1. Bitcoin Market

During the period from July 12 to July 18, 2025, the specific movement of Bitcoin is as follows:

July 12:Bitcoin continued the weak consolidation pattern from the previous trading day. It dipped slightly to $116,738 intraday before quickly stabilizing and rebounding, oscillating around the $117,850 level with limited daily volatility. Overall market trading sentiment was cautious. The price fell slightly in the evening, closing at $117,138, maintaining a weak consolidation pattern.

July 13:Bitcoin showed a moderate upward trend overall. The price gradually climbed from around $117,500, reaching an intraday high of $119,155. Although there was some pullback at the close, it remained within a high-level consolidation range, ultimately closing at $118,726, forming a small bullish real body, reflecting a short-term warming of bullish sentiment.

July 14:After two days of high-level sideways accumulation, Bitcoin achieved a strong breakout on this day. However, influenced by macro tariff policy disturbances at the close, some profit-taking occurred. The price rose stepwise from $118,601, breaking through key resistance and reaching this week’s high of $123,153. It then retreated to $121,460, briefly stabilized, and experienced a deep correction, dropping to a low of $119,399, indicating obvious selling pressure at high levels.

July 15:The market entered a short-term technical correction phase. Early in the session, bulls tried to push up to $120,461 but failed, then consolidated around the $120,000 level before shifting downward. Bitcoin continued to fall from $119,893, touching a low of $116,469 amid intense battle between bulls and bears. In the late session, bulls made a short rebound to $118,375 but failed to hold, then dropped back to $115,967, finally closing at $116,377 with a long upper shadow bearish candle, reflecting persistent heavy selling pressure above.

July 16:Bitcoin showed an overall oscillating but slightly strong pattern, with intraday volatility gradually shrinking. Continuing the rebound momentum from the previous day, the price rose slightly to $117,610 before pulling back to a low of $116,447. Bulls then steadily gained strength, pushing prices up successively to $118,127, $119,219, and $119,566, indicating growing market buying interest.

July 17:Bitcoin continued the oscillating upward structure from the previous day, briefly rising to $119,994 in the morning but failing to hold. A technical correction followed, with the price falling to $117,894. Bulls and bears repeatedly contested near the $118,000 level, with a short intraday rebound to $119,145 before falling again to a daily low of $117,508. Overall, the movement reflected a corrective oscillating bottom formation. Buying strength returned in the evening, and the price started to rise, closing at $118,909, showing bulls still control the market with short-term strength.

July 18:Bitcoin extended the upward trend from the previous day, surging strongly in the morning to $120,825, briefly breaking through the $120,000 psychological level. However, after failing to hold above it, the price quickly retreated into a high-level consolidation range, pulling back to around $119,500. At the time of writing, the price is reported at $119,584, with the overall trend showing high-level oscillation. The market remains in a key resistance zone, with bulls attempting to build momentum for a new breakout. Short-term upward momentum exists but requires attention to volume support and changes in macro drivers.

Summary

This week, Bitcoin’s overall movement presented a rhythmic structure of "sideways accumulation — strong breakout — high-level adjustment — gradual ascent," with clear structural rhythm, where technical and macro factors jointly reinforce the bullish logic.

From July 12 to 13, Bitcoin maintained narrow oscillation above $117,000 with shrinking volatility, showing a typical sideways consolidation pattern that hinted at accumulating bullish momentum.

From July 14 to 15, the market experienced a breakout. Under multiple stimulative factors, Bitcoin surged strongly, reaching the week’s high of $123,153, a new historical high. The core drivers included: continuous strength in U.S. stocks enhancing overall market risk appetite; Trump’s pressure on the Federal Reserve reinforcing expectations of future loose monetary policy; passage of the "Big Beautiful Bill" raising the fiscal deficit ceiling, sparking market optimism about liquidity release; and ongoing inflows into spot Bitcoin ETFs, bringing new buying and structural capital inflows. However, after the rapid rise, obvious profit-taking occurred, and some shorts attempted to short on the rebound, causing price pressure at the highs. Added to this, new tariff policy disturbances on the macro level triggered short-term risk-off sentiment, leading to technical correction. Although the correction was significant, it remained a healthy retracement without breaking the medium-term uptrend structure.

From July 16 to 18, Bitcoin reentered a consolidation and ascending phase, gradually stabilizing and oscillating above $118,000. The price pattern showed a slow upward shape of "higher lows and repeatedly tested highs," reflecting bulls’ attempt to build a new attack platform. The market is currently operating near the lower edge of a key resistance zone, with bulls accumulating strength for a breakout. Short-term upward expansion space remains, but close attention should be paid to macro disturbances and volume support coordination.

Bitcoin Price Movement (2025/07/12 - 2025/07/18)

2.Market Dynamics and Macroeconomic Background

Capital Flows

1. Medium-Sized Institutions and High-Net-Worth Individuals Continue to Increase Bitcoin Holdings

According to data from July 13, 2025, wallets holding between 100 and 1,000 BTC now collectively hold approximately 4.76 million BTC, a significant increase from 3.9 million BTC one year ago, marking a year-on-year growth of over 20%. This suggests that, although retail investors have not yet entered the market in large numbers, medium-sized holders—such as small institutions, funds, and high-net-worth individuals—are steadily increasing their positions, providing stable support to the market.

2.Open Interest in Futures Contracts Exceeds $40.2 Billion, Leverage and Speculative Activity Rising

As of July 14, 2025, the total open interest in Bitcoin futures across the network reached $40.2 billion, a new high for the past year. This data reflects a significant increase in market leverage activity, indicating the return of speculative capital and heightened market sentiment, while also signaling a rise in short-term volatility risks.

3.Whale Capital Movements: Ancient Wallets Awakening, Over $5 Billion in Assets Reorganized

On-chain data shows that on July 14, 2025, a wallet that had held 80,000 BTC since 2010 (referred to as an "ancient whale") transferred 10,000 BTC (worth approximately $1.17 billion) to a new wallet, drawing widespread attention. The following day (July 15), the whale transferred another 40,010 BTC (worth around $4.69 billion) to a custody address of Galaxy Digital, with an average transfer price of $117,391. At that time, the whale still held approximately 40,000 BTC. By July 17, the whale had transferred the remaining 40,192 BTC (worth around $4.83 billion) to Galaxy Digital, completing the full transfer of 80,201 BTC (worth approximately $9.6 billion).

None of these transfers flowed into exchanges, and no selling signs were observed. Analysts generally believe that this move represents the structural reorganization or institutional custodial arrangements of ancient assets, marking a transition of early Bitcoin holders toward more professional and compliant setups. This event, the largest and most impactful "awakening of ancient assets" of 2025, highlights the growing trend of institutional participation among long-term crypto asset holders.

4.Derivatives Market: Bullish Sentiment Dominates, Breaking Through Key Levels

According to Bloomberg on July 15, 2025, while Bitcoin's price movement is still influenced by Wall Street's overall risk appetite, a large number of institutional buyers have entered the market in this cycle, distinguishing it from previous cycles. The bullish momentum in the futures market remains strong, with demand for long positions in perpetual contracts consistently outpacing short bets, indicating an overall optimistic sentiment in the leveraged market. However, analysts have also warned that political risks in the U.S. (such as Trump’s renewed push for protectionist policies) could pose potential disruptions.

5.Continuous Inflows into Bitcoin Spot ETFs

Details on daily ETF inflows and outflows this week:

• July 14: +$297.4 million
• July 15: +$403.1 million
• July 16: +$799.6 million
• July 17: +$5.3 million

ETF Inflows/Outflows Data

Daily Net Inflows into ETFs Reach New Highs: Over $1 Billion for Two Consecutive Days
As of July 12, 2025, U.S. Bitcoin spot ETFs experienced more than $1 billion in net inflows for two consecutive days, the first time since the product's launch in January 2024. Nate Geraci, president of The ETF Store, pointed out that since its launch, the ETF has only seen a $1 billion single-day inflow on seven occasions, two of which occurred in the past two days. The last similar level of inflow was on January 17, reaching $1.07 billion. This phenomenon reflects the acceleration of institutional capital flowing into the market and a significant increase in bullish sentiment.

Last week’s net inflows reached $2.72 billion, marking the fifth consecutive week of positive inflows.

• BlackRock (IBIT) led with $1.76 billion in net inflows, bringing its total historical net inflows to $54.4 billion.
• Fidelity (FBTC) saw a weekly net inflow of $400 million, bringing its historical total to $12.61 billion.
• Grayscale (GBTC) continued to experience net outflows, with a $50.37 million outflow last week, bringing its total historical net outflows to $23.38 billion.

As of July 14, 2025, the total net asset value of all Bitcoin spot ETFs reached $150.6 billion, accounting for 6.43% of Bitcoin’s total market capitalization. The historical total net inflows have reached $52.36 billion, demonstrating the growing systemic influence of ETFs in the global Bitcoin ecosystem.

BlackRock Earnings Report: IBIT Sees a 366% Surge in Quarterly Inflows
On July 15, 2025, BlackRock released its Q2 2024 earnings report, revealing that its IBIT fund experienced a surge in inflows, reaching $14 billion for the quarter, a 366% increase from the previous quarter's $3 billion.

Additionally, digital asset products accounted for 16.5% of its total ETF inflows ($85 billion), a significant increase from less than 3% in Q1, signaling that digital assets have become a key growth driver.
During the same period, IBIT contributed $40 million in base fee income, accounting for 1% of BlackRock’s long-term revenue, a year-on-year growth of 18%. Although total fund inflows decreased by 19% quarter-on-quarter (from $84 billion to $68 billion), cryptocurrency products continued to expand against the trend, highlighting their strategic position in institutional asset allocations.

Technical Indicator Analysis

1.Relative Strength Index (RSI 14)

According to data from Investing.com, as of July 18, 2025, Bitcoin’s 14-day Relative Strength Index (RSI) stands at 51.676, positioned within the neutral range (commonly defined as 30–70). This indicates that the current market is balanced between bulls and bears, lacking clear overbought or oversold signals.
An RSI near 50 suggests that the short-term market is in a consolidation or waiting-for-breakout phase. It is noteworthy that although the RSI does not show extreme readings, its gradual upward trend may signal accumulating bullish momentum. Should the RSI rise further and break above the 60–65 range, a clear bullish momentum signal would be released; conversely, a drop below 45 would warrant caution for a potential short-term pullback.
Currently, the RSI does not show overheating signals; overall, the technical outlook remains neutral to slightly bullish, requiring further judgment in combination with price action and trading volume.

2.Moving Average (MA) Analysis

5-day Moving Average (MA5): $119,119
20-day Moving Average (MA20): $111,564
50-day Moving Average (MA50): $108,731
100-day Moving Average (MA100): $98,722
Current Market Price: $119,751

MA5, MA20, MA50, MA100, MA200 Data Chart

From the perspective of short- to mid-term moving averages, Bitcoin’s current price has firmly stayed above the MA5, MA20, and MA50, and is in a golden cross uptrend between MA5 and MA20, indicating short-term bulls’ dominance and that the market is in an upward channel. From a mid- to long-term perspective, the MA100 is continuously rising, reflecting a healthy long-term trend and a structurally bullish capital outlook.

Additionally, the gap between MA5 and MA20 continues to widen, showing that the upward momentum remains unbroken. If the price can continue trading above the MA5 and maintain the bullish moving average alignment, it will support further gains.
The bullish structure is clear, but caution is advised for short-term pullback pressure due to large deviations. If the price tests but does not break below the MA20, the trend’s validity will be further reinforced.

3.Moving Average Convergence Divergence (MACD) Analysis

According to Investing.com data as of July 18, the MACD fast line stands at 274.71, maintaining a significant positive divergence from the slow line. The DIF line and DEA line have been continuously in a golden cross state, and the histogram remains positive with expanding volume, indicating continued mid-term bullish momentum.
The MACD indicator currently emits a clear “Buy” signal, indicating that the current trend remains strong. Especially since late June, the MACD has produced multiple volume-increasing golden crosses, accompanied by price breakthroughs at several key resistance levels, further confirming the establishment of a bull-led pattern.

4.Key Support and Resistance Levels

Support Levels: The current key short-term support levels for Bitcoin are $117,000, $116,000, and $118,000. Between July 12 and 13, BTC price fell twice near $117,000 and received significant support, halting the decline. On July 16, during a sharp pullback, the price touched the $116,000 level before quickly stabilizing, showing strong support in this range. On July 17, after failing to break above $120,000, the price pulled back, but the retracement was limited, and clear support was found between $118,000 and $116,000, indicating strong buying interest and high willingness to absorb at the $118,000 level.

Resistance Levels: The main short-term resistance level faced by Bitcoin is $120,000, with a higher important resistance at $130,000. From July 16 to 17, Bitcoin formed a short-term ascending channel but encountered significant resistance near $120,000 and failed to break through effectively, showing this as a major challenge zone for short-term bulls. Looking further up, $130,000 is widely regarded as the next target. On July 14, Bitcoin briefly broke above $123,000, reaching a new all-time high, after which market divergence increased. Some investors remain cautious about chasing highs near $130,000 due to significant resistance and potential pullback risk in this area.

In summary, Bitcoin successfully broke its previous high this week, hitting a new all-time high of $123,000, reflecting the continued dominance of bullish sentiment. Short-term focus should be on price behavior near the $119,000 level.

Going forward, investors need to watch two key points: first, whether Bitcoin can consolidate firmly above $119,000 to build momentum for further upward moves; second, whether bulls have sufficient momentum to effectively break the $120,000 resistance level and open space for further gains. If this resistance zone is successfully breached, mid- to short-term targets could reach $130,000 or even challenge higher levels.

At the same time, caution is needed for volatility risks caused by overheated market sentiment. As a new psychological barrier above previous highs, $130,000 may prompt some capital to reduce holdings and exit, bringing temporary adjustment pressure. Therefore, operational strategies should remain flexible, avoiding blind chasing of highs, and focusing on volume-price coordination and main force behavior signals to better manage volatility risks.

Market Sentiment Analysis

1.Sentiment Overview

This week, Bitcoin market sentiment showed a dynamic evolution of “wait-and-see — warming up — optimism,” accompanied by price releasing momentum amid high-level fluctuations, leading to a phased adjustment in short-term expectations.

Between July 12 and 13, the market was generally in a wait-and-see mode. Technically, the price remained sideways at high levels for several days, but bullish momentum was still accumulating. By July 14, Bitcoin broke through local highs to reach a new all-time high, rapidly heating market sentiment and triggering FOMO (Fear of Missing Out). However, influenced by macro policies, a short-term panic release occurred, causing a swift price correction and a healthy technical adjustment. Although sentiment pulled back from the peak during this stage, it did not turn bearish.

On July 16, the market re-entered an upward channel, forming a new wave of higher highs and higher lows in technical structure, with investor sentiment turning optimistic. By July 17, the price experienced a slight pullback, which was a short-term technical adjustment; sentiment did not weaken significantly. Most investors viewed the pullback as preparation for further gains, maintaining a relatively optimistic sentiment with stable short-term risk appetite. On July 18, after a strong rally near $121,000 followed by a technical pullback, market sentiment remained positive, with investors generally believing the uptrend was not over. Sentiment stayed within the “Greed” zone, and risk appetite remained relatively high.

Overall, Bitcoin’s price successfully broke through and reached historical highs this week. Despite mid-week pullbacks, market sentiment stayed optimistic and positive. On-chain active addresses, Long-Term Holder (LTH) SOPR, and other indicators showed strong investor confidence with no large-scale sell pressure. In the medium to long term, investor expectations remain bullish, especially amid increasing macro uncertainties and Bitcoin’s strengthening role as a store of value. Sentiment supports sustained consolidation and potential breakout at high levels.

2.Key Sentiment Indicator (Fear & Greed Index)

As of July 18, the Fear & Greed Index stood at 71, in the “Greed” zone, reflecting an overall positive and optimistic market sentiment with investor risk appetite still high. This level indicates that despite some price pullbacks, market confidence remains strong, and no panic spread in the short term.

Reviewing the week from July 12 to July 17, the daily index values were: 69 (Greed), 68 (Greed), 70 (Greed), 70 (Greed), 70 (Greed), 68 (Greed). The index remained stably between 68 and 70 during the first six trading days, consistently in the clear “Greed” range. This reflects sustained high sentiment with limited volatility, and investors showing strong tolerance and confidence toward short-term adjustments. Particularly between July 14 and 16, the index stayed above 70 for three consecutive days, closely aligning with Bitcoin’s new all-time highs, demonstrating a positive feedback loop between sentiment and price action. Although the market experienced a technical pullback on July 17, the sentiment indicator remained solid in the “Greed” zone, indicating overall market confidence was not shaken. On-chain data shows long-term holders (LTH) showed no significant chip loosening, and exchange net inflows stayed low, suggesting the market accepted short-term price fluctuations and sentiment exhibited strong resilience and stability.

In summary, the Fear & Greed Index’s stable high reading reflects investor sentiment’s resilience during this high-level oscillation phase. Although short-term price volatility exists, the sentiment has not entered overheated or panic zones, providing support for the continuation of a strong market trend.

Fear & Greed Index Data Chart

Macroeconomic Background

1.Trump Continues Pressure on the Federal Reserve, Calls for Rate Cuts to Reduce Debt Costs

On July 16, former President Trump publicly called on the Federal Reserve to lower interest rates to 1% to reduce the federal government’s debt costs, supporting his expansionary fiscal spending and tax cut plans. He also hinted at possibly considering firing Fed Chair Powell due to dissatisfaction with his “too slow rate-cutting actions.” However, Trump later clarified that such a move was “highly unlikely” unless fraud was involved. Meanwhile, CEOs of major banks including Goldman Sachs and JPMorgan publicly defended the Fed’s independence, warning that political interference could disrupt financial market stability.

2.Fiscal Deficit and Debt Ceiling Bill Passed by Congress, Boosting Easing Expectations

Congress passed the fiscal deficit and debt ceiling bill, known as the “Big Beautiful Bill,” allowing for larger-scale fiscal deficit financing. Trump expressed support for the bill and used this legislative achievement as a reason to push for lower interest rates. This “debt + easing” dual positive expectation indirectly strengthened the upward momentum in the crypto asset market.

3.Federal Reserve Officials Maintain Neutral Stance on Inflation, No Rush to Cut Rates

New York Fed President John Williams stated on July 17 that due to trade tariffs, inflation is expected to rise to the 3%–3.5% range in 2025, and the current rate level of 4.25% to 4.5% is “completely appropriate,” not a time to cut rates. He pointed out that tariffs are expected to raise inflation by about 1 percentage point from the second half of 2025 through early 2026.
Boston Fed President Susan Collins said on July 15 that rising import prices have pushed core inflation to about 3%. She emphasized the need for policy patience and an “active but not rushed” approach, continuing to observe economic data to determine the next steps.

4.“Crypto Week” Legislative Push Promotes Clearer Stablecoin Regulation

In mid-July, the U.S. House of Representatives launched “Crypto Week,” focusing on reviewing multiple crypto-related legislations:

• GENIUS Act (Granting a Regulatory Framework for Stablecoins), allowing qualified non-bank entities to issue USD stablecoins and designating the Fed or the Office of the Comptroller of the Currency (OCC) as the primary regulator. This bill passed the House on July 15 with bipartisan Democratic support and is now under Senate review. The industry views it as the biggest regulatory benefit for stablecoins, with Coinbase, Circle, and other major companies publicly supporting it.
• Clarity Act (Stablecoin Clarity Act), further clarifying stablecoin legal status, requiring issuers to conduct transparent reserve audits and establishing a unified federal and state regulatory interface. It is under detailed review by the Financial Services Committee.
• Anti-CBDC Surveillance State Act, proposed by Republican Rep. Emmer, aims to block the Fed from issuing a CBDC directly to the public. This bill has passed the House Financial Services Committee and is preparing for a full House vote. The bill is politically controversial, strongly supported by Republicans and partially opposed by Democrats. Trump publicly supports it, emphasizing “never allowing the digital dollar to become a government surveillance tool.”
  These legislative developments have greatly boosted market expectations for clearer stablecoin and digital asset regulation, pushing Bitcoin’s price from around $118,000 to break through $120,000 and subsequently reach a high of $123,153.

5.Global Trade Tensions Rise, U.S.-EU Tariff Friction Escalates

On July 17, the Financial Times reported that U.S. President Trump announced a uniform 30% tariff on EU imports starting August 1. This triggered a swift EU retaliation, with plans to impose retaliatory tariffs on U.S. services and tariffs on U.S. goods amounting up to €72 billion. The escalation of U.S.-EU trade friction greatly increases global market uncertainty, intensifies investor risk aversion, and boosts demand for safe-haven assets including Bitcoin.

6.Dollar Index Volatility and Divergent Stock Market Performance Affect Market Risk Appetite

On July 16, the U.S. Dollar Index (DXY) slightly retreated, closing near 98.50. A weaker dollar typically increases the appeal of Bitcoin and other dollar-denominated digital assets by lowering holding costs. Meanwhile, as of July 17, major U.S. stock indices showed mixed performance: Dow Jones Industrial Average rose 0.53%, S&P 500 increased 0.32%, and Nasdaq Composite gained 0.26%. The divergence in stock market sentiment reflects investor caution regarding macroeconomic and policy uncertainties, further driving demand for alternative safe-haven assets such as Bitcoin.

3. Hashrate Changes

Between July 12 and July 18, 2025, the Bitcoin network hashrate exhibited significant volatility. The detailed breakdown is as follows:

OnJuly 12, the network hashrate showed an initial rise followed by a sharp drop. It climbed steadily from 927.90 EH/s, peaking at 1.0004 ZH/s, before swiftly declining to a low of 851.08 EH/s, and eventually rebounding slightly to close the day at 878.31 EH/s.OnJuly 13, the hashrate dropped in the morning, bottoming at 790.96 EH/s, then climbed throughout the day to a high of 954.06 EH/s, before falling again to 830.74 EH/s by evening — indicating strong intraday fluctuations.OnJuly 14, the hashrate showed a "dip-then-rise" pattern, gradually increasing to 933.20 EH/s in the morning, then briefly falling to 832.80 EH/s in the afternoon, before rallying to a high of 967.39 EH/s, and ending slightly lower at 946.55 EH/s.

OnJuly 15, the network experienced a significant surge in hashrate, spiking from 961.71 EH/s to a short-term high of 1.1946 ZH/s before sharply pulling back and closing at 957.77 EH/s — suggesting a temporary hashrate release followed by correction.OnJuly 16, the downward adjustment trend continued, with hashrate falling to 860.42 EH/s, possibly indicating redeployment or partial miner exit. It then briefly rose to 941.38 EH/s before dropping again to 814.25 EH/s by the end of the day, suggesting the network was still undergoing volatility-driven restructuring.OnJuly 17, the hashrate remained in a low and stable range, rising gradually from 775.78 EH/s to a high of 887.38 EH/s, showing signs of resumed stability — possibly reflecting that some hashrate had completed migration and reconnected to the network.

For the week, the Bitcoin network hashrate remained in a relatively low range, indicating the network was still in a hashrate adjustment phase:From July 12 to 14, hashrate fluctuated frequently between 800 EH/s and 1 ZH/s, reflecting short-term network activity but instability.On July 15, the hashrate briefly surged to 1.1946 ZH/s, a new recent high, but quickly retreated to around 900 EH/s, showing that such high levels were unsustainable.From July 16 to 17, the hashrate stabilized within the 800 EH/s to 900 EH/s range, without a clear upward trend — suggesting that further observation is needed regarding future network deployment and macroeconomic changes.

Bitcoin Network Hashrate Data

4. Mining Revenue

According to data from YCharts, the total daily revenue of Bitcoin miners (including block rewards and transaction fees) during the week is as follows:July 12: $56.61 million;July 13: $53.26 million;July 14: $56.96 million;July 15: $62.99 million;July 16: $49.06 million.

Overall, the miners' daily average revenue remained stable within the range of approximately $49 million to $62 million, showing relatively steady performance with a slight upward trend. Among these,July 15saw a peak of$62.99 million, the highest in recent weeks, indicating that miner revenue is gradually increasing under macroeconomic support.

From the perspective of unit hashrate daily revenue (Hashprice), Hashrate Index data shows a declining trend in Hashprice during the week. As ofJuly 18, Hashprice was reported at$60.76 per PH/s/day, which, although lower than last week's high (around $64), is still within a relatively high range.

Specifically:July 12: Hashprice quickly fell from $64.03 per PH/s/day to $59.19 per PH/s/day, mainly due to a short-term increase in hashrate and a decline in the proportion of transaction fees;July 13: Hashprice remained within the range of $59-$60 per PH/s/day, showing slight fluctuations;July 14: As Bitcoin price reached a new high, Hashprice rose to $61.68 per PH/s/day;July 15: Hashprice dropped to the week's low of $58.27 per PH/s/day, reflecting the dilutive pressure of a surge in hashrate on unit earnings;July 16 to 18: Hashprice showed a steady upward trend, reaching $60.91 per PH/s/day by the 18th, indicating that market competition eased, transaction fees rebounded, and the Bitcoin price stabilized, supporting miner revenue.

In terms of weekly trends, Hashprice saw a slight decline, but overall volatility remained within a reasonable range. Despite the minor pullback in unit hashrate revenue compared to last week, the overall network hashrate remained low and stable, coupled with high Bitcoin prices and a reasonable fee structure, which supported miner profitability. Although profitability faced slight compression, it has not caused any substantial disruption in the industry, and the profit margin remains healthy.

Comprehensive Analysis

Miners' profitability remains stable. Based on the total miner revenue and Hashprice performance for the week, it is evident that while Hashprice declined, the stable block rewards brought by high Bitcoin prices remained the main revenue pillar. Transaction fee income rebounded amid fluctuations, providing good marginal buffering. The network’s total hashrate slightly decreased during the week, helping unit hashrate revenue remain stable. Overall, miners’ profitability is still at a healthy level, and no signs of capacity clearing or extreme revenue fluctuations have appeared in the short term.

Additionally, from a quarterly perspective, the miner ecosystem at the beginning of Q3 2025 shows a "high Bitcoin price + stable hashrate cost" positive structure, providing supporting conditions for continued investment and expansion. If Bitcoin prices can remain high and on-chain activity increases, miner revenue is expected to continue to show a stable-to-upward trend in the coming week and beyond.

Hashprice Data

5. Energy Costs and Mining Efficiency

Energy Costs and Mining Efficiency Analysis

According to CloverPool data, the Bitcoin network completed a new round of mining difficulty adjustment onJuly 12, 2025, at block height905,184. This round saw a7.96%increase in difficulty, reaching126.27 T, setting a new all-time high. As ofJuly 18, CloverPool real-time data shows the total network hashrate has reached898.47 EH/s, marking another historical high. Based on the current hashrate level, the next difficulty adjustment is expected aroundJuly 26, with an expected increase of0.21%, bringing the network mining difficulty to126.53 T.

Although Bitcoin prices remain strong, the growth rate of hashrate has slowed, reflecting that the market is entering a new phase of "efficiency optimization." Some smaller and mid-sized mining farms may be passively exiting due to rising electricity costs and outdated equipment, leading the global mining ecosystem toward greater efficiency, lower energy consumption, and centralization.

Bitcoin Mining Difficulty Data

Global Hashrate Landscape Dynamics: The U.S. Still Leads, Russia Rises Strongly

According to the global Bitcoin hashrate heatmap released by Hashrate Index onJuly 13, the U.S. remains the global hashrate center, with323.4 EH/sof effective hashrate. Although there was a slight decrease compared to last month, its global market share remains at the top.

It is worth noting the rapid rise of Russia, which increased its global hashrate share from15.652%to16.61%, reaching150 EH/s, and has now become the second-largest global hashrate hub. This trend suggests that Russia is gaining a systematic advantage in energy prices, policy support, and geopolitical stability. In China, despite an increasingly stringent regulatory environment, distributed deployment strategies and the flexibility of mining farms in remote areas have led to a slight recovery in its hashrate share to13.84%(125 EH/s), ranking third globally. Among other emerging mining markets, Paraguay, leveraging its abundant low-cost hydroelectric resources, holds a global share of3.87%(35 EH/s), while the UAE has achieved a global share of3.54%(32 EH/s) through policy incentives and efficient cooling technology, continuing to attract global mining capital.

Mining Economics Evaluation: Profit Margins Remain Ample

From a cost perspective, MacroMicro's latest model calculates that as ofJuly 16, 2025, the unit production cost of Bitcoin is approximately$92,631.38, while the spot price of Bitcoin is$118,738.51. The price difference between the two is$26,107.13, indicating that the profit margin per coin remains considerable. The currentMining Cost-to-Price Ratiostands at0.78, which is significantly below the critical value of1, meaning that mining activities are still profitable overall, particularly for mining farms using the latest-generation ASIC machines and benefiting from low electricity prices. These farms have a unit profit margin far higher than the industry average.

It should be noted that under the backdrop of high difficulty and high hashrate operations, traditional high-energy-consuming mining farms will face increased pressure. The sustainability of the Bitcoin mining industry will increasingly depend on the integration of green energy, automated operations, and optimization of hashrate structure.

Total Mining Cost Per Bitcoin

Comprehensive Evaluation: Entering a New Era of "High Efficiency + Low Cost" Mining

Overall, with the combined effect of high Bitcoin prices and rising difficulty, the Bitcoin mining ecosystem is undergoing a new round of structural adjustments. The competitive focus is shifting from "scaling up" to "improving efficiency and controlling costs." The global hashrate distribution pattern is also undergoing profound changes, with the U.S., Russia, and China showing a "top concentration" trend, while emerging market countries are gradually establishing regional competitiveness through energy and policy advantages.

In the future cycles, key variables that will determine the survival and profitability of mining farms include:

• Mining Equipment Upgrades: Liquid-cooled miners and AI-controlled mining systems will become the new standard.
• Electricity Pricing and Energy Structure Optimization: Prioritizing the adoption of renewable energy.
• Regulatory Environment Evolution: Geopolitical and regulatory trends will have a significant impact on operational stability.

In conclusion, Bitcoin mining is fully entering the "efficiency-driven" era. Only those mining farms with significant advantages in cost control, technology upgrades, and quick response capabilities will maintain a dominant position in the next market cycle.

6. Policy and Regulatory News

Trump: U.S. Congress Members Agree to Vote on GENIUS Bill Tomorrow

OnJuly 16, Trump posted that he had met with11 members of Congressin the Oval Office and reached an agreement on the GENIUS bill, which is scheduled for a vote the next morning. House SpeakerMike Johnsonparticipated in the meeting via phone and supported a quick vote.

Trump and Republican Hardliners Reach Consensus on Cryptocurrency Bill

OnJuly 16, Trump announced that he had reached an agreement with Republican hardliners on a cryptocurrency bill. Previously, some Republican members had rare disagreements with Trump, obstructing the procedural vote on three cryptocurrency regulation bills. After discussions at the White House, these bills are now back on track for passage.

7. Mining News

France Plans to Use Excess Nuclear Power for Bitcoin Mining

On July 17, according to Cryptoslate, French lawmakers have introduced a proposal to utilize surplus electricity from nuclear power plants for Bitcoin mining. It is estimated that this initiative could generate $100 million to $150 million in annual revenue. The five-year pilot program will allow mining centers to co-locate with nuclear power facilities, operating only during times of electricity surplus. Additionally, the heat generated from the mining process will be recovered for use in heating or industrial purposes. The proposal was submitted to the French National Assembly on July 11.

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8. Bitcoin News

Global Corporate Bitcoin Holdings Dynamics (This Week's Statistics)

1.Strategy (formerly MicroStrategy):
On July 14, it was reported that Strategy increased its holdings by 4,225 BTC between July 7 and 13, bringing its total holdings to 601,550 BTC.

2.Metaplanet (Japan):
On July 14, it was reported that Metaplanet increased its holdings by 797 BTC, bringing its total holdings to 16,352 BTC.

3.DigitalX (Australia):
On July 14, it was reported that DigitalX increased its holdings by 109.3 BTC, bringing its total holdings to 367.3 BTC.

4.El Salvador (Country):
On July 14, it was reported that El Salvador currently holds over 6,237 BTC.

5.K33 Asset Management:
On July 14, it was reported that K33 increased its holdings by 36 BTC, bringing its total holdings to 121 BTC.

6.Sequans (U.S. Listed Company):
On July 14, it was reported that Sequans purchased an additional 683 BTC, bringing its total holdings to 1,053 BTC.

7.Sixty Six Capital (Canada):
On July 15, it was reported that Sixty Six Capital increased its holdings by 6.1 BTC, bringing its total holdings to 132.8 BTC through ETFs.

8.Bitmax (South Korea):
On July 15, it was reported that Bitmax added 51.06 BTC, bringing its total holdings to 400.25 BTC, making it the largest holder among South Korean listed companies.

9.Vanadi Coffee (Spain):
On July 16, it was reported that Vanadi Coffee increased its holdings by 6 BTC, bringing its total holdings to 70 BTC.

10.Monochrome ETF (Australia):
On July 16, it was reported that Monochrome's Bitcoin spot ETF holdings increased to 941 BTC.

Corporate Bitcoin Treasury Dynamics (This Week)

1.Thai-listed Company DV8 Transforms into Bitcoin Treasury Company
DV8 Public Company Limited appointed formerFortunemagazine owner Chatchaval Jiaravanon as chairman and announced its restructuring to focus on Bitcoin as its core financial asset. The company plans to invest in DeFi, digital banking systems, and digital infrastructure, with a focus on the Southeast Asian market.

2.Vaultz Capital Raises £1 Million to Increase Bitcoin Holdings
UK-based digital asset company Vaultz Capital completed a new round of equity financing, with funds earmarked for expanding its Bitcoin treasury strategy.

3.Metaplanet CEO Leads Acquisition of SGA, Promotes Bitcoin Strategy in Asia
Metaplanet CEO Simon Gerovich's supported consortium acquired a controlling stake in South Korea's SGA, continuing to expand its Bitcoin strategy in the Asian market.

4.Matador Plans to Raise 900 Million CAD to Accumulate Bitcoin
Canadian-listed company Matador filed a prospectus to raise up to 658 million USD (900 million CAD) over the next 25 months to increase its Bitcoin holdings.

5.The Blockchain Group Raises €6 Million to Advance Bitcoin Strategy
French company ALTBG completed two rounds of financing, bringing Bitcoin technology expert Adam Back on board. Its potential holdings may rise to 1,983 BTC.

6.Hilbert Group Adds 233 Bitcoins
Swedish-listed company Hilbert Group acquired 233 BTC from Deus X Capital. With recent funding, its total Bitcoin reserves now stand at 430 BTC.

7.Active Energy Purchases Bitcoin for the First Time
UK-based renewable energy company Active Energy initiated its digital asset strategy and purchased Bitcoin for the first time, though the exact amount was not disclosed.

8.Cantor Fitzgerald Plans $4 Billion Bitcoin Transaction with Adam Back
Cantor Fitzgerald plans to acquire over 30,000 BTC via a SPAC transaction, further expanding its presence in the crypto asset market.

9.LQWD Technologies Plans to Raise $10 Million for Bitcoin Accumulation
The Canadian-listed company announced its “ATM Plan” to accelerate Bitcoin asset allocation while expanding its Lightning Network business.

10.Matador Sets 2026 Target of Holding 1,000 BTC
Matador Technologies’ board approved a long-term Bitcoin reserve strategy, planning to hold up to 6,000 BTC by 2027, with a mid-term target of 1,000 BTC by 2026. The company currently holds 77.4 BTC. To achieve this goal, Matador has previously submitted a financing plan of up to 900 million CAD, with funds to be raised through equity issuance, convertible bonds, and asset divestitures.

11.Super Copper to Allocate 20% of Reserve Funds to Bitcoin
Canadian-listed company Super Copper Corp announced its Bitcoin treasury strategy, planning to allocate up to 20% of its reserve funds to Bitcoin as a store of value.

12.LiveOne Plans to Raise $8.9 Million for Bitcoin Yield Strategy
US-listed company LiveOne launched a Bitcoin yield-focused treasury plan, initially allocating $10 million, with a public offering of $8.9 million. The company has been approved for a $500 million investment limit.

13.Belgravia Hartford Raises $7.91 Million to Expand Bitcoin Holdings
Canadian-listed company Belgravia Hartford announced the completion of nearly $7.91 million in financing, including $5 million in convertible bonds and $2.91 million in private placements, which will be used to expand its Bitcoin reserve strategy. In June of this year, the company purchased its first 4.86 BTC for $500,000 at an average price of approximately $102,848 per BTC.

14.Volcon Raises Over $500 Million to Launch Bitcoin Financial Strategy
US electric vehicle company Volcon announced it would make Bitcoin its core treasury asset. The company has reached private agreements with various institutions and accredited investors to issue over 50.14 million common shares at $10 per share, with total funding expected to exceed $500 million. Leading investors include Empery, with participation from FalconX, Pantera, Borderless, RK Capital, and Relayer Capital. The company plans to allocate at least 95% of the funds raised to purchase Bitcoin, with the issuance expected to complete around July 21.

Data: July is One of the Most Stable Growth Months for Bitcoin

On July 12, Cryptoquant analyst Axel Adler Jr. released a market analysis stating that, based on historical data from 2012 to 2025, July is one of the most stable months for Bitcoin's growth. In 14 years, 10 years (71%) recorded positive returns. However, October showed even higher stability, with a 77% positive return rate, the highest in history.

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Bitwise CIO: Predicts Bitcoin Will Reach $200,000 by the End of the Year

On July 13, Bitwise CIO Matt Hougan stated in an interview with CNBC that Bitcoin is expected to reach $200,000 by the end of 2025. He pointed out that the current price surge is driven by structural factors, which will continue for years. Hougan emphasized that institutional capital is flowing in continuously, while Bitcoin's daily supply is only 450 coins, leading to a severe supply-demand imbalance. He believes that the market is entering a new phase where "demand consistently exceeds supply," and this force will drive long-term Bitcoin price growth. He also noted that favorable policies, legislative progress, institutional adoption, and macroeconomic uncertainty are creating a "rare confluence" of factors that are the fundamental drivers of Bitcoin's rise.

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Rich Dad Poor Dad Author: Plans to Buy Another Bitcoin Soon, Becoming Rich Has Never Been This Easy

On July 13, Robert Kiyosaki, the author ofRich Dad Poor Dad, posted that "Bitcoin's price has exceeded $117,000. I plan to buy another Bitcoin soon. Getting rich has never been this easy... even becoming a millionaire. Study well and see if Bitcoin is your path to becoming a millionaire. Take care. I love my Bitcoin... I love all Bitcoins."

CZ: Today's New High Will Be Just a Small Part of Bitcoin's Value in the Future

On July 14, CZ posted that Bitcoin had surpassed $120,000, and the historical high of $1,000 from January 2017 now seems insignificant. He believes that today's exciting all-time high will be just a small part of Bitcoin's value in the coming years. BNB has officially been traded for 8 years, with an initial price of $0.06, and now it’s priced at $698, marking an increase of over 10,000 times.

Bernstein: Bitcoin Will Reach $200,000 by the End of 2025 or Early 2026

On July 14, Bernstein analysts predicted that Bitcoin will reach $200,000 by the end of 2025 or early 2026. They pointed out that as market cycles extend beyond Bitcoin, the growth of networks such as Ethereum and Solana will also strengthen their investment thesis. Bernstein believes that this bull market will be "long and tough," unlike previous cycles driven by retail investors. The current cycle relies more on institutional investor participation and adoption.

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Bitcoin Skeptic Vanguard Group Becomes Strategy’s Largest Shareholder

On July 15, despite previously calling Bitcoin an "immature asset class" and believing it was unsuitable for long-term investors, Vanguard Group has now become MicroStrategy's largest shareholder. According to Bloomberg, this $10 trillion asset management firm holds 20 million shares of MicroStrategy through its funds, representing 8% of the outstanding shares. It likely surpassed Capital Group to become the largest shareholder in the fourth quarter of last year.

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Opinion: U.S. Conservative Funds Have Started Allocating Bitcoin, and This Shift Could Drive Up to $1 Trillion Inflow
On July 15, The Kobeissi Letter published that when an asset provides a 90% return in a year, it can be considered an "outlier." However, when an asset offers a 90% compounded annual growth rate over 13 years (like Bitcoin), it can no longer be ignored. Furthermore, influenced by the U.S. government’s sudden adoption of cryptocurrencies, some conservative funds in the U.S. have begun buying Bitcoin. According to interviews, "conservative" funds have already allocated "1% of AUM" to Bitcoin. Currently, U.S. institutional assets are estimated at about $31 trillion. If just 1% of U.S. institutional capital flows into Bitcoin, it could push the asset’s influx to over $300 billion. Considering global institutional AUM, we might see over $1 trillion flow into Bitcoin.

Standard Chartered Launches Bitcoin and Ethereum Spot Trading Services for Institutional Clients
On July 15, Standard Chartered announced that it had launched spot trading services for Bitcoin and Ethereum through its UK branch for institutional clients, to meet the growing demand for crypto assets. The bank stated that it became the first global systemically important bank to offer deliverable Bitcoin and Ethereum spot trading services, providing secure, compliant, and scalable access.

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James Wynn: Bitcoin Could Rise to $145,000 by End of July, Altcoin Bull Market Nearing
On July 16, James Wynn tweeted that he believes Bitcoin has reached its short-term peak for July as expected, and it could reach around $145,000 by the end of the month. Afterward, a sharp correction is anticipated, with a pullback to around $110,000. In the next 1-2 months, a strong altcoin bull market will begin, the true "FOMO" phase for investors.
Bitcoin’s dominance has persisted for too long, and altcoins are gradually rising. By the fourth quarter, after the Federal Reserve begins cutting interest rates, Bitcoin will likely enter a new rally, potentially reaching between $160,000 and $240,000.