. Against this backdrop, the global output share of U.S.-listed mining companies continued to rise, totaling 3,622 BTC in July, approximately 26% of the network, up 1 percentage point from June. This trend reflects that large mining enterprises, leveraging scale and low-cost advantages, have further consolidated their market share within the global hashrate landscape.

In summary, although Bitcoin miner revenue experienced short-term declines this week, overall it remained in a high range. Pressure from price corrections and transaction fee fluctuations represents short-term disturbances rather than a trend decline. From quarterly and annual Hashprice perspectives, miner profitability remains robust. If Bitcoin price remains strong or network hashrate growth slows in the future, miner revenue still has potential for further recovery.

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of August 22, 2025, the total Bitcoin network hashrate reached 935.13 EH/s, with a mining difficulty of 129.44T. The next difficulty adjustment is expected on August 23, 2025, with a projected decrease of approximately 0.72%, resulting in an estimated difficulty of 128.51T. This trend indicates that although overall hashrate remains at historical highs, some high-cost mining operations are gradually exiting under current electricity price and operational cost pressures, leading to a slight reduction in network difficulty. This suggests that short-term mining efficiency may improve slightly, especially benefiting miners with lower electricity costs and higher equipment efficiency. It is important to note that this minor difficulty drop often reflects a market rebalancing of marginal mining profitability. When electricity prices are high while Bitcoin trades in a low-range consolidation, weaker miners exiting increases the unit revenue for surviving miners.

Bitcoin Mining Difficulty Data

According to Digiconomist data, since August 2025, the Bitcoin energy consumption index has continued to rise: from 176.19 TWh/year at the end of July to 183.50 TWh/year. This growth reflects that, despite hashrate remaining high, total network energy consumption still matches the annual electricity usage of a medium-sized country globally.

Bitcoin Energy Consumption Data

Overall, in late August 2025, Bitcoin mining entered a phase of “high energy consumption, minor difficulty adjustments, and efficiency differentiation”: the network hashrate remains at historical highs, but difficulty shows a slight downward adjustment, indicating that some high-cost miners are forced to exit under electricity and operational pressures, sending a market-clearing signal. Meanwhile, network energy consumption continues to climb, making carbon emissions an increasingly prominent concern. In this context, mining efficiency differences become more evident: older high-energy-consumption equipment gradually loses competitiveness under high electricity prices, whereas next-generation efficient miners combined with low-cost electricity resources become the core advantage for maintaining profitability. In the short term, this pattern may increase profit margins for surviving miners, but in the medium to long term, Bitcoin mining will continue to face challenges from stricter energy regulations and compounded cost pressures.

6. Policy and Regulatory News

Thailand Government Officially Launches First State-Owned Bitcoin Wallet for Tourists
On August 18, The Bitcoin Historian reported that the Thai government officially launched its first state-owned Bitcoin wallet aimed at tourists.

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U.S. SEC Delays Decisions on Multiple Crypto ETF Applications
On August 19, news reported that the U.S. Securities and Exchange Commission (SEC) postponed its decision on the Bitcoin and Ethereum ETF application filed by Trump Media & Technology Group’s social platform, Truth Social.
According to documents submitted on Monday, the SEC extended the approval deadline for the Truth Social ETF to October 8, as part of the agency’s routine process for evaluating dozens of crypto ETF proposals.
Other ETFs delayed on the same day include CoinShares Litecoin ETF, CoinShares XRP ETF, and 21Shares XRP ETF, with decision deadlines moved to late October. The SEC stated in the documents:“The Commission believes it is necessary to extend the review period to fully evaluate the proposal and related issues.”

Senator Cynthia Lummis Pushes to Pass Crypto Legislation by Year-End
On August 21, news from the Wyoming Blockchain Seminar reported that U.S. pro-crypto Senator and Bitcoin legislation advocate Cynthia Lummis plans to advance a cryptocurrency market structure bill by the end of the year, detailing the plan on Wednesday. Lummis stated:“We aim to get the market structure bill to the President’s desk before year-end. I hope to do it before Thanksgiving, so that is our goal.”
Previously, Lummis, along with Bill Hagerty, Bernie Moreno, and Senate Banking Committee Chair Tim Scott, released a broader draft of a crypto market structure bill last month, setting a self-imposed deadline of September 30 to make progress within the committee. Meanwhile, the House passed a market structure bill called theDigital Asset Market Clarity Actlast month, which differs from the Senate Banking Committee’s version. Lummis noted on Wednesday that the Senate process is“very messy.”
“We plan to use the House CLARITY Act as the base bill,”Lummis said.“We will try to retain the amendments regarding stablecoins that the House wants to include, as well as content from their CLARITY Act. We want to respect the work of the House as much as possible.”

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Brazilian Legislators Propose Allocating 5% of Forex Reserves to Bitcoin; Central Bank Expresses Concerns
On August 21, Brazilian legislators held a hearing on Bill No. 4501/2024, which proposes allocating up to 5% of the country’s international reserves (approximately $16.4 billion) to Bitcoin. These reserves would be managed by the Central Bank of Brazil and the Ministry of Finance.
However, the Brazilian Central Bank expressed concerns, noting that Bitcoin’s high volatility could undermine the credibility of its monetary policy. The bill is currently under further review.

7. Mining News

Independent Miner Successfully Mines a Bitcoin Block, Receives $371,000 Reward
On August 18, Bitcoin Magazine reported that an independent miner successfully mined a Bitcoin block and received a block reward valued at $371,000.

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Google Increases Stake in TeraWulf to 14%, Mining Company Expands Convertible Notes Issuance to $850 Million
On August 19, The Block and GlobeNewswire reported that Bitcoin mining company TeraWulf (NASDAQ: WULF) announced an expansion of its proposed convertible senior notes issuance from $400 million to $850 million, with pricing already determined. The notes will mature in 2031, carry a coupon of 1.00%, and have an initial conversion price of $12.43 per share, a 32.50% premium over the current share price. Meanwhile, tech giant Google has increased its pro forma equity stake in TeraWulf to 14%, officially becoming a major shareholder.

Renewable Energy Developer Mint Secures $150 Million Investment for Green Bitcoin Mining and AI Data Centers
On August 19, PRNewswire reported that U.S.-based renewable energy developer Green Minting Technologies (“Mint”) announced a $150 million investment agreement with GEM Digital. The funds will be used to build a 600 MW off-grid renewable energy project to support Bitcoin mining and AI data center operations.
Mint plans an initial exchange offering (IEO) for its MINT token, targeting $400 million in fundraising. CEO Alex Wey stated that the MINT token will enable individual investors to participate in large-scale renewable energy mining and computing services at lower costs, promoting decentralization of the Bitcoin mining ecosystem. The project will also allocate resources to develop high-performance data centers supporting AI tools.

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Riot Platforms Sells Over 11.1 Million Shares of Bitfarms, Valued at Approximately $15.1 Million
On August 20, after accelerating stock sales in recent weeks, Riot Platforms significantly reduced its stake in competitor Bitcoin miner Bitfarms, peaking on Monday with the sale of 11 million shares. According to SEC filings, Riot sold over 11.1 million Bitfarms shares on August 18 at an average price of $1.36 per share, totaling approximately $15.1 million. This sale reduced its holdings to below 5%, eliminating the need for public disclosure.

As of 2025, Riot has sold approximately 71.5% of the 90 million Bitfarms shares accumulated last year, or about 64.4 million shares, at an average sale price of $1.11 per share, generating $71.3 million in proceeds. Riot’s average cost when establishing the position in 2024 was $2.24 per share, indicating substantial losses relative to its initial investment.
The August 18 sale represents Riot’s largest single-day transaction in months, far exceeding previous daily sale volumes, which typically ranged from several hundred thousand to 4 million shares.

8. Bitcoin-Related News

Summary of Bitcoin Accumulation Dynamics This Week:

1. Mango Financial (Hong Kong Broker)
On August 16, licensed Hong Kong broker Mango Financial announced the launch of its digital asset strategy, with Bitcoin as the primary focus in the first phase. The company plans to allocate part of its own capital to digital assets and gradually explore blockchain innovations in payment and settlement operations. Financial technology will complement its existing business lines, though the exact purchase amount has not been disclosed.

2. Norges Bank Investment Management (NBIM)
On August 16, according to Standard Chartered’s research head, NBIM increased its Bitcoin-related holdings from 6,200 BTC equivalent to 11,400 BTC in Q2, an 83% increase. This was primarily achieved through additional MicroStrategy stock purchases for Bitcoin exposure, along with a minor increase in Metaplanet holdings. As one of the world’s largest sovereign wealth funds, NBIM further deepened the institutionalization trend in the Bitcoin market.

3. BSTR (Bitcoin Standard Treasury Co.)
On August 16, Bitcoin Standard Treasury Co. (BSTR) disclosed it currently holds 30,021 BTC and plans to increase holdings to over 50,000 BTC. The company is preparing to go public on NASDAQ through a merger with Cantor Equity Partners, expected to complete in Q4. If the financing succeeds, BSTR could become the second-largest corporate Bitcoin holder globally, after MicroStrategy.

4. El Salvador (National Bitcoin Reserve)
On August 17, El Salvador purchased an additional 8 BTC over the past 7 days, bringing total holdings to 6,270.18 BTC, valued at approximately $737.7 million. The country continues to steadily advance its Bitcoin reserve strategy, reinforcing its position as the world’s first nation to adopt Bitcoin as legal tender. This small additional purchase reflects the government’s long-term commitment to Bitcoin.

5. Metaplanet (Listed Company, Japan)
On August 18, Japanese listed company Metaplanet announced the purchase of an additional 775 BTC, bringing total holdings to 18,888 BTC. Since entering the Bitcoin market, the company has maintained an active accumulation pace. Metaplanet is regarded as a “Bitcoin pioneer” in the Japanese market, with holdings among the largest in Asia.

6. Capital B (Listed Company, Europe)
On August 18, Capital B announced an investment of approximately €2.2 million from Adam Back, intended to expand Bitcoin reserves. The company expects this funding to add about 17 BTC, bringing total holdings to 2,218 BTC. As a listed European company, Capital B’s actions highlight continued support from industry leaders for Bitcoin investment.

7. B Treasury Capital AB (Listed Company, Sweden)
On August 18, the company announced plans to raise up to $21.9 million for additional Bitcoin purchases, further expanding its digital asset strategy. Sweden, as an active crypto-financial market in Europe, is attracting more traditional enterprises to increase Bitcoin reserves.

8. Monochrome Spot Bitcoin ETF (Australia)
On August 18, Monochrome disclosed that its spot Bitcoin ETF (IBTC) holdings reached 990 BTC, valued at approximately AUD 180 million at the time. This demonstrates ongoing demand for Bitcoin investment products in the Australian market. As a key compliant Bitcoin investment channel locally, its scale is steadily increasing.

9. Lib Work (Japanese Real Estate Company)
On August 18, Lib Work announced plans to purchase $3.4 million worth of Bitcoin in 2025. The company stated this is mainly for hedging inflation risks and exploring overseas market opportunities. As a Tokyo Stock Exchange-listed enterprise, its strategic shift indicates that traditional Japanese industries are gradually embracing digital assets.

10. Amdax (Dutch Crypto Service Provider)
On August 18, Amdax announced plans to establish a listed company named AMBTS, focusing on Bitcoin wealth strategies. Its long-term goal is to accumulate at least 210,000 BTC, representing 1% of the total Bitcoin supply. This indicates that the European market is preparing for larger-scale Bitcoin capital operations.

11. Strategy (Corporate Treasury)
On August 18, Strategy purchased an additional 430 BTC, bringing total holdings to 629,376 BTC. The company has invested over $46 billion in Bitcoin, making it the world’s largest corporate Bitcoin holder. Its long-term strategy remains focused on Bitcoin accumulation, maintaining industry leadership.

12. Reborn Coffee (U.S. Coffee Chain)
On August 18, Reborn Coffee announced a strategic assessment to consider incorporating Bitcoin and other digital assets into its financial management framework. The company emphasized that no purchases have been made yet but plans to explore diversified capital reserves and improved fund efficiency. This demonstrates that even the retail sector is exploring Bitcoin’s financial applications.

13. AEHL (NASDAQ-Listed Company)
On August 18, AEHL announced the second phase of its Bitcoin strategy and signed a cooperation agreement with BitGo. The company plans to gradually acquire BTC and store assets on-chain. As a compliant listed company, its Bitcoin holdings plan will be regularly disclosed to the market.

14. Volkswagen Group Singapore (VGS)
On August 18, VGS announced a partnership with payment provider FOMO Pay to introduce Bitcoin, Ethereum, and other payment options. Customers can pay for new cars and after-sales services using digital currencies. Although this does not involve reserve holdings, it signifies Bitcoin’s accelerated entry into traditional consumer scenarios.

15. KindlyMD (Bitcoin Treasury Company)
On August 19, KindlyMD completed $200 million in financing and purchased 5,744 BTC for $678.9 million. Following its merger with Nakamoto Holdings, the company officially launched large-scale Bitcoin treasury operations. Future holdings are expected to continue expanding, making it a significant corporate buyer in the U.S. market.

16. Cardone Capital (Real Estate Investment Company)
On August 19, Cardone Capital increased holdings by 130 BTC, valued at approximately $15 million. Founder Grant Cardone stated that Bitcoin will continue to serve as part of the company’s long-term reserves. This reflects real estate capital starting to use Bitcoin as a wealth preservation tool.

17. VCI Global (NASDAQ-Listed Company)
On August 19, VCI Global announced the establishment of a joint venture backed by 18,000 BTC, with a total valuation exceeding $2.1 billion. VCI will hold a 70% stake and manage commercialization. This indicates Bitcoin is gradually entering sovereign-level digital infrastructure construction.

18. BOXABL (Modular Housing Company)
On August 20, BOXABL disclosed the purchase of 10 BTC as part of its company reserves. The company first publicly revealed holdings in its Q2 filings, showing traditional manufacturing enterprises are also entering the Bitcoin treasury space.

19. H100 Group
On August 20, H100 Group purchased an additional 102.19 BTC, bringing total holdings to 911.29 BTC. The company continues to expand Bitcoin assets through market purchases, gradually joining mid-sized corporate Bitcoin holders.

20. LM Funding America (NASDAQ-Listed Company)
On August 20, the company announced the completion of approximately $23 million in financing, including $12.6 million from registered direct issuance and $10.4 million from private placement. Funds will primarily be used for further Bitcoin acquisitions, strengthening the Bitcoin treasury strategy. Since launching its Bitcoin program in 2021, LM Funding has accumulated 150 BTC and possesses 26 MW of mining capacity, with plans to acquire more mining farms in the future.

21. Mingcheng Group (Hong Kong Construction Service Provider)
On August 21, Mingcheng Group announced plans to spend $483 million to purchase 4,250 BTC. As a construction service provider, its cross-industry entry into Bitcoin investment drew attention. If completed, Mingcheng Group will become a significant corporate holder in the Hong Kong market.

22. Goobit Group (Listed Company)
On August 21, Goobit Group launched its Bitcoin treasury strategy and completed its first purchase of 10.6294 BTC, valued at approximately $1.23 million. The company set a short-term goal of holding 210 BTC in its treasury. The move, supported by multiple investors, marks its official entry into the Bitcoin reserve space.

23. Mac House (Japan Nationwide Clothing Brand)
On August 21, Mac House completed its first purchase of 17.51 BTC as part of the “proof-of-concept” phase of its Bitcoin treasury strategy. The company stated it will evaluate further purchases based on results, with a future goal of building a Bitcoin treasury of 1,000 BTC. This demonstrates that traditional retail is accelerating the development of Bitcoin reserves.

Analysis: Bitcoin Still Expected to Reach $150,000 Before 2026

On August 16, market sources reported that Bitcoin reached a new high this week, breaking above $123,000, surpassing the July peak. Its upward momentum is driven by institutional purchases, corporate treasury allocations, U.S. policy support, and accumulating returns at the sovereign state level. This trend further reinforces the prediction from global financial advisory giant deVere Group: Bitcoin could reach $150,000 by the end of 2025.

As the world’s largest cryptocurrency, Bitcoin has risen over 31% since the beginning of the year, representing an approximate 60% increase from the market low in April. Factors driving this surge include:
· Unprecedented inflows into U.S. spot Bitcoin ETFs;
· Multiple large publicly listed companies adding Bitcoin to their balance sheets;
· Bitcoin-friendly policies from the Trump administration;
· Profits generated by Bitcoin holdings of sovereign nations.

Nigel Green, Founder and CEO of deVere Group, stated that multiple strong forces are converging to continuously push Bitcoin to new highs:
"Institutional capital is flowing through spot ETFs at record scale. Public companies are treating Bitcoin as a strategic reserve asset. The White House is actively supporting this asset class. Sovereign Bitcoin investments have already generated profits. These are not isolated events, but part of a deep systemic transformation of the global financial system."

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Canary Capital CEO Predicts Bitcoin to Hit $150,000 Within the Year, Ethereum May Struggle to Sustain Momentum

On August 17, Decrypt reported that Canary Capital CEO Steven McClurg told CNBC that Bitcoin has over a 50% probability of reaching $150,000 by the end of 2024. McClurg attributes this potential rise to increased ETF demand and the expanding group of institutional buyers, including sovereign wealth funds, pension funds, and corporate bond holders.

However, he is pessimistic about Ethereum, predicting it may be replaced by emerging blockchains such as Solana. Analyst Greg Magadini, meanwhile, noted that Ethereum’s developer ecosystem advantage is difficult to surpass, expecting the ETH/BTC ratio to recover to around 7%.

VanEck: Maintains Year-End BTC Target Price at $180,000

On August 19, VanEck released an analysis report noting that Bitcoin achieved key developments from mid-July to mid-August: its price rebounded to a historical high of $124,000, and the Chicago Mercantile Exchange (CME) basis reached a yearly peak. VanEck maintains its year-end Bitcoin target price of $180,000.

In the mining sector, although miner APLD’s stock price increased, most mining companies underperformed. Notably, U.S. miners’ share of global hash rate has reached a new high of 31.5%.

The report also pointed out that, due to low volatility, the modified net asset value (mNAV) of Digital Asset Treasuries (DATs) declined, which restrained financing and growth.

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Bernstein: Current Crypto Bull Market May Continue Until 2027, BTC Could Rise to $150,000–$200,000 in the Next Year

On August 19, The Block reported that Bernstein analysts stated in their latest report that although recent price movements have cooled, the ongoing cryptocurrency bull market could extend to 2027, driven by U.S. policy support and increasing institutional adoption. Analysts forecast that Bitcoin could rise to $150,000–$200,000 within the next year, while also raising target prices for Coinbase, Robinhood, and Circle.

Additionally, the company expects the crypto asset cycle to surpass Bitcoin, with Ethereum, Solana, and DeFi tokens driving the next wave of growth.

SkyBridge Founder: Maintains Year-End Bitcoin Target Price at $180,000–$200,000

On August 19, CNBC reported that Anthony Scaramucci, founder of SkyBridge Capital, stated in an interview that he maintains a year-end Bitcoin target price of $180,000–$200,000. He also discussed topics including the Wyoming Blockchain Summit held this week, the next U.S. Federal Reserve chair, Bitcoin’s current status, and views on stablecoins.

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Swiss Parliament Member Urges the Country to Buy and Adopt Bitcoin Before Fiat System “Collapses”

On August 20, according to @pete_rizzo_, Swiss parliament member KULLMANN called for the country to purchase and adopt Bitcoin before the fiat currency system “collapses.”

Coinbase CEO: Bitcoin Price to Reach $1 Million by 2030

On August 21, Coinbase CEO Brian Armstrong predicted that Bitcoin’s price will reach $1 million by 2030.

Tether CEO: U.S. Should Treat Bitcoin as a Hedge Against the Dollar

On August 21, Tether CEO Paolo Ardoino stated that the U.S. should view Bitcoin as a hedge against the dollar. He hopes the U.S. will establish a substantial Bitcoin balance sheet to enhance financial security and asset diversification.

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Eric Trump: Bitcoin Will Ultimately Reach $1 Million, Expected to Hit $175,000 by Year-End

On August 21, according to the Jackson Hole SALT Conference, Eric Trump expressed his enthusiasm for Bitcoin again on Wednesday, stating his belief that Bitcoin’s ultimate value will surpass $1 million. This business leader, who co-founded the Bitcoin mining company American Bitcoin earlier this year, even referred to himself as a “Bitcoin maximalist.”

As Executive Vice President of the Trump Organization, he said he currently devotes over 50% of his time to cryptocurrency projects and reiterated his prior forecast—that Bitcoin will rise to $175,000 per coin by year-end.