1. Bitcoin Market

Bitcoin Price Trend (2025/08/30–2025/09/05)

This week, Bitcoin gradually recovered after a period of low-level consolidation and underwent a phase of adjustment ahead of key macroeconomic data releases. The overall market structure remains fragile, and investor sentiment continues to be defensive. As the U.S. non-farm payroll data on September 5 approaches, the market has generally adopted a wait-and-see strategy. Even with strong expectations of a rate cut, the price still exhibits characteristics of volatility and retracement.

Low-Level Consolidation Phase (August 30–September 1)

On August 29, Bitcoin dropped sharply from $113,042 to $108,178, a single-day decline of approximately 4.4%. On the morning of August 30, it further tested a low of $107,481 before stabilizing, subsequently oscillating within the $108,000–$109,000 range. On August 31, the fluctuation range expanded to $108,200–$109,500.

One of the main reasons for the price decline was profit-taking by large whales:
According to CryptoOnchain monitoring, on August 29, Bitcoin realized nearly $4 billion in profits in a single day, the largest single-day profit-taking since February 2025. The profit distribution was as follows:

• Super Whales (>10,000 BTC): $2.17 billion
• Large Whales (1,000–10,000 BTC): $1.25 billion
• Other Whales (100–1,000 BTC): $495 million

The single-day realized profit of nearly $4 billion is the largest since February 2025. Such large-scale profit-taking usually occurs at interim tops, indicating a transfer of Bitcoin from “strong hands” to “weak hands,” placing short-term pressure on the market. Although this does not necessarily signal a long-term decline, it is an important risk indicator for short-term traders.

Bottoming and Gradual Recovery Phase (September 1–September 4)

On the morning of September 1, Bitcoin touched the weekly low of $107,310 before beginning a gradual rebound, accompanied by widening fluctuations. From September 1 to 4, the price successively rose to $109,830, $110,636, $111,653, and $112,463, with two technical pullbacks occurring on September 2, increasing market volatility.

The main drivers of this recovery include:

1.Technical Breakthrough:Bitcoin broke through the two-week downtrend line and reclaimed the 100-day Exponential Moving Average (EMA), indicating a strong short-term technical rebound.

2.Improved Market Sentiment:Cryptocurrency market sentiment shifted from “fear” to “neutral,” gradually restoring investor confidence.

3.Recovery in Institutional Demand:Increased demand from institutional investors and enterprises improved market liquidity.

4.Fed Rate-Cut Expectations:The market widely expects a greater than 90% probability of a September rate cut by the Federal Reserve, stimulating demand for risk assets and supporting Bitcoin prices.

Phase of Adjustment (September 4–September 5)

On September 4, Bitcoin once surged above $112,000 but then fell under pressure to $110,407, briefly rebounded near $111,000, and finally tested $109,411 before stabilizing. On September 5, the price rebounded to $111,494 but failed to break through, and at the time of writing, it retraced to $110,888.

Short-term retracement reasons include:

• Profit-Taking Pressure: Short-term funds chose to realize profits after reaching key resistance levels.
• Fragile Market Structure: Remaining selling pressure from previous whale activity continues to limit upside potential.
• Macroeconomic Uncertainty: Despite strong rate-cut expectations, uncertainties in key data such as employment lead to a cautious approach.

Summary and Outlook

Overall, Bitcoin’s trend this week shows a rhythm of “low-level bottoming – gradual rebound – phase adjustment.” In the short term, the market still faces volatility risk, and price movements are highly sensitive to macroeconomic data and whale activity.

Investors should pay close attention to:

• Whale Fund Flows: Whether profits continue to be realized or positions are rebuilt.
• Changes in Fed Policy Expectations: The timing and magnitude of a rate cut directly impact market sentiment.
• Evolution of Market Sentiment: A shift from “neutral” to “greed” could trigger a new round of breakouts.

Short-term trading should remain cautious, while mid- to long-term strategies should focus on the interaction between macro policy and institutional capital.

2.Market Dynamics and Macroeconomic Background

Capital Flows

1. ETF Capital Movements

This week’s spot Bitcoin ETF inflow trends:

• September 2: +$332.8 million
• September 3: +$300.5 million
• September 4: -$357.7 million

ETF Inflow/Outflow Data Chart

Overall, funds continued flowing in during the first two days, reflecting strong market demand for Bitcoin allocation. However, a significant outflow occurred on September 4, indicating that some funds chose to take profits, and short-term market sentiment turned cautious.

2. Whale and Long-Term Holder Activity

Ancient Bitcoin Whale Swaps BTC for ETH

On August 31, according to @mlmabc monitoring, an ancient Bitcoin whale, who has been publicly swapping BTC for ETH, executed the following operations over the past 11 days:

• Sold Bitcoin: 34,110 BTC (≈$3.7 billion)
• Bought Ethereum: 813,298.84 ETH (≈$3.66 billion)
• Still holding BTC in wallet: 32,321 BTC (≈$3.5 billion), intentions unclear

This whale appears to be gradually converting BTC holdings into ETH, though the true intent remains uncertain.

Long-Term Bitcoin Holders’ Single-Day Selling Hits Yearly High

On September 1, Glassnode data showed:

• Total Bitcoin sold in a single day: ~97,000 BTC, a 2025 high
• Held 1–2 years: ~34,500 BTC
• Held 6–12 months: ~16,600 BTC
• Held 3–5 years: ~16,000 BTC
• These three holder categories together account for ~70% of total expenditures.

The recent acceleration in spending by long-term holders shows that some investors are responding to short-term market volatility.

BTC Long-Term Holders vs. Short-Term Holders Expenditure Chart

3. Exchange and Market Data

Crypto Exchange Trading Volume Hits Yearly High

On September 3, The Block reported:

• Total crypto exchange trading volume in August: $1.86 trillion, up 5% YoY
• Binance: $737.1 billion (up $31 billion MoM)
• Bybit: $12.65 billion, Bitget: $12.61 billion
• Decentralized Exchange (DEX) trading volume: $368.8 billion, Uniswap $143 billion, PancakeSwap $58.7 billion

Cryptocurrency Exchange Monthly Trading Volume Data

ETH ETF Inflows Reach Record High

• U.S. spot Ethereum ETF August inflows: $3.87 billion
• In the same period, Bitcoin ETF outflows: $751 million

Investor interest in ETH has significantly increased, indicating that funds are rotating from Bitcoin into Ethereum and other higher-yield assets.

Bitcoin Spot ETF Monthly Inflow/Outflow Data

4.Market Structure and Altcoin Trends

Decline in Bitcoin Dominance

On September 4, The Block reported:

• Bitcoin’s share of the crypto market fell to 55% (previous peak 62%)
• Altcoins such as ETH and SOL have attracted renewed attention from institutional and retail funds

Signs of capital rotation are emerging in the market. If altcoins can generate real spot demand, they may see a bullish trend in Q4.

Bitcoin Dominance Data

ETH Exchange Reserves Hit Nearly 3-Year Low

On September 4, CryptoQuant data showed:

• Exchange ETH reserves dropped to approximately 17.4 million ETH (down ~10.7 million from the 2022 peak)
• Withdrawals accelerated over the past 3 months, with ~2.5 million ETH leaving exchanges
• Spot ETH ETFs have seen net inflows exceeding $10 billion since July

Whale Holdings Increase

• The group of whales holding 1,000–100,000 ETH has increased their holdings by 14% since April
• This indicates that large investors are steadily accumulating ETH at lower levels

Overall, capital flows indicate that recent selling pressure on Bitcoin has increased, while ETH and altcoins are receiving attention from institutions and whales, showing a trend of high-risk asset rotation in the market.

Ethereum Exchange Reserve Data

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Bitbo data, as of September 5, 2025, Bitcoin’s 14-day RSI is 43.28. From a range perspective, an RSI between 30–50 is generally considered a weak zone, indicating insufficient bullish strength and relative dominance by bears. The current RSI shows that Bitcoin’s short-term momentum is weak, with limited capital inflows, and the price exhibits a tendency to oscillate downward. Although this level has not yet entered the oversold area below 30, downward pressure is apparent. If the RSI stabilizes around 40, the market may find technical support in this region, potentially triggering a short-term rebound. However, a drop below 35 would release a stronger bearish signal, suggesting the price may face further downside risk. Overall, Bitcoin remains in a state of weak bullish momentum in the current RSI range, and investors should closely monitor the 40–35 zone to assess potential shifts in market strength.

Bitcoin 14-Day RSI Data Chart

2. Moving Average (MA) Analysis

• MA5 (5-day): $110,965
• MA20 (20-day): $115,054
• MA50 (50-day): $115,725
• MA100 (100-day): $109,705
• MA200 (200-day): $104,381
• Current Price: $111,395

MA5, MA20, MA50, MA100 Data Chart

In the short term, the current price is slightly above MA5 ($110,965) but still significantly below MA20 and MA50, indicating minor stabilization but an overall trend of a temporary retracement.

In the medium term, MA20 and MA50 are above the current price, forming a resistance zone between $115,000–$116,000. If the price fails to break through this range, the market may continue weak sideways movement.

In the long term, MA100 ($109,705) and MA200 ($104,381) remain below the current price, showing that the long-term trend remains bullish, and Bitcoin is still in a long-term upward channel.

Trend Interpretation:

• Short-term: Price is likely to oscillate between MA5 and MA100, approximately $109,700–$112,000.
• Medium-term: A successful breakout above the MA20 and MA50 resistance zone (~$115,000) could signal a return to an upward trend.
• Long-term: As long as the price does not fall below MA200 (~$104,000), Bitcoin’s long-term bull structure remains intact.

3. Key Support and Resistance Levels

Support Levels:
Short-term key support zones are at $110,500 and $109,500. On September 3, Bitcoin retraced twice to $110,500 without further decline, indicating strong buying support. During the pullback on September 4, the $109,500 support was again validated, effectively curbing downward momentum, showing active buying in this area. If this level fails, $109,000 will serve as the next defense line.

Resistance Levels:
Short-term resistance is concentrated in the $112,000–$113,000 range. Technically, $112,000 marks the upper edge of a previous dense trading area, combined with short-term moving average pressure, making it the primary breakout point. A successful and sustained break above $112,000 could allow further challenges toward $113,000. This range has concentrated selling pressure, representing significant short-term resistance.

Comprehensive Analysis

Overall, Bitcoin’s short-term trend remains in a range-bound pattern, with bulls and bears battling repeatedly between $109,500–$112,500. Support levels progressively strengthen, showing strong buying intent, while resistance above is evident, making a breakout challenging. Without a substantial volume-driven breakout, the market is likely to remain range-bound. Stabilization above $112,000 would open space for further gains, whereas a breakdown below $109,500 may see price test $109,000 or lower support levels. For short-term trading, attention should be paid to changes in support and resistance within the range, maintaining flexible responses.

Market Sentiment Analysis

As of September 5, the Fear & Greed Index stands at 41, at the lower edge of the “Neutral” zone, indicating that market sentiment remains cautious, with investors generally maintaining a defensive stance.

Reviewing this week (August 30–September 5), the daily Fear & Greed Index values were: 39 (near the edge of “Fear”), 40 (edge of Neutral), 39 (edge of Neutral), 39 (edge of Neutral), 42 (lower Neutral), 44 (Neutral). The overall range was 39–44, with limited fluctuations.

Overall, Bitcoin market sentiment this week remained oscillating near the lower edge of “Neutral,” reflecting a cautious and conservative investor attitude. Although fear did not intensify further, a strong wait-and-see atmosphere prevailed, showing that the market still lacks strong upward momentum. If the price can stabilize and break through key resistance levels with increased volume, market sentiment may further improve; conversely, if the price falls again, the index could drop into the “Fear” zone.

Fear & Greed Index Data Chart

Macroeconomic Background

1. Federal Reserve Beige Book Released

Released this Wednesday (September 3), the Beige Book shows that economic activity in most U.S. regions was “almost unchanged” or “slightly weak,” with the labor market remaining stable and inflation moderately rising. The report highlighted structural challenges such as cautious corporate purchases, AI replacing some jobs, institutions reluctant to fill vacancies, and a reduced immigrant labor force.

The market generally expects the Federal Reserve to implement a rate cut at the FOMC meeting on September 16–17.
Economic weakening combined with stronger rate-cut expectations typically drives investors toward non-traditional assets (such as Bitcoin) for inflation protection or risk hedging.

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2. Upcoming Employment Data

The U.S. August Non-Farm Payroll (NFP) report will be released this Friday (September 5, 08:30 ET). The market widely expects new job additions of approximately 73,000–75,000, with the unemployment rate potentially rising slightly to 4.3%.

Weaker-than-expected employment data would further strengthen rate-cut expectations, benefiting risk assets including Bitcoin.

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3. U.S. Market: Rising Political Risk and Macroeconomic Uncertainty

• Trump’s Tariffs and Fed Interference Raise Market Tensions

Courts have ruled most of his tariff measures unlawful, raising concerns over refund risks and fiscal pressure. Bond yields have surged, increasing market volatility. This has also boosted the appeal of safe-haven assets such as gold and Bitcoin.

• Investor Concerns About Future Policy Uncertainty

Trump’s attempts to influence the Fed’s independence have intensified market concerns, driving capital toward alternative assets, including gold and Bitcoin.

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4. Tech Giants Drive Short-Term Stock Market Recovery

• Alphabet and Apple Stock Surge

Alphabet’s shares jumped ~9% after winning an antitrust case, preserving Chrome browser rights and its partnership with Apple, which in turn drove Apple’s shares up nearly 4% during the same period.

• Cryptocurrency Asset “American Bitcoin” Rises Sharply
  American Bitcoin (ABTC), a Trump family-related Bitcoin mining company, rose nearly 17% on its Nasdaq debut to $8.04 per share, reaching an intraday high of ~$14. Trading volume exceeded 29 million shares on its first day.

5. Safe-Haven Assets Rise

Gold Hits Record High

On September 2, gold prices climbed to approximately $3,578 per ounce, reflecting market unease over U.S. policy and economic turbulence, while supporting Bitcoin’s recent rally.

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6. Asia-Pacific Policy and Economic Performance Remain Stable

Bank Negara Malaysia Maintains Interest Rate

On September 4, the central bank announced that the key overnight rate will remain at 2.75%, expected to persist until 2027. This decision comes amid moderate inflation and sustainable economic growth.

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7. Seasonal Market Trends and Shifts in Risk Appetite

September Market Risks Resurface

Historically, September is a weak month for U.S. equities. Combined with debt issuance peaks, portfolio rebalancing, and policy uncertainty, the market is particularly fragile this week. Both stocks and bonds are under pressure, volatility is rising, and investors are seeking safe-haven paths.

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3. Hashrate Changes

Over the past seven days, Bitcoin network hashrate has exhibited wide fluctuations, forming a cyclical pattern of “decline—rise—decline.”

From the specific trend:

• August 30–September 1: Hashrate continuously declined, dropping from 1.1569 ZH/s to around 1 ZH/s and consolidating, followed by a minor rebound, but ultimately refreshed the week’s low on September 1 at 847.53 EH/s.
• September 1–September 2: Hashrate climbed and broke through, not only recovering above 1 ZH/s but also reaching a new all-time high of 1.2556 ZH/s on September 2, showing concentrated short-term computational power deployment.
• September 2–September 3: Hashrate gradually fell from the peak to around 850 EH/s.
• September 3–September 4: Fluctuations eased; on September 3, hashrate oscillated around 850 EH/s, and on September 4, it slightly rose to 987.81 EH/s, with the overall range between 850 EH/s–1 ZH/s.
• September 5: Hashrate fell again to around 900 EH/s, with a temporary reading of 905.55 EH/s at the time of writing.

Overall, Bitcoin network computational power this week fluctuated frequently at high levels, showing strong elasticity. This may reflect cyclical online/offline activity of some mining farms due to electricity costs, regional climate, and temporary maintenance, as well as the flexible operation of large mining groups across different electricity price windows.

Outlook

On September 2, Bitcoin’s single-day hashrate reached a record high of 1.279 ZH/s, breaking the all-time network record, while the Bitcoin price remained largely flat over the same 24-hour period. This indicates that miner-side hashrate expansion does not fully synchronize with market prices, reflecting more the rhythm of mining machine deployment and electricity resource allocation.

Meanwhile, the seven-day moving average of Bitcoin hashrate has recently surpassed 1 ZH/s, confirming that the network’s overall computational power is entering a high-level operational range. If this trend continues, it implies enhanced network security but may also accelerate the exit of some small-to-medium miners, as mining difficulty could rise in the next adjustment under high hashrate conditions.

Key factors to monitor in the coming week:

1. Mining Difficulty Adjustment: If hashrate remains high, the next difficulty cycle is expected to increase significantly, raising miners’ marginal costs.
2. Energy Market Volatility: As some regions enter seasonal electricity peaks, mining farms may experience sharp hashrate drops, affecting overall network stability.
3. Macroeconomic Market Environment: If Bitcoin price consolidates for a long period while hashrate remains high, the profitability of high-cost miners will be further squeezed.

Comprehensive Assessment:

The current high-level fluctuation of Bitcoin hashrate is more likely a “phase peak release,” with short-term movements expected to continue within the 900 EH/s–1.2 ZH/s range. For medium- to long-term trends, hashrate sustainability will depend on Bitcoin price performance and mining difficulty adjustment outcomes.

Weekly Bitcoin Network Hashrate Data

4. Mining Revenue

According to YCharts data, over the past week, Bitcoin miners’ daily total revenue (including block rewards and transaction fees) fluctuated between $46.67 million and $61.01 million, as detailed below:

• August 30: $54.71 million
• August 31: $46.67 million
• September 1: $58.51 million
• September 2: $61.01 million
• September 3: $49.23 million
• September 4: $50.42 million

Bitcoin Miners Daily Revenue Data

Overall, Bitcoin miners’ revenue showed a range-bound fluctuation this week. After a brief spike on September 2, revenue retreated, mainly affected by Bitcoin price volatility, network hashrate changes, and transaction fee levels.

From the perspective of daily revenue per unit of hashrate (Hashprice), Hashrate Index data shows that as of September 5, 2025, Hashprice was $54.47/PH/s/day. This week, Hashprice largely mirrored Bitcoin price movements, showing low-level consolidation followed by a gradual rise, reaching the week’s low of $52.49/PH/s/day on September 1 and peaking at $55.12/PH/s/day on September 4. The overall trend indicates a gradual recovery after low-level oscillation, followed by a phase of adjustment, consistent with Bitcoin price movements. This demonstrates that the current mining economic model is still primarily price-driven, while continued hashrate growth gradually erodes miners’ profit margins over the medium to long term.

Hashprice Data

August Monthly Mining Revenue Review

According to The Block data, total Bitcoin miner revenue in August 2025 was approximately $1.66 billion, essentially flat compared with July (also $1.66 billion). However, the persistent decline in Bitcoin prices in late August combined with steadily rising network hashrate significantly constrained miners’ potential revenue growth.

Bitcoin Miners Monthly Revenue Data

Future Outlook

In the short term, mining revenue will continue to face dual pressure from Bitcoin price volatility and sustained network hashrate growth. If the price fails to break previous highs, miners’ profitability will be further strained.

In the medium term:

• If Bitcoin price returns to an upward trend, miner revenue is expected to recover, and Hashprice will improve accordingly.
• If hashrate continues to expand (driven by new-generation mining machines and additional capacity in North America, Kazakhstan, and other regions), Hashprice may further decline, intensifying profit divergence within the industry.

Some high-cost miners may face profitability challenges, potentially leading to hashrate consolidation and exit, which could benefit leading mining enterprises.

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of September 5, 2025, Bitcoin’s total network hashrate reached 975.41 EH/s, with a mining difficulty of 129.70 T. The next difficulty adjustment is expected on the same day, projected to increase by approximately 4.93%, bringing the adjusted difficulty to around 136.10 T. This trend indicates that Bitcoin network hashrate continues to grow steadily, and miner competition remains intense. An increase in difficulty means that, under current electricity costs and hardware efficiency conditions, each block will become harder to mine, requiring miners to either use higher-efficiency machines or secure lower-cost electricity to maintain profitability.

From a long-term perspective, difficulty increases are typically accompanied by hashrate centralization, giving large-scale mining farms and miners with efficient ASIC machines an advantage in profit margins. For small- to medium-sized miners, if electricity costs or equipment efficiency cannot match the rising difficulty, mining revenue may be compressed.

Bitcoin Mining Difficulty Data

From a mining cost perspective, according to the latest MacroMicro model, as of August 3, 2025, the unit production cost of Bitcoin was approximately $96,844.76, while the spot price was $111,723.21, giving a Mining Cost-to-Price Ratio of 0.84. This indicates that miners still retain about 16% gross profit on average. This suggests that while miners remain profitable, profit margins have slightly tightened compared with previous periods. This may relate to rising mining difficulty and Bitcoin price fluctuations. In the short term, profitability pressure has slightly increased, but there is still considerable profit potential, supporting miners’ continued participation in network maintenance.

Total Mining Cost per Bitcoin Data

Meanwhile, the on-chain Puell Multiple (Bitcoin Puell Multiple) has slightly declined, remaining in the 1.24–1.28 range. The Puell Multiple compares the daily issuance value of Bitcoin to its annual average issuance value to measure miner profitability and market overheating. The current level indicates:

• Miners remain profitable, but profit margins are compressed compared to historical highs.
• A Puell Multiple below 2 generally signals moderate to low mining profitability, indicating the market is not overheated and supports healthy Bitcoin accumulation.

Combining the Cost-to-Price Ratio perspective, although miners are profitable, market pressure may gradually increase, especially if difficulty rises or electricity costs fluctuate, placing high-cost miners under earnings pressure.

BTC Puell Multiple Data

Comprehensive Assessment:

Bitcoin’s total network hashrate continues to grow, maintaining network security. However, with rising mining difficulty and Bitcoin price fluctuations, miners’ profit margins are somewhat compressed. Considering hashrate, costs, and on-chain metrics, the current Bitcoin mining ecosystem remains robust, but future attention should be paid to the impacts of difficulty adjustments, electricity cost volatility, hardware efficiency changes, and Bitcoin price fluctuations on miners’ marginal profits and overall network hashrate.

6. Policy and Regulatory News

Indian Court Sentences 14 to Life Imprisonment in Crypto Extortion Case

On August 30, Deshgujarat reported that an Indian anti-corruption court sentenced 14 individuals to life imprisonment, including 11 police officers and a former BJP legislator, for kidnapping an Indian businessman and extorting cryptocurrency. The court found the group guilty of criminal conspiracy, kidnapping for ransom, illegal detention, and assault.

It is reported that Indian businessman Shailesh Bhatt had recovered part of his investment in Bitcoin after the collapse of the BitConnect company he had invested in. Upon learning of his recovery, the aforementioned officials orchestrated a kidnapping plot to seize the cryptocurrency. Bhatt was only released after agreeing to transfer part of his Bitcoin and $3.6 million in cash.

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PeckShield: Crypto Security Incidents in August Caused $163 Million in Losses, Up 15% from July

On September 1, PeckShieldAlert reported that approximately 16 major cryptocurrency security incidents occurred in 2025, with total losses reaching $163 million, a 15% increase from July’s $142 million.

The five largest incidents were:

• A Bitcoin holder lost $91.4 million
• Turkish crypto exchange BTCTurk suffered $54 million in losses
• ODIN•FUN project lost $7 million
• BetterBank.io lost $5 million
• CrediX Finance lost $4.5 million

Notably, BTCTurk has experienced two major security incidents within the past year. Following the $54 million loss in 2024, its cumulative losses have exceeded $100 million.

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7. Mining News

IREN to Pay $20 Million to NYDIG to Settle Dispute over Bitcoin Mining Equipment Loan Defaults

On August 30, Theminermag reported that Nasdaq-listed Bitcoin mining company IREN stated in its annual report that it will pay $20 million to NYDIG to resolve long-standing disputes arising from defaults on loans for Bitcoin mining equipment.

The settlement agreement was first reached in August. IREN had defaulted on $107.8 million in debt by the end of 2022, including interest and late fees. These loans, arranged through NYDIG in 2021, financed approximately 35,000 Antminer S19 machines. IREN stated that the settlement ends all related litigation and protects its subsidiaries, executives, and shareholders from further claims, with formal court approval pending.

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Study: Corporate Bitcoin Purchases About Four Times Faster than Mining Production

On August 31, CoinDesk reported that Bitcoin financial services firm River stated in a research report that corporate absorption of Bitcoin far exceeds the amount created by miners.

Corporates absorb approximately 1,755 BTC per day. By 2025, the new issuance of Bitcoin will be about 450 BTC per day, meaning corporate absorption is nearly four times the miner supply. Funds and spot ETFs add another 1,430 BTC per day, further driving institutional demand.

Data: Independent Miner Successfully Mines New Bitcoin Block, Earns Around $340,000

On September 2, Cointelegraph reported that 24 hours prior, an independent miner successfully mined Bitcoin block 912632, earning approximately $340,000.

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J.P. Morgan: Total Market Cap of 13 US-Listed Bitcoin Mining Firms Reaches Record High in August, Up 23% MoM

On September 2, J.P. Morgan released a research report noting that Bitcoin network hashrate returned to historical highs last month, averaging 949 EH/s. The total market capitalization of 13 US-listed Bitcoin mining firms reached a record high of approximately $7.4 billion, a 23% month-over-month increase. TeraWulf outperformed other companies, rising 83%, while Greenidge Generation (GREE) underperformed, falling 22%.

Trump Family-Backed Bitcoin Miner American Bitcoin (ABTC) Successfully Lists on Nasdaq, Shares Rise Nearly 17% on Debut

On September 3, Trump family-backed Bitcoin mining company American Bitcoin (ABTC) completed a merger with Gryphon Digital Mining and was listed on Nasdaq. Donald Trump Jr., Eric Trump, and miner Hut 8 collectively hold 98% of the new entity. On September 4, the company’s shares rose nearly 17% to $8.04 on the first day of trading, with an intraday high of $14 and trading volume exceeding 29 million shares. Eric Trump stated that their mining cost is only half of Bitcoin’s market price, supported by hundreds of millions of dollars in assets and data centers. Bloomberg estimates that their shareholding value has already exceeded $500 million. American Bitcoin also plans to follow MicroStrategy’s approach by acquiring listed companies in Japan and Hong Kong to build a Bitcoin reserve platform.

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Donald Trump Jr.-Backed Thumzup to Purchase 2,500 DOGE Miners and Increase Holdings of SOL, LTC, XRP, and ETH

On September 5, PRNewswire reported that Thumzup Media Corporation, a social media company backed by Donald Trump Jr. with a crypto reserve, issued a shareholder letter stating that the company has spent $1 million to purchase Bitcoin. Its board has authorized additional acquisitions of DOGE, LTC, SOL, XRP, ETH, and USDC. The company has also reached a final acquisition agreement to purchase 2,500 DOGE miners, with the possibility of acquiring an additional 1,000 miners in the future.

8. Bitcoin-Related News

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

1.Bitcoin Treasury Capital Raises 2 Million SEK, Will Continue Purchasing Bitcoin
On August 30, Swedish-listed Bitcoin Treasury Capital announced the results of its warrant exercise, raising approximately 2 million SEK. The company plans to use the funds to continue purchasing Bitcoin.

2.China Financial Leasing Group Invests in Bitcoin and Ethereum ETFs
On August 30, China Financial Leasing Group disclosed in its mid-term performance report that it has begun investing in cryptocurrency ETFs, focusing on products holding physical assets. Currently, the company mainly holds BlackRock Bitcoin Trust ETF, China’s Huaxia Bitcoin ETF, and Ethereum-related ETFs.

3.El Salvador Adds 8 BTC in a Week, Total Holdings Reach 6,285 BTC
On August 31, El Salvador purchased an additional 8 BTC over the past seven days, bringing total holdings to 6,285.18 BTC, valued at approximately $683 million.

4.S-Science Increases Bitcoin Investment Quota to 9.6 Billion JPY
On September 1, S-Science announced it raised its Bitcoin investment quota from 500 million JPY to 9.6 billion JPY (approximately $65.3 million).

5.Japanese Nail Brand Convano Launches Fundraising and Continues Bitcoin Accumulation
On August 31, Japanese nail brand Convano announced a $3 billion fundraising round, targeting the purchase of 21,000 BTC, about 0.1% of total supply. The company plans phased acquisitions: 2,000 BTC by the end of 2025, 10,000 BTC in 2026, and 21,000 BTC in 2027. Subsequently, on September 1, the company purchased an additional 155 BTC, raising total holdings to 519.93 BTC, continuing its Bitcoin reserve plan.

6.Metaplanet Becomes 6th Largest Corporate Bitcoin Holder Globally, Plans 210,000 BTC by 2027
On September 1, according to Bitcoin Treasuries data, Japanese-listed Metaplanet surpassed Trump Media Technology Group (15,000 BTC) and miner Riot Platforms (19,239 BTC) after its latest disclosed accumulation, ranking as the 6th largest publicly listed corporate Bitcoin holder globally. Previously, shareholders approved fundraising up to $3.8 billion via preferred stock issuance to acquire additional Bitcoin. CEO Simon Gerovich stated plans to accumulate 210,000 BTC (about 1% of total supply) by 2027 and launch perpetual preferred stock and other financial instruments to support expansion.

7.Hyperscale Data Increases Bitcoin Holdings, Raises $125 Million, Adds $20 Million BTC
On August 30, NYSE-listed Hyperscale Data announced plans to raise $125 million through an “ATM” stock issuance, partially for purchasing Bitcoin and XRP, and expanding its Michigan data facility. On September 2, the company reported adding approximately $20 million in Bitcoin to its balance sheet as part of strengthening hard asset reserves.

8.Strategy Purchases 4,048 BTC for $449 Million
On September 2, Strategy acquired 4,048 BTC within a week for a total of $449.3 million, continuing to expand its reserves.

9.Empery Digital Increases Holdings by 16.5 BTC, Total Holdings Surpass 4,081

On September 2, Empery Digital added 16.51 BTC, raising total holdings to 4,081.39 BTC, with a cumulative investment of approximately $480 million. The company also repurchased over 1 million common shares.

10.Yoshiharu Global Renames to Vestand, Launches Crypto Treasury Strategy
On September 2, Japanese ramen chain operator Yoshiharu Global announced it changed its name to Vestand Inc., incorporating Bitcoin and other digital assets into its capital structure.

11.Canadian Restaurant Brand Tahini’s Purchases BTC Again, Details Not Disclosed
On September 3, Canadian chain Tahini’s announced additional Bitcoin purchases without disclosing the amount. The company has been accumulating BTC since 2020 and operates Bitcoin ATMs in its restaurants.

12.Morgan Stanley Purchases $188 Million in Bitcoin ETFs in Q2
On September 3, Morgan Stanley disclosed purchasing $188 million in Bitcoin ETFs during Q2 2025.

13.H100 Group Adds 47 BTC, Total Holdings Surpass 1,000 BTC
On September 3, H100 Group added 47.16 BTC, raising total holdings to 1,004.56 BTC.

14.Treasury B.V. Completes $147 Million Fundraising, Purchases Over 1,000 BTC
On September 3, Europe-based Bitcoin company Treasury completed $147 million in fundraising led by Gemini founders Winklevoss Capital and Nakamoto Holdings. The company has purchased over 1,000 BTC.

15.American Bitcoin Holdings Rise to 2,443 BTC, Significantly Higher than Initial Disclosure
On September 4, American Bitcoin disclosed total holdings increased to 2,443 BTC, valued at $273 million, significantly higher than the initially disclosed 152 BTC.

16.Brazilian Listed Company Méliuz Adds 9 BTC, Total Holdings Reach 605 BTC
On September 4, Méliuz disclosed an addition of 9.01 BTC, raising total holdings to 604.69 BTC.

17.Australia’s Monochrome Spot Bitcoin ETF Holdings Rise to 1,028 BTC
On September 4, Australia’s Monochrome Spot Bitcoin ETF (IBTC) reported holdings reaching 1,028 BTC, valued at approximately AUD 174 million.

18.CIMG Launches $55 Million Bitcoin Treasury, Partners with Merlin Chain
On September 4, Nasdaq-listed CIMG Inc. (Nasdaq: IMG) announced a strategic partnership with Merlin Chain to launch a $55 million Bitcoin treasury. The first 500 BTC will be tokenized on Merlin Chain’s Institutional HODL+ platform and generate yield, marking the first publicly listed company-driven on-chain Bitcoin treasury pilot, offering compliant, secure, and sustainable BTCfi solutions for corporate treasuries.

19.Figma Q2 Revenue Nears $249.6 Million, Holds ~$90.8 Million in Bitcoin Spot ETFs
On September 5, Figma released its first post-IPO earnings report in the U.S. Q2 revenue reached $249.6 million, up 41% year-on-year, with full-year revenue projected at $1.021–1.025 billion, and Q3 revenue projected at $263–265 million. As of June 30, Figma held approximately $1.6 billion in cash, cash equivalents, and marketable securities, including $90.8 million in Bitcoin spot ETFs. The company stated that its Bitcoin holdings are part of balance sheet and diversified treasury strategy, not a dedicated Bitcoin treasury operation.

Bitwise Analyst: Bitcoin Can Hedge Against U.S. Treasury Sell-Off Pressure

On August 31, Bitwise Europe Head of Research André Dragosch stated that while gold is typically the best hedge during stock market declines, Bitcoin shows greater resilience when U.S. Treasuries are under pressure.
Historical data also indicates that gold tends to rise during stock market bear periods, whereas Bitcoin is more supported during Treasury sell-offs. As of 2025, gold prices have risen over 30%, while Bitcoin increased approximately 16.46%, reflecting investors’ differentiated choices between the two amid rising yields, stock market volatility, and President Trump’s pro-crypto stance.

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Analyst: Artificial Intelligence Will Make Stocks Obsolete, Investors Will Turn to Bitcoin

On September 1, analyst and investor Jordi Visser said that artificial intelligence is accelerating innovation cycles, causing slow-developing listed companies to become inefficient investment tools, and Bitcoin will outperform stocks over the coming decades.
Visser stated: “Bitcoin is a belief; belief lasts longer than ideas. Gold has existed since BC times, and Bitcoin will also exist long-term.” He added that AI may compress processes that normally take centuries into just five years. In the same context, Eric Trump recently predicted at the Bitcoin Asia 2025 conference in Hong Kong that Bitcoin could reach $1 million, noting that nation-states, wealthy families, and public companies are heavily purchasing Bitcoin.

UAE Company RAK Properties to Accept Bitcoin and Other Cryptocurrencies for Real Estate Transactions

On September 2, according to Cointelegraph, RAK Properties, one of the largest publicly listed real estate companies in the Emirate of Ras Al Khaimah, UAE, will start accepting cryptocurrencies for international property transactions.
According to an announcement on Monday, RAK Properties will accept Bitcoin, Ethereum, USDT, and other cryptocurrencies. Transactions will be processed by the global payment platform Hubpay, which converts digital assets into UAE local currency before depositing funds into RAK Properties’ accounts. According to TradingView, since its listing on the Abu Dhabi Securities Exchange in 2005, RAK Properties’ market capitalization has reached 4.7 billion AED (approximately $1.3 billion).

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Bitwise Advisor: Traditional Value Investing Is Obsolete, Bitcoin Is a Deep Value “Ideological Investment” Asset

On September 3, BitwiseInvest advisor Jeff Park wrote that Benjamin Graham’sThe Intelligent Investoris no longer applicable in today’s market. Traditional “Newtonian investors” relying on yield and discount models are gradually losing effectiveness. He believes global investment is entering the era of “ideological investors,” where capital allocation is increasingly driven by geopolitical, AI, and cultural factors rather than pure yield models.
Within this framework, Park views Bitcoin as a deep value asset: its code operates beyond geopolitical interference; its consensus mechanism embodies the value of computing power, independent of AI paradigms; its community culture is globally unified and decentralized. He states that Bitcoin combines hedging and belief attributes, allowing it to remain resilient amid institutional changes and ideological conflicts, making it a core asset for ideological investors.

QCP: Fed Independence in Focus, Gold and Bitcoin as Safe-Haven Assets

On September 3, QCP released a briefing stating that market attention has shifted from rate cuts themselves to the issue of Federal Reserve independence. Analysis indicates that the market is pricing higher long-term term premiums while lowering the threshold for dollar downside cycles. Against this backdrop, even with potential easing, the yield curve steepens, the dollar weakens, and gold and Bitcoin gain support as investors seek hedges against inflation and governance risk.
Following the Jackson Hole meeting, rate cuts are still considered possible, although inflation is unlikely to quickly return to the 2% target. Markets expect up to two rate cuts this year, but new tariffs may raise inflation expectations, warranting attention.

Coinbase to Launch U.S.’s First Index Futures Covering Both Stocks and Cryptocurrencies

On September 3, Coinbase announced that its derivatives platform continues to expand its product matrix, planning to launch the innovative Mag7 + Crypto Asset Stock Index Futures, the first U.S. listed derivative covering both stocks and cryptocurrencies.
The index includes the “Magnificent Seven” U.S. stocks: Apple (AAPL), Microsoft (MSFT), Google (GOOGL), Amazon (AMZN), Nvidia (NVDA), Meta (META), Tesla (TSLA); Coinbase stock (COIN); and crypto ETFs: BlackRock Bitcoin Trust (IBIT), Ethereum Trust (ETHA). The index is equally weighted, with each of the 10 constituents holding 10% weight, and rebalanced quarterly to reflect market changes. MarketVector is the official index provider. Contracts are cash-settled monthly, with each representing 1× index value, and are expected to open to retail investors in the coming months.

U.S. Entrepreneur Grant Cardone Lists Miami Mansion for 400 BTC, Sold Within 72 Hours

On September 4, according to Bitcoin News, U.S. entrepreneur Grant Cardone listed his Miami Golden Beach mansion for 400 BTC (approximately $43 million), and the property was sold within 72 hours of listing.

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Strike Founder: ETH Cannot Surpass BTC, Bitcoin Is Currency While Ethereum Is Technology

On September 5, Strike founder Jack Mallers posted on X in response to Ethereum co-founder Joseph Lubin’s previous comments about Ethereum overtaking Bitcoin as a currency. Mallers stated that Ethereum cannot surpass Bitcoin because Bitcoin is a currency, representing a $5 million trillion opportunity, while Ethereum is a technology, essentially an emerging tech company, and the two are not comparable.
Mallers emphasized that Joseph Lubin and his team once controlled 100% of ETH supply, contrasting sharply with Bitcoin, where even Satoshi Nakamoto could not pre-mine, and each Bitcoin is earned through proof-of-work, linking to real-world value and income.