1. Bitcoin Market
From July 19 to July 25, 2025, the specific price movements of Bitcoin were as follows:
July 19: Bitcoin opened the morning session with a volatile downward trend, falling from $117,930 to $117,073 before stopping the decline and rebounding. It then rose to $117,912, starting a fluctuating upward climb, reaching $118,426 before weakening. In the evening, it briefly retreated to $117,721, stabilized again, and closed at $118,113, showing a relatively balanced strength between buyers and sellers.
July 20: Bitcoin showed a narrow-range oscillation with a slightly bullish bias overall. After opening, it dipped slightly to the intraday low of $117,544, then entered a typical stepped oscillation upward structure. The price gradually climbed, successively breaking through $118,117 and $118,287, and rose further to $118,731 by the end of the day, indicating strengthening bullish control.
July 21: Continuing the upward momentum from the previous day, Bitcoin rose to $118,778 before a technical correction occurred, followed by a quick rebound to around $118,557. However, the market suddenly dropped sharply on increased volume, hitting a low of $116,914. Subsequently, strong buying pressure triggered a rapid V-shaped reversal, pushing the price back up not only to $118,644 but also briefly surpassing $119,605. Although it failed to hold this high, it retreated short-term to $118,016 before rallying again to $119,072 at the close. The day saw violent intraday fluctuations and intense bulls-versus-bears struggles, reflecting short-term market sentiment volatility.
July 22: The price continued the previous day’s high volatility state, starting the morning down from $117,473 to a low of $116,762 before bouncing back. The price oscillated upward for a period, climbing to $117,804, then dipped again to $116,639, forming a double bottom structure and gaining effective support. In the afternoon, Bitcoin resumed its uptrend, oscillated higher, and successfully broke through the $119,000 mark, reaching a high of $119,429. Although it experienced a brief pullback in the evening, bulls quickly took over to maintain strength, closing at $118,956 and showing increased bullish intent.
July 23: Continuing the previous session’s strong momentum, Bitcoin kept rising after opening, hitting a recent stage high of $120,204. However, it failed to break through this key psychological level effectively and gradually retreated to $117,915. A fierce battle between bulls and bears followed, with price oscillating and hitting a low of $117,474, indicating intense contention at the high level.
July 24: Bitcoin continued wide-range oscillation at high levels, with frequent shifts between bullish and bearish forces during the day. In the morning, price consolidated between $117,500 and $118,700, then bulls pushed the price upward, forming a brief sideways accumulation near $119,000, reaching a high of $119,274. After touching this stage high, it faced rapid selling pressure and quickly fell to a low of $117,523. The market then staged a strong rebound again, with a new intraday high at $119,373 near the close, followed by a slight pullback before the close. Overall, the market maintained a pattern of intense volatility, indicating continued significant disagreement between bulls and bears within the range.
July 25: Bitcoin maintained the high volatility seen the previous day, continuing the rebound momentum in the morning with the price rising to a high of $119,398. However, this level again acted as short-term resistance, after which the market entered a downward channel, quickly falling back to around $117,850, erasing short-term gains. At the time of writing, Bitcoin was reported at $117,859, still within the oscillation range. Overall, the price remains in a consolidation range between $117,500 and $119,500 in the short term. Without a strong volume breakout, the oscillation pattern is expected to continue, and short-term traders should remain alert to sudden reversal risks.
Summary
This week, Bitcoin exhibited a wide-range oscillation pattern. Early on, it showed narrow-range sideways consolidation, while later it experienced fierce bullish and bearish battles at high levels, with notably intensified market volatility.
Specifically, from July 19 to 20, the price mainly fluctuated narrowly around the $118,000 level, with relatively limited volatility, representing a typical consolidation phase. Starting July 21, market volatility increased significantly, with frequent rapid rallies and deep corrections intraday, showing clear wide-range oscillation. Bitcoin repeatedly attempted to break through the $119,000 and $120,000 integer levels but failed to hold these gains, indicating heavy selling pressure overhead. At the same time, support levels held firm, with lows rebounding quickly from $116,639, showing active buying below key support and intense capital battles in the market.
The highest point of the week was $120,204, the lowest $116,639, with a price range amplitude of 3.06%. Technically, the high-level oscillation pattern remains intact, and the short term is still regarded as a slightly bullish oscillation. Close attention is needed on the breakout of the resistance zone between $119,000 and $120,000, and the effectiveness of support in the $117,500 to $116,500 range. Subsequent movements will likely depend on changes in volume and macro news guidance.
Overall, while Bitcoin did not make a clear breakout this week, bullish momentum appeared. If volume-driven breakthroughs of key resistance levels occur later, a new trend phase may emerge. Conversely, if key support areas are breached again, a deeper correction phase cannot be ruled out.
Bitcoin Price Movements (2025/07/19–2025/07/25)
2.Market Dynamics and Macroeconomic Background
Capital Flows
1.Market Funds Divert to Altcoins, Bitcoin Dominance Declines
According to market data, Bitcoin dominance (BTC Dominance) has declined for eight consecutive days, dropping to 61.15% as of July 20, below the 2024 annual high of 61.53%. The continuous decline in Bitcoin dominance signals that the "altcoin season" is gradually beginning.
On July 22, Coingecko data showed Bitcoin dominance further dropped to 58.5%, mainly driven by strong performances from major altcoins like Ethereum (ETH) and Ripple (XRP): ETH rose 25.0% over seven days, XRP increased by 20.4%, while SOL and BNB rose 15.4% and 10.2% respectively.
Crypto analyst @DaanCrypto pointed out that over the past month, most altcoins within the top 100 by market cap have outperformed Bitcoin, which is the core driver of the declining dominance.
2.Large-Scale Selling by Miners and Whales, Exchange BTC Inflows Hit a New Phase High
As Bitcoin prices climbed to historic highs, on-chain data shows synchronized large-scale selling:
On July 15, daily BTC inflows to exchanges surged to 81,000 BTC, the highest since February.
Among this, whale transfers (single transfers over 100 BTC) increased from 13,000 BTC to 58,000 BTC.
Miners transferred out 16,000 BTC during the same period, almost all of which flowed into exchanges.
Ethereum showed a similar trend: on July 16, 2 million ETH flowed into exchanges, the highest since late February, indicating a significant rise in short-term profit-taking sentiment.
3.Various Holder Types Restart Coin Hoarding Mode, Funds Shift to On-Chain Accumulation
Despite increased short-term market volatility, on-chain data indicates that all types of holders have returned to "coin hoarding" behavior. Glassnode’s July 21 report noted that from small investors to whales holding tens of thousands of coins, nearly all wallet size groups have re-entered a “perfect hoarding mode.” Whale wallet on-chain activity has returned to December 2024 levels, indicating strong overall confidence in the medium- to long-term market outlook.
4.Long-Term Holders Increase On-Chain Distribution, But Cannot Reverse Mid- to Long-Term Net Inflows
On July 24, CryptoQuant analyst Axel Adler Jr pointed out that Bitcoin is currently exhibiting an unusually high monthly capital destruction degree (CDD) to annual CDD ratio of 0.25, comparable to levels seen at the 2014 peak and the 2019 correction, reflecting that long-term holders (LTH) are moving dormant BTC back on-chain in preparation to sell.
This phenomenon suggests that experienced investors (especially early holders) are actively distributing coins; there is some “internal distribution resistance” against the bullish trend; current price levels have triggered partial profit-taking among early holders.
However, Axel emphasized that despite LTH selling pressure: U.S. ETFs continue to attract funds (see section 5); treasury-level funds are still allocating assets; thus, this round of distribution is more likely a signal of short-term slowing gains rather than the start of a full trend reversal.
5.Bitcoin ETF Flow
Daily ETF inflow/outflow details this week:
July 21: -$131.4 million
July 22: -$68 million
July 23: -$85.8 million
July 24: +$194.2 million
ETF Inflow/Outflow Data Image
Despite some outflows on certain dates, the overall performance of U.S. spot Bitcoin ETFs remains strong: on July 20, total on-chain holdings surpassed 1.285 million BTC, accounting for 6.46% of total Bitcoin supply, corresponding to a market value of approximately $151.8 billion.
Meanwhile, Ethereum ETFs showed outstanding performance last week with a net inflow of $2.182 billion, setting a historical weekly record and doubling the previous week’s inflow. Bitcoin ETFs recorded a net inflow of $2.385 billion during the same period, ranking seventh in weekly ETF inflow records (fifth in the two previous weeks). This trend shows that both mainstream asset Bitcoin and alternative mainstream asset Ethereum continue to attract sustained attention and active allocation from institutional and retail investors, further consolidating ETFs’ position as mid- to long-term investment tools in digital assets.
Additionally, positive news came from Grayscale. On July 24, Grayscale Investments announced that its Bitcoin Mini Trust ETF listed on the New York Stock Exchange, launched on July 31, 2024, has surpassed $5 billion in assets under management, reaching $5.415 billion as of July 23, with Bitcoin holdings totaling 45,721 BTC and showing significant growth momentum.
Overall, ETFs are becoming an important channel for mainstream capital entering the Bitcoin market, providing strong support for overall market liquidity and price levels.
Technical Indicator Analysis
1.Relative Strength Index (RSI 14)
According to Investing.com data, as of July 25, 2025, Bitcoin’s 14-day Relative Strength Index (RSI) stands at 39.963, positioned in the sell signal zone. Generally, RSI operates within the 30–70 range, with readings below 30 considered oversold and above 70 considered overbought.
The current RSI near 40 indicates the market is in a weak consolidation phase, with bearish momentum but no extreme oversold conditions. This level reflects a cautious market sentiment with buying power yet to significantly return.
Although RSI has not entered the oversold zone, a further rise above the 50 threshold would signal weakening bearish momentum and potential bullish control returning to the market. Conversely, a drop below 35 would release a stronger bearish signal, warranting caution against further market declines.
2.Moving Average (MA) Analysis
5-day Moving Average (MA5): $119,361
20-day Moving Average (MA20): $115,362
50-day Moving Average (MA50): $111,003
100-day Moving Average (MA100): $100,906
Current Market Price: $117,480
MA5, MA20, MA50, MA100 Data Image
The current price is trading between MA20 and MA5, indicating a short-term consolidation and correction period:
MA5 > Current Price > MA20: shows some short-term momentum slowdown, with the short-term moving average turning downward, reflecting profit-taking pressure.
MA20 is clearly above MA50 and MA100: indicating the medium-term uptrend remains intact and long-term moving averages provide solid support.
If the price can stabilize above MA5 again with increased volume, the short-term trend could strengthen; otherwise, a break below MA20 might test the support strength at MA50.
The moving averages show a typical bullish alignment, with medium- to long-term trends healthy; as long as the price does not significantly fall below MA50, the overall structure remains bullish.
3.MACD (Moving Average Convergence Divergence) Analysis
According to Investing.com data as of July 25, the MACD fast line is -76.53. Both MACD fast and slow lines are below the zero axis, with the fast line continuously crossing below the slow line, forming a death cross and generating a clear “sell signal.” The expanding histogram indicates increasing downward momentum and bears dominating the market.
The widening death cross suggests the short-term downtrend may continue. If the histogram begins to contract and the death cross narrows, it could signal an upcoming rebound, so close attention should be paid to any crossover above the zero axis.
4.Key Support and Resistance Levels
Support Levels: The current short-term key Bitcoin support levels are at $117,500, $117,000, and $116,500. Recent price actions show BTC repeatedly falling to around $117,000 on July 19, 21, and 22, receiving effective support, indicating strong buying interest in this area. During the sharp drop between July 21 and 22, the price touched near $116,500 but quickly rebounded, marking this level as a short-term bottom support zone with strong floor effects. Multiple intraday tests near $117,500 on July 24 also saw rebounds, confirming strong buying willingness and an effective short-term defense. Should the price fall below $116,500, attention must shift to lower support levels, including the round number at $115,000.
Resistance Levels: The main short-term resistance levels Bitcoin faces are $119,000 and $120,000. The $119,000 level has repeatedly acted as a key technical barrier during recent trading sessions. On July 21, 22, and 24, the price tested $119,000 multiple times but failed to break through effectively, retreating after brief approaches or breaches, indicating heavy selling pressure in this region. On July 23, Bitcoin briefly surpassed $120,000 but failed to hold, quickly falling back and confirming this level as a major hurdle for bulls. Medium-term, a sustained breakout above $120,000 could lead to further upward pressure targeting $121,000.
Comprehensive Assessment
Overall, Bitcoin remained range-bound between $116,500 and $120,300 this week, with the market awaiting new directional cues. Short-term support has been gradually rising, showing some bullish willingness to defend, but selling pressure above remains significant with no clear breakout on volume, resulting in a neutral to mildly bullish market bias. If the price breaks above $120,000 on strong volume and holds, it may challenge $121,000 and potentially start a new upward trend. Conversely, a drop below $116,500 could signal weakening short-term sentiment and risk a pullback to the $115,000-$114,000 range for new support.
Market Sentiment Analysis
1. Sentiment Overview
This week, Bitcoin market sentiment has generally shown a positive and optimistic tendency. Although prices have continued to fluctuate within a high range with significant volatility, investors have generally demonstrated strong holding confidence and risk appetite. Multiple occurrences of “roller-coaster” price swings throughout the day reflect the fierce tug-of-war between bulls and bears around key price levels.
Between July 19 and 20, Bitcoin prices moved sideways in a narrow range, and market trading sentiment was relatively cautious. Wait-and-see sentiment intensified, with no significant capital inflow or outflow, indicating that investors were inclined to wait for directional signals near key levels.
On July 21 and 23, the market showed a typical “false breakout + quick pullback” pattern. Bitcoin broke through short-term resistance levels twice, only to retreat quickly afterward, indicating insufficient bullish momentum and a swift bearish counterattack, leading to short-term sentiment fluctuations. The frequent entry and exit of high-leverage funds further amplified short-cycle volatility, causing extreme short-term sentiment swings.
Overall, Bitcoin prices remained within a wide high-level consolidation range this week ($116,500 – $120,300). Although market sentiment leaned optimistic and positive, it also showed strong uncertainty due to repeated clashes between bullish and bearish forces. Bullish confidence remains, but there is a lack of a clear breakout catalyst. Meanwhile, bears continue to exert pressure near key resistance levels, creating a typical high-level standoff.
2. Key Sentiment Indicator (Fear & Greed Index)
As of July 25, the Fear & Greed Index stands at 66, in the “Greed” zone, indicating that current market participants generally have a bullish sentiment and are willing to continue long-side trading at high levels. Despite large price swings, the overall market risk appetite remains high, with retail and some institutional investors actively participating in positions.
Looking back over the week (July 19–24), the daily Fear & Greed Index values were: 69 (Greed), 68 (Greed), 67 (Greed), 67 (Greed), 70 (Greed), and 67 (Greed). The index consistently stayed within the 67–70 range throughout the week, showing minimal fluctuation and remaining at the upper edge of the “Greed” zone. This suggests that although there were short-term technical corrections in the market, sentiment remained unaffected in a substantive way. This kind of sentiment structure often indicates that the market may have entered a peak sentiment plateau. If no new upward drivers emerge, emotional correction could be triggered.
It is especially important to note that when the Fear & Greed Index remains high while prices fail to effectively break through the upper resistance zone, the market may be accumulating potential sentiment divergence risks. Future developments should be watched for signs of a phase adjustment caused by “overheated sentiment.”
In summary, from the linkage between sentiment indicators and price behavior, the Bitcoin market this week has overall remained in a strong high-level consolidation pattern. Although investor sentiment appears optimistic, signs of hesitation at high levels and capital rotation are emerging. The continued accumulation of greed sentiment, along with short-term violent volatility, indicates that the market is in a highly sensitive critical stage. In the coming week, if prices cannot break above recent highs and hold key psychological levels, sentiment may shift from optimism to caution. Investors are advised to closely monitor changes in trading volume, on-chain capital flow data, and the evolution of macro catalysts to guard against the risk of price pullbacks caused by short-term sentiment swings.
Fear & Greed Index Data Image
Macroeconomic Background
1. Trump’s “Pressure Campaign on the Fed”
On July 24, Trump made an unexpected visit to the Federal Reserve headquarters, using the excuse of criticizing over $700 million in renovation overspending to further pressure Fed Chair Jerome Powell, demanding substantial rate cuts and hinting at a possible early personnel change.
This move was interpreted by the market as interference with central bank independence. Although it did not trigger dramatic short-term volatility in the U.S. dollar, it clearly increased policy uncertainty and boosted demand for safe-haven assets (such as Bitcoin).
2. Powell’s Speech and a Flurry of Key Economic Data
On July 22, Powell reiterated at a European conference that “the Fed will remain data-driven and will not be swayed by political motivations,” signaling that rate cuts would not be influenced by current disturbances.
From July 23–24, a wave of data will be released, including existing home sales, new housing starts, manufacturing and services PMI, as well as earnings reports from approximately 112 companies. If core inflation data unexpectedly comes in weak, it could once again raise market expectations for rate cuts and guide capital into Bitcoin.
3. China’s Economic Recovery Boosts Global Risk Appetite
On July 21, China’s Q2 GDP grew 5.2% year-on-year, exceeding market expectations, which reignited global market risk appetite and led to capital flowing into risk assets.
Meanwhile, easing international trade tensions and the U.S. stock market consolidating amid fluctuations have gradually directed funds toward crypto assets.
4. Capital Rotation Trend: Bitcoin’s Safe-Haven Role Becomes Prominent
On July 22, the latest analysis showed that the correlation between BTC and traditional equity markets (S&P, Nasdaq) had dropped to around 0.2, indicating that funds flowed into the crypto market during stock pullbacks.
Since early July, Bitcoin has risen by 3.5%, and total market capitalization has remained between $3.4–4 trillion, with the weakening U.S. stock market providing short-term upward momentum.
5. Traditional Finance Further Embraces the Crypto Ecosystem
On July 22, JPMorgan is reportedly considering including crypto assets (BTC/ETH) in its credit collateral system, marking a larger-scale institutional entry.
This shift is viewed as a signal of institutional adoption, which could help reduce crypto market volatility and improve market depth.
6. Massive Inflows into ETFs
According to July 23 statistics, as of mid-July, U.S. spot Bitcoin ETFs had seen net inflows exceeding $54.8B, and there were two consecutive days in early to mid-July with over $1B in single-day inflows.
Such capital inflows provide strong price support for Bitcoin and explain the momentum behind its recent rise.
3.Hashrate Changes
Between July 19 and July 25, 2025, the Bitcoin network hashrate showed fluctuations, as detailed below:
On July 19, the total network hashrate showed a "rise followed by a fall" trend, increasing from 890.76 EH/s to 1.0240 ZH/s (i.e., 1,024.0 EH/s) during the day, then gradually declining to 833.26 EH/s by the end of the day. This suggests that miners may have undergone short-term shutdowns or maintenance after operating at high load. On July 20, the hashrate steadily climbed from a daily low of 795.58 EH/s to 989.33 EH/s. Despite a minor pullback to 909.64 EH/s during the day, it ended at 943.78 EH/s, reflecting an overall warming trend. On July 21, hashrate volatility intensified, first dropping significantly to 847.81 EH/s before quickly rebounding. It reached 975 EH/s at midday and climbed to 1.0131 ZH/s in the evening—the day's high—indicating a swift recovery in output on the miner side after a short-term restoration of power or environmental conditions.
On July 22, the hashrate slightly retreated to 939.25 EH/s, then gradually climbed to 992.62 EH/s, 1.0524 ZH/s, and peaked at 1.1092 ZH/s, marking the week's highest point. However, it failed to sustain that level, retreating sharply and closing at 933.24 EH/s, suggesting that the large fluctuations might be related to intermittent operation of some mining farms. On July 23, the hashrate continued the previous day's retreat, plunging to 829.70 EH/s, returning to the low range seen at the beginning of the week, reflecting possible ongoing cost pressures or external power supply issues faced by miners. It briefly rebounded to 892.35 EH/s at midday, then dropped again, though the downward momentum slowed. In the evening, the hashrate gradually stabilized and slowly climbed to 937.62 EH/s, showing early signs of network hashpower recovery. On July 24, the hashrate declined again in the morning, hitting 830.78 EH/s, then began a clear recovery trend, rising to the daily high of 993.70 EH/s in the afternoon. However, this level was not sustained, and it eventually fell back to 887.72 EH/s. Overall, the trend showed some recovery in computing power.
From July 19 to July 25, 2025, the overall Bitcoin network hashrate presented a “first volatile upward, then high-level pullback” pattern. In the first half of the week (July 19–22), the hashrate was on an upward trajectory, with successive higher lows, reflecting gradually improving network stability and some large-scale mining farms coming back online. The peak occurred on July 22, reaching 1.1092 ZH/s. However, this high level did not last, followed by a significant pullback, possibly related to strategic shutdowns by some mining farms, electricity price fluctuations, or changes in external conditions. In the second half of the week (July 23–24), the hashrate quickly dropped to early-week low ranges, down to as low as 829.70 EH/s, but then gradually stabilized and rebounded, reaching 993.70 EH/s on July 24. Although it pulled back again, the overall trend indicated a volatile recovery, suggesting the network hashpower had some resilience, and that miners were responding flexibly to market conditions.
Overall, this week’s Bitcoin hashrate trend reflects the current sensitivity and flexibility of miner operations. On one hand, hashrate performance showed strong short-term volatility under the influence of external factors such as electricity costs and climate. On the other hand, in the context of still-attractive prices, the rapid recovery of computing power also shows that miners remain strongly motivated to maintain output. If external conditions stabilize going forward, the hashrate is expected to gradually return to a high-level range.
Bitcoin Network Hashrate Data
4. Mining Revenue
According to data from YCharts, the total daily revenue for Bitcoin miners (including block rewards and transaction fees) for this week is as follows:
- July 19: $55.14 million
- July 20: $55.35 million
- July 21: $55.85 million
- July 22: $56.70 million
- July 23: $52.38 million
Overall, the daily average mining revenue this week fluctuated between $52 million and $57 million, showing a more stable trend compared to the previous week. Despite a slight decline on July 23, the overall fluctuation was minimal, reflecting a relatively stable level of block generation and transaction activity in the current market.
From the perspective of daily revenue per unit of hash power (Hashprice), data from Hashrate Index indicates that Hashprice remained relatively stable throughout the week. As of the time of writing on July 25, the Hashprice stands at $59.65/PH/s/day. Overall, Hashprice showed a steady performance this week with a mild upward trend. The low points of the Hashprice have been gradually rising, indicating an improvement in miners' unit production efficiency and a slight enhancement in mining profitability.
The peak of the week occurred on July 23, with Hashprice reaching $60.33/PH/s/day, suggesting short-term recovery momentum in mining income. On July 25, Hashprice was recorded at $60.10/PH/s/day, making it the second-highest level of the week. In general, the fluctuation of Hashprice this week was limited, indicating that the market has entered a relatively stable phase with no significant changes in the structure of mining revenue.
From a monthly perspective, the current Hashprice sits at the median level of the past 30 days. Price volatility has narrowed over the past two weeks, suggesting that the market is emerging from earlier sharp adjustments and gradually returning to normal. From a quarterly view, the Hashprice remains at a mid-to-high level compared to the past three months, which is still an acceptable range for most miners with efficient operations and helps sustain the motivation for hash rate input.
The steady rise in Hashprice during this period is associated with the slowdown in the growth of the total network hash rate. Since network competition has not significantly increased and Bitcoin prices remain at relatively high levels, miners’ revenue per unit of hash rate has experienced a phase of recovery, which is favorable for enhancing short- to medium-term mining activity.
Hashprice Data
5. Energy Costs and Mining Efficiency
According to data from CloverPool, as of July 25, 2025, the total Bitcoin network hash rate has reached 916.17 EH/s, with a mining difficulty of 126.27 T. The next difficulty adjustment is expected to occur on July 26, with an anticipated increase of approximately 0.56%, which would raise the difficulty to around 126.97 T. This trend reflects miners' continued optimism about the network’s outlook and an ongoing increase in competition intensity.
Bitcoin Mining Difficulty Data
From a mining cost perspective, based on the latest model data from MacroMicro, as of July 20, the average production cost was approximately $95,333, corresponding to a spot price of $117,300 on that day, resulting in a cost-to-price ratio of about 0.81. The latest data from July 23 also shows a cost of around $94,905 with a spot price of approximately $118,755, yielding a cost ratio of 0.80. Overall, the cost ratio has fluctuated within the 0.80–0.81 range. This level suggests that miners can earn an average gross margin of about 20%. In addition, the current Puell Multiple is at the 1.38–1.39 level, indicating that the block reward value remains above the annual average and miners’ income is relatively considerable. From July 19 to July 24, 2025, the daily issuance remained stable at 437–469 BTC. The total market capitalization was within the range of $2.33–2.39 trillion, showing a stable issuance pace well-matched with demand, which has helped maintain a steady relationship between price and cost.
Total Mining Cost per Bitcoin Data
This week, Bitcoin mining has remained in a healthy profit state. Although unit production costs have increased, the spot price remains high, and the mining cost-to-price ratio stays around 0.80, allowing miners to maintain an average profit margin of approximately 20%, with strong overall cash flow. The network hash rate continues to rise steadily, and difficulty is expected to increase, signaling robust miner confidence and intensifying industry competition. However, with mining difficulty reaching new highs, high-energy-consumption and low-efficiency mining farms are facing elimination pressures. Future profitability will depend on the trend of Bitcoin prices and whether miners can improve energy efficiency or relocate to regions with lower electricity costs. Overall, the mining industry is operating steadily in the short term, but attention should still be paid to changes in energy costs and the potential risks posed by market volatility.
6. Policy and Regulatory News
IMF Confirms El Salvador’s Bitcoin Holdings Unchanged; Purchases Comply with Agreement Commitments
On July 20, El Salvador’s Minister of Finance and the Central Bank Governor confirmed to the International Monetary Fund (IMF) that since the financing agreement was signed in February 2025, the government has not purchased any additional Bitcoin. The existing Bitcoin holdings remain unchanged, and the associated wallet addresses have been provided to the IMF for monitoring. On July 24, the IMF further stated that the accumulation of Bitcoin by El Salvador’s Strategic Bitcoin Reserve Fund complies with the terms of the agreement. The current amount of Bitcoin in the government’s wallet has not changed and remains within the bounds of the agreement.
This statement contrasts with President Bukele’s claim of “buying 1 Bitcoin per day.” The IMF clarified that the increase in Bitcoin balance only reflects internal wallet consolidation and does not violate the agreement terms.
Related Images
7. Mining News
Brazilian Miners Warn: U.S. Retaliatory Tariffs Could Cause $1 Billion in Losses
On July 22, Brazil’s mining industry warned that if the government imposes reciprocal tariffs in response to U.S. President Trump’s threat to impose a 50% tariff starting August 1, the economic consequences could be severe.
Raul Jungmann, head of the Brazilian Mining Association (Ibram), stated that if Trump follows through with the threat and Brazil enacts retaliatory measures, the mining sector could face up to $1 billion in additional annual costs. Brazilian mining executives are considering talks with U.S. companies to push the Trump administration back to the negotiation table.
Bitcoin Miner Mawson Fires CEO Over Alleged Fraud and Misconduct
On July 22, The Miner Mag reported that Bitcoin mining and hosting firm Mawson Infrastructure has terminated its CEO and President, Rahul Mewawalla, and removed him from its board of directors due to breaches of fiduciary duty and alleged fraud. Mawson has filed a lawsuit in the Delaware Court of Chancery seeking damages.
Previously, Mewawalla was awarded a $2.5 million bonus and 1.2 million restricted stock units for "high performance," with his annual salary raised to $1.2 million. In response, he denied any misconduct and emphasized that under his leadership, the company’s revenue grew by 36% and gross profit by 35%.
In addition, Mawson has recently been involved in a custody dispute lawsuit with NYDIG and its parent company, Stone Ridge, involving over 20,000 mining machines valued at $30 million.
Related Images
Russian Official: State Should Seize Illegal Miners’ Cryptocurrency
On July 23, Yevgeny Masharov, a member of Russia’s Public Chamber and a policymaker, stated that authorities should be granted the power to confiscate cryptocurrencies from illegal or quasi-legal Bitcoin miners.
Masharov argued that the proposal would deter “grey market” miners by “making illegal mining unprofitable.” He added that illegal mining operations have placed enormous pressure on local power grids in many regions. If this proposal is adopted, Masharov claimed, “regions across Russia—especially those experiencing power shortages—will breathe a sigh of relief.”
8. Bitcoin News
Global Corporate Bitcoin Holdings Update (This Week's Statistics)
1.El Salvador (Nation-State):
According tomempooldata as of July 20, El Salvador’s national-level Bitcoin holdings have surpassed6,200 BTC, with a current total of6,242.18 BTC, valued at approximately$736 million. This reflects the country’s ongoing commitment to its “Bitcoin Nation Policy” and steady accumulation of digital asset reserves.
2.Vaultz Capital (United Kingdom):
On July 21, UK-listed companyVaultz Capitalannounced it had acquired an additional20 BTC, bringing its total holdings to70 BTC. The company has recently accelerated its Bitcoin asset deployment as part of its broader digital asset allocation strategy.
3.The Blockchain Group (Europe):
According to an official announcement on July 21, European-listed firmThe Blockchain Groupincreased its holdings by22 BTCthis week, investing approximately€2.2 million. The company now holds a total of1,955 BTC, with a year-to-date return on holdings of1,373.2%, indicating strong investment performance.
4.Sequans Communications (United States):
On July 21, U.S.-listed company Sequans Communications significantly increased its Bitcoin holdings by 1,264 BTC, valued at around $150 million. This raised its total holdings from 1,053 BTC to 2,317 BTC, making it one of the top BTC accumulators among U.S. public companies this week.
5.Genius Group (United States):
Also on July 21, U.S.-listed company Genius Group announced the purchase of an additional 20 BTC, bringing its total Bitcoin holdings to 200 BTC. The company has been consistently adding to its BTC reserves in recent years to enhance asset diversification.
6.Monochrome (Australia) – IBTC Spot ETF:
According to data disclosed on July 22, Australia's Monochrome IBTC Spot Bitcoin ETF held 954 BTC as of July 21. At current market prices, this equates to a total value of approximately AUD 175 million, indicating continued institutional inflows into the spot Bitcoin market.
7.Belgravia Hartford (Canada):
As per an official announcement on July 24, Canadian company Belgravia Hartford acquired 25 BTC, bringing its total holdings to 40.8 BTC.
Bitcoin Treasury Dynamics of Public Companies (This Week)
1.U.S. Public Company Aether Holdings to Raise $40 Million to Purchase Bitcoin
On July 19, Aether Holdings announced it would raise $40 million, with most of the funds allocated for purchasing Bitcoin as part of its financial reserve strategy. As of press time, the company’s market value is $158 million.
2.Swedish Public Company H100 Group AB Completes Private Placement to Deploy Bitcoin Strategy
On July 21, H100 Group AB completed a private placement, raising approximately $1.3 million to advance its Bitcoin treasury strategy.
3.Indian Public Company Jetking Expands Bitcoin Reserves
On July 21, Jetking’s board approved a private placement plan to raise 1.15 billion INR, mainly for increasing its Bitcoin holdings, general operations, and Bitcoin education and training.
4.U.S. Public Company Profusa Signs $100 Million Financing Agreement and Launches Bitcoin Reserve Strategy
On July 21, Profusa (Nasdaq: PFSA) signed an equity credit agreement with Ascent Partners to raise up to $100 million, which will be used to purchase Bitcoin as a core asset.
5.Trump Media & Technology Group’s Bitcoin Holdings Reach $2 Billion
On July 21, Trump Media & Technology Group (DJT.O) announced its total Bitcoin holdings have reached $2 billion and it will continue acquiring Bitcoin and related assets.
6.K Wave Media Partners with Galaxy Digital to Advance Bitcoin Strategy
On July 22, K Wave Media (Nasdaq: KWM) entered into a strategic partnership with Galaxy Digital, has already purchased 88 Bitcoins, and secured nearly $1 billion in institutional funding support.
7.EV Company Volcon Acquires 280 Bitcoins for the First Time and Completes $500 Million Private Placement
On July 22, U.S. listed company Volcon acquired 280.14 Bitcoins for the first time and completed over $500 million in private financing to support its Bitcoin strategic deployment.
8.Mexican Real Estate Group Grupo Murano Plans $10 Billion Bitcoin Vault
On July 22, Grupo Murano announced it would invest $1 billion in Bitcoin and aims to build a $10 billion Bitcoin asset reserve within five years.
9.Swedish Company Fragbite Group Acquires Bitcoin for the First Time
On July 22, Fragbite Group announced its first Bitcoin purchase of approximately 4.3 BTC, initiating its corporate Bitcoin treasury strategy.
10.Japanese Textile Company Kitabo to Purchase $5.4 Million Worth of Bitcoin
On July 22, Japan’s Kitabo company announced it will purchase about 800 million JPY (approximately $5.4 million USD) worth of Bitcoin as part of its new financial strategy.
11.Japanese Public Company Metaplanet Grows Bitcoin Holdings by 66x in One Year, Firm on Treasury Strategy
On July 23, Metaplanet CEO Simon Gerovich stated on social media that the company increased its Bitcoin holdings from 246 BTC a year ago to 16,352 BTC, a 66-fold increase. Metaplanet remains firmly committed to its Bitcoin treasury strategy established 15 months ago and aims to join the “1% Club.”
12.Canadian Public Company Matador Secures $100 Million to Build Bitcoin Reserves
On July 23, Canadian public company Matador announced it had secured $100 million in financing to advance its Bitcoin treasury construction plan.
13.Canadian Public Company Planet Ventures to Raise CAD $5 Million to Increase Bitcoin Holdings
On July 23, Canadian public company Planet Ventures announced plans to raise up to CAD $5 million (approximately $3.7 million USD) via convertible debt to further increase its Bitcoin holdings and strengthen its treasury position.
14.Swedish Public Company Hilbert Group Secures $15.8 Million Financing Deal to Expand Bitcoin Holdings
On July 23, Hilbert Group signed a structured financing agreement with LDA Capital totaling SEK 150 million (approximately $15.8 million USD). The funds will be drawn flexibly over 36 months for gradual Bitcoin accumulation. Hilbert will continue executing its Bitcoin treasury strategy.
15.Canadian Public Company Sixty Six Capital Increases Bitcoin Holdings by 16.02 BTC via ETF
On July 24, Canadian public company Sixty Six Capital announced it had acquired 114,000 units of Bitcoin ETF BTCC.B, indirectly increasing its Bitcoin holdings by 16.02 BTC, bringing its total to 148.8 BTC. The company clearly positions itself as a “Bitcoin treasury + crypto investment company” and intends to convert ETF equivalents to spot BTC when feasible.
16.Nativo Resources Adopts Bitcoin as Financial Reserve Strategy
On July 24, London-listed company Nativo Resources (LON:NTVO) announced it will adopt a digital asset finance policy, using part of its cash flow and funding to hold Bitcoin. The company views BTC and gold as inflation-hedging reserve assets and has partnered with Copper.co for custody services. The board stated that despite price volatility and regulatory risks, Bitcoin will remain one of the company’s core financial tools.
17.Satsuma Raises $135 Million, Sets UK Bitcoin Treasury Financing Record
On July 24, Satsuma Technology successfully raised £100 million (approx. $135 million USD) to establish a corporate Bitcoin treasury. If all funds are converted to BTC, it would become the UK’s second-largest corporate Bitcoin holder. The current record is held by The Smarter Web Company, which owns 1,600 BTC.
18.Strategy Increases Financing Target to $2 Billion for Bitcoin Acquisition
On July 24, market sources reported that Strategy (formerly MicroStrategy) increased its financing goal from $500 million to $2 billion for Bitcoin purchases. Previously, on July 22, Strategy announced its IPO, issuing 5 million STRC shares to raise funds for purchasing Bitcoin and other corporate purposes.
Tim Draper: Macroeconomic Factors Will Weaken the Impact of Bitcoin Halving Cycles
July 20– Macroeconomic factors, including the depreciation of the U.S. dollar (USD), will weaken the impact of Bitcoin’s halving cycle, which has historically driven the boom-and-bust patterns of the Bitcoin market since 2009, according to Tim Draper, founder and partner at venture capital firm Draper Associates.
“In the next 10 to 20 years, the dollar will disappear,” Draper said in an interview. “The world is changing, and we are witnessing it. We are in the midst of a major leap in human civilization,” he added.
Tim Draper noted that investors are increasingly viewing Bitcoin as a “safety valve” against poor governance, distrust in banking institutions, fiat currency inflation, and geopolitical tensions—factors that are driving global adoption of Bitcoin, a digital currency with limited supply. The VC firm added:
“If Bitcoin continues to counter the dollar in its current manner, the halving events may have a diminished effect, as this trend could last for a long time. The four-year cycle will still have some influence, but I believe its impact will weaken.”
Michael Saylor: Only 10 Years Left to Accumulate Bitcoin
July 21– According to Cointelegraph, Strategy founder Michael Saylor stated, “You have 10 years to acquire Bitcoin—after that, there will be none left for you.”
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Fundstrat Co-founder: Bitcoin Could Surpass $1 Million in the Next Few Years
July 21– According to CNBC, Tom Lee, co-founder and managing partner of Fundstrat, said in an interview on “Squawk Box” that Bitcoin could surpass $1 million per coin in the coming years.
PlanB: Bitcoin Is at Least 10x Undervalued
July 21– Analyst PlanB posted on X, stating: “Gold’s market cap is around $20 trillion; Bitcoin’s is about $2 trillion. So gold is 10x more valuable than Bitcoin. Gold’s stock-to-flow ratio is about 60, while Bitcoin’s is around 120. That makes Bitcoin twice as scarce as gold. I believe Bitcoin is at least 10x undervalued.”
Arthur Hayes Predicts Bitcoin at $250K and Ethereum at $10K by Year-End
July 23– According to Cointelegraph, Arthur Hayes predicts that Bitcoin will reach $250,000 and Ethereum will hit $10,000 by the end of the year.
Hayes pointed out that wartime economic policies under the Trump administration are generating credit growth flowing into the crypto market. The practice of stablecoin issuers buying Treasury bills to finance government deficits will further drive market growth.
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Data: Only 5.3% of Bitcoin Left to Be Mined, Over 7.5% Lost Forever
July 24– According to Curated Crypto data, only 5.3% of Bitcoin remains unmined. It is estimated that over 7.5% of the total Bitcoin supply has permanently disappeared from circulation due to lost wallets, forgotten private keys, or destruction.
