1. Bitcoin Market

Between July 26 and August 1, 2025, Bitcoin's specific price movements were as follows:

July 26:Bitcoin experienced a significant rebound. Starting at $115,844, the price gradually trended upward with some volatility. It touched $117,768 at midday, slightly pulled back, and then continued to climb, reaching an intraday high of $118,257 in the evening before consolidating around the $118,000 level. This indicates that the bulls were attempting to establish a foundation for further upward movement in the short term.

July 27:The bullish trend continued from the previous day. After a brief dip to $117,903 following the opening, buying support below was evident. Bulls gradually gained momentum, pushing the price to $118,365. Although it later fell back to $117,905, bearish momentum was limited. Bulls accelerated again in the evening, lifting the price to $119,009 before the close—marking a new local high and signaling strengthening bullish sentiment in the market.

July 28:The bullish momentum persisted. After opening, Bitcoin quickly broke through the previous high, surging to $119,501. Despite two small intraday pullbacks, the bullish rhythm was not disrupted, and a new high of $119,788 was reached. However, upward momentum weakened afterward as profit-taking began. Bitcoin retraced to $118,814, attempted to stabilize at this level, but ultimately declined again in the evening to $118,008—suggesting that the short-term rally had come to an end.

July 29:Bitcoin found initial support near the $118,000 level. After a brief rebound early in the day, the price weakened further to $117,441. A rapid rebound followed, pushing it back above $118,000, where it oscillated at a high level. Bears then reapplied pressure, causing a sharp dip to $117,490. However, bulls quickly stepped in, driving a swift rise to $118,739, and the uptrend extended to $119,083. Although there was a pullback in the evening, the price held at $118,976. The day ended at $117,369, showing a "rally and pullback" pattern.

July 30:Continuing the weakness from the previous day’s close, Bitcoin remained under pressure after opening, falling to an intraday low of $117,187 where it found short-term support. Bulls attempted a rebound, and after some consolidation, the market stabilized and began a gradual upward trend. A clear ascending channel formed, with higher lows being established. The price peaked at $118,467 intraday. However, selling pressure at the high triggered a quick bearish counterattack, pushing the price down to $117,472. A fierce battle around $118,000 followed. Bulls launched another short-term rebound to $118,613 but failed to hold and pulled back again to consolidate near $117,700. This reflected that the short-term trend was still locked in a range-bound pattern with no clear direction.

July 31:Bitcoin showed sharp intraday volatility. After opening, it experienced a sudden deep pullback, dropping from $117,790 to a low of $116,000. Bulls then swiftly intervened, pushing the price back to $117,218. The market then entered a choppy upward phase, gradually climbing to an intraday high of $118,872. However, overhead pressure triggered a small pullback to $117,855, followed by another rebound—indicating intense battle between bulls and bears at key levels. The day closed at $118,283, fully recovering from the intraday losses, displaying a classic V-shaped move characterized by a "sharp drop and sharp recovery, followed by high-level consolidation."

August 1:Bitcoin’s consolidation range further expanded. After opening, it quickly surged to the day’s high of $118,764, but soon faced strong resistance. The market turned bearish, and prices fell continuously—testing $117,557, $116,482, and finally $116,049—none of which held as effective support levels. Bearish sentiment continued to intensify. Eventually, Bitcoin found temporary support around $115,296, marking the day's largest decline. As of press time, Bitcoin was trading at $115,516, down 2.73% from the day’s high of $118,764. Overall, the market entered a corrective phase after failing multiple times at higher levels. In the short term, there may be further downside risks, and attention should be paid to whether the $115,000 support zone can hold.

Summary

This week’s market structure showed signs of "high-level consolidation + double-sharp decline." Notably, on July 31 and August 1, Bitcoin underwent two sharp corrections, reflecting significant pressure at higher levels and rapidly rising short-term risk sentiment. The trend shifted from slightly bullish consolidation to a correction phase.

In the first half of the week (July 26–28), Bitcoin continued its rebound from the previous weekend, rising from $115,844 to a peak of $119,788—a new local high, showing strong bullish sentiment. However, from July 28 onward, signs of profit-taking emerged. Bitcoin entered a repeated pattern of “high-level consolidation – retracement – rebound – retracement.” From July 28 to 31, Bitcoin successively pulled back to $117,441, $117,187, and $116,000, forming a step-down structure. Bulls were still able to organize rebounds, and the overall price remained in a narrow range between $118,000 and $119,000.

From July 31 to August 1, sentiment suddenly shifted. Bearish momentum concentrated and led to two significant declines—creating a "high-level double-kill" pattern that broke the previous range-bound balance.

Short-term Outlook:Market disagreements between bulls and bears have intensified. There is strong resistance above $118,000, while $115,000 has become a critical support zone. If Bitcoin fails to hold above $115,000 in the coming days, it may continue to fall and enter a longer consolidation phase. Investors should closely monitor changes in trading volume and the integrity of key technical levels to determine whether a directional breakout is imminent.

Bitcoin Price Trend (2025/07/26–2025/08/01)

2.Market Dynamics and Macroeconomic Background

Capital Flows

1. Whale Portfolio Adjustment and Behavior

According to Glassnode data, whale wallets (holding more than 1,000 BTC) reduced their holdings by approximately 13,800 BTC between July 26 and 29, primarily selling in batches when Bitcoin approached $118,000.
During the same period, exchange inflows exceeded outflows for the first time, indicating that some capital may have moved into stablecoins or other assets on the sidelines, awaiting opportunities. The growth of new addresses and daily active users both declined, suggesting waning retail participation enthusiasm (active users dropped below 850,000).

2. Large-Scale Selling Absorbed Successfully, Limited Price Volatility

Galaxy Digital, representing early BTC holders, sold approximately 80,000 BTC (≈ $900 million) between July 17–25, marking a historically significant transaction. The market showed minimal impact, with Bitcoin briefly dipping to $116,000 before rebounding above $119,000. This event indicates a notable maturity in the Bitcoin market, with institutional actors and execution capacity strong enough to support large transactions without triggering sharp price movements.

3. Decline in Bitcoin Long-Term Holder Supply Ratio

On July 30, Glassnode data showed that the 30-day ratio of long-term to short-term Bitcoin holder supply (LTH/STH) fell by 11%, indicating a continued shift of funds into the circulating market. Meanwhile, Ethereum futures open interest market share rose to nearly 40%, the highest level since April 2023, reflecting increasing investor attention shifting from Bitcoin to Ethereum. This level ranks in the top 5% historically.

4. Derivatives Market: ETH and Altcoin Trading Heat Continues Rising

There is a structural change in capital flow within the derivatives market. By the end of July, Ethereum futures open interest market share rose to nearly 40%, hitting a new high since April 2023, and ranking in the historical top 5% range—indicating that capital and speculative interest are shifting from Bitcoin to Ethereum.
According to CryptoQuant data, ETH has recently surged 170%, now only 23% below its all-time high. SharpLink announced a $1.3 billion purchase of 438,190 ETH, acting as a catalyst for the current rally. At the same time, ETH and altcoin futures contracts continue to heat up.
As of July 31, total trading volume for Ethereum and altcoin futures reached $22.36 billion—a five-month high. On centralized exchanges, such contracts now account for 83% of total volume, while Bitcoin futures only account for 17%. The market landscape is gradually shifting from “Bitcoin dominance” to “multi-asset resonance.”

5. Spot ETF Inflows Continue

Daily ETF inflow/outflow details this week:

• July 28: +$157.1 million
• July 29: +$80 million
• July 30: +$47.1 million
• July 31: -$133.4 million

ETF Inflow/Outflow Data Image Placeholder

ETF products continue to attract capital, with a clear trend of institutional allocation. Despite a small net outflow on July 31, the overall weekly pattern remains net inflow.

Additionally, Nate Geraci, President of The ETF Store, noted that as of 2025, funds raised via ETFs by various companies to purchase Bitcoin and other crypto assets have reached nearly $86 billion—more than double the total U.S. IPO fundraising in 2025. This highlights Wall Street's growing emphasis on crypto assets, with ETFs gradually becoming an important channel for the mainstream adoption of crypto.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of August 1, 2025, Bitcoin’s 14-day Relative Strength Index (RSI) is at 27.573, significantly below the technical threshold of 30, placing it in the “oversold” zone. The current RSI is near an extremely low level, which usually indicates pessimistic market sentiment, heavy selling pressure, and that short-term downward momentum has largely been released. Historically, such situations are often accompanied by short-term technical rebounds or the prelude to bottoming out and stabilization. Although the RSI has entered the oversold zone, no clear reversal signals (such as RSI divergence or significant rebound) have emerged. If the RSI remains between 25–30 in the coming days, and the price stays stable or fluctuates at low levels, a bullish divergence structure may form, indicating a potential bottom or rebound opportunity. However, if the RSI falls below 25 or lower, it would signal extreme panic and raise market concerns about Bitcoin further testing support levels.

2. Moving Average (MA) Analysis

5-day moving average (MA5): $117,499

20-day moving average (MA20): $117,366

50-day moving average (MA50): $112,037

100-day moving average (MA100): $102,271

Current market price: $115,091

MA5, MA20, MA50, MA100 Chart

Short-term perspective:The current price has fallen below MA5 and MA20, indicating a clear weakening of the short-term trend, with bears in control. A death cross has formed between MA5 and MA20, suggesting that the short-term trend may continue to decline.

Medium to long-term perspective:Although the current price is still above MA50 and MA100, the gap with MA50 is narrowing. If the pricecontinues to fall, a medium-term death cross may form, deepening the magnitude and duration of the adjustment. From an overall moving average system perspective, the pattern is showing a rounding top and beginning to turn downward, reflecting a shift in momentum after a prolonged period of high-level consolidation.

Technical conclusion:The MA sequence (short-term breakdown, mid-term critical, long-term still bullish) indicates that the market is transitioning from early to mid-stage correction. If the price breaks below MA50 ($112,037), it will constitute a technical breakdown and may trigger a deeper pullback. Watch for support between $110,000 and $105,000.

3. Moving Average Convergence Divergence (MACD) Analysis

According to Investing.com data, as of August 1, the MACD fast line is at -631, with the histogram remaining negative and showing signs of expansion. MACD currently shows a clear bearish divergence pattern: the fast line continues to fall below the zero axis, and the histogram’s increasing momentum indicates strengthening bearish trends, with the market still dominated by strong selling pressure. No clear divergence between MACD and price trend has emerged yet, suggesting that the current downtrend still shows no signs of momentum exhaustion. The MACD maintains a bearish trend, issuing a mid-term “Sell” signal. If the histogram shortens and forms a golden cross, that may signal an upcoming trend reversal. Caution is advised for a “bearish continuation” pattern — a brief rebound followed by another low.

4. Key Support and Resistance Levels

Support Levels: Currently, Bitcoin’s key short-term support levels are at $115,000, $116,000, and $117,000. Based on market structure over the past seven days, the validity of support in this area has been tested multiple times, with relatively strong buying interest. Around July 26, BTC tested the $115,000 level twice and rebounded each time, suggesting concentrated capital inflows below that range. On August 1, the sharp correction was again halted at $115,000, reinforcing its role as a critical support. On July 30, prices twice fell back to $117,000 and found support, forming a short-term floor. On July 31, despite a brief sharp drop, BTC quickly fell to $116,000 before rebounding strongly to $117,000 and continued consolidating before breaking above $118,000, indicating bulls are still active in that range. Overall, the $115,000–$117,000 zone forms the core support range for the market. If BTC holds above this zone, the short-term bullish structure will strengthen; but if it falls below $115,000, attention should turn to secondary supports below.

Resistance Levels: Bitcoin’s short-term resistance structure is relatively clear, with the first pressure level between $118,000–$119,000, and further above at the key psychological level of $120,000. On July 28, BTC briefly broke through $119,000 but failed to hold due to weak momentum and selling pressure. On July 29 and 31, Bitcoin was repeatedly rejected near $119,000, showing this level is a major short-term resistance. Around $118,000 is also a technically dense area where bulls and bears frequently engage, serving as a key indicator of market strength. As for $120,000, it is not only a previous high but also a psychological round-number resistance; breaking above it would likely require strong catalysts or volume. Currently, the $118,000–$120,000 zone forms the main resistance band. Only a breakout above and stabilization over $120,000 would open up further upside potential.

Comprehensive Assessment

Overall, Bitcoin is currently in a “high-level consolidation + dual decline” structure. The sharp drops on July 31 and August 1 reflect market volatility and loosening of positions after heavy pressure at high levels. The trend has shifted from previously bullish consolidation to a short-term correction. There is significant divergence between bulls and bears, with clear resistance above $118,000 and key support at $115,000. If the price fails to hold above this support, Bitcoin may enter a new round of consolidation or bottom testing. Conversely, if it can maintain stability above the support zone, the short-term bullish structure may rebuild, offering another upward opportunity. Investors are advised to closely monitor the $115,000–$120,000 zone’s offensive and defensive dynamics, with a focus on volume changes and macro sentiment indicators to guide risk control and trading decisions.

Market Sentiment Analysis

1. Sentiment Overview

This week, Bitcoin market sentiment exhibited a dynamic shift: optimistic and active in the first half, and increasingly cautious in the latter half. The price remained within a high-level range, with significantly increased volatility, indicating that the market is in a sensitive phase of directional selection. At the beginning of the week, the price attempted to test a local high, market risk appetite rose, capital sentiment was active, and bulls dominated the market. However, as the price approached technical resistance levels, market expectations began to diverge, sentiment turned cautious, and a wait-and-see atmosphere intensified. Toward the end of the week, the market experienced two sharp and deep pullbacks, triggering intense short-term shakeouts and causing emotional turbulence. Overall, market sentiment evolved from optimism to caution, and then toward a wait-and-see mode amid volatility, with notable fluctuations in investor psychology.

Specifically, on July 26, the price started a short-term upward move from around $115,000, reaching as high as $119,788 by July 28—an increase of nearly 4% in the short term. The bullish atmosphere heated up significantly, FOMO (Fear of Missing Out) sentiment gradually spread, and market activity picked up. However, starting from the evening of July 28, Bitcoin entered a high-level wide-range consolidation phase, and from July 29 to 31, it began to undergo a corrective pullback. The low points of the pullbacks continued to move lower, indicating that bullish momentum was weakening, sentiment fell in tandem, and some investors turned to more conservative strategies. On July 31 and August 1, the market saw consecutive sharp declines, with intensified short-term trading sentiment, reflecting a shift into an unstable, choppy zone with rising emotional volatility and short-term uncertainty.

2. Key Sentiment Indicator: Fear & Greed Index

As of August 1, the Fear & Greed Index stands at 57, situated at the lower edge of the “Greed” range. This marks a pullback from recent highs, indicating that while market risk appetite still exists, it has shifted from previous euphoria to a more cautious state. Investors are demonstrating stronger risk control awareness at current high levels.

Looking at the past week (July 26–31), the daily values of the Fear & Greed Index were: 64 (Greed), 64 (Greed), 67 (Greed), 63 (Greed), 63 (Greed), and 62 (Greed). The index stayed within the 62–67 range throughout the week, with limited fluctuations and consistently within the “Greed” zone. This shows that investor confidence remains, though sentiment is marginally cooling. Structurally, the index peaked on July 28, aligning closely with Bitcoin’s short-term high. It then began to decline, reflecting a sentiment pullback after an unsuccessful rally, with some capital beginning to reduce positions for risk aversion, signaling the market’s entry into a phase of contention and divergence.

In addition, a divergence has emerged between sentiment indicators and price trends: although the price remains in a high range, the Fear & Greed Index has failed to reach new highs and has instead continued to decline. This suggests that the market is in a high-level tug-of-war phase, with inadequate sentiment support potentially exerting downward pressure on prices. From a behavioral perspective, mid- to short-term traders are generally reducing their risk exposure and are inclined to wait for clearer market direction signals.

Fear & Greed Index data image

Macroeconomic Background

1. Federal Reserve and Powell Developments

On July 30, the FOMC decided to maintain interest rates in the 4.25%–4.50% range, but notably, two committee members dissented—marking the first such dissent since 1993. This undermined market expectations for a rate cut before September. Overall, the market expects the Federal Reserve to remain cautious with monetary easing. As a risk asset, Bitcoin reacted cautiously and weakened briefly. Some analysts believe that if the Fed signals a more “dovish” stance, Bitcoin could benefit, but this meeting offered no such indication.

2.Trump, Policy, and Regulatory Trends

The White House released a report titled"Strengthening American Leadership in Digital Financial Technology,"highlighting efforts to advance the Genius Act and Clarity Act, explicitly opposing the issuance of a U.S. central bank digital currency (CBDC). It also proposed a policy framework to uphold and enforce a “strategic Bitcoin reserve,” though the report did not mention any new purchases.
Donald Trump continues to pressure Jerome Powell, criticizing him for not cutting rates aggressively enough and even considering replacing the Fed Chair. This raises concerns about central bank independence, pushes up inflation expectations, and weighs on the U.S. dollar.

3.Macro Liquidity and ETF Momentum

A report from Citi noted that Bitcoin's recent rally was mainly driven by ETF inflows and increased institutional adoption. Traditional mining costs and the stock-to-flow model now play a lesser role. Last week, Bitcoin ETFs saw a net inflow of approximately $72 million, marking the seventh consecutive week of net inflows—signaling continued institutional demand. Ethereum ETFs performed even better, with $1.8 billion in net inflows in a single week, suggesting a trend of capital rotation toward Ethereum.
In 2025, the M2 money supply has grown 2.3% cumulatively, with a 0.63% increase in both May and June alone—an important bullish factor for Bitcoin.

4.U.S. Dollar Rebound Pressures Global Markets

The U.S. dollar has rebounded strongly, putting pressure on global markets. Contrary to previous expectations that Trump’s tariff and fiscal policies would weaken the dollar and U.S. markets, robust economic data, AI-driven stock market gains, and reduced concerns about the U.S. outlook have changed this sentiment. The dollar is poised for its first monthly gain in 2025.
Europe and emerging markets, which had previously benefited from anti-dollar sentiment, are now under pressure. A strong dollar typically suppresses the appeal of non-dollar assets like Bitcoin and may trigger short-term outflows from the crypto market, putting downward pressure on Bitcoin prices. However, in the longer term, if the dollar enters a high-volatility consolidation phase, investors may still turn to Bitcoin as a hedge against inflation.

5.Indian Economy: Trump Tariffs Impact Growth Forecast

Trump announced a 25% tariff on Indian goods, which is expected to reduce India’s 2025–26 fiscal year GDP growth by around 40 basis points. Economists warn that additional tariffs could further drag on India’s economic performance. As an emerging market, a slowdown in India's growth may dampen local demand for crypto asset investment. However, due to restrictions in the traditional financial system, demand for cryptocurrencies as a tool for asset diversification and cross-border capital transfer remains strong.

6.Global Economic Outlook: IMF Lowers Growth Forecast

In its July 2025World Economic Outlook Update, the International Monetary Fund (IMF) stated that the global economy faces downside risks. It forecasts global growth at 3.0% for 2025—0.2 percentage points lower than previous estimates. The trade environment remains fragile, and tariffs could rise again after the current “pause” period ends, potentially reducing global output by 0.3% in 2026.
The slowing global economy and rising trade tensions could lead more investors to view Bitcoin as “digital gold” and a safe-haven asset, thereby boosting Bitcoin demand. At the same time, however, growing economic uncertainty could also increase market volatility.

3.Hashrate Changes

Between July 26 and August 1, 2025, the Bitcoin network hashrate exhibited noticeable volatility, as detailed below:

On July 26, the overall network hashrate showed minor fluctuations, gradually declining from 1.0345 ZH/s to 951.31 EH/s during the day, then slightly rebounding in the evening to 1.0011 ZH/s, and finally ending the day at 961.34 EH/s, slightly below the intraday high. On July 27, the hashrate showed a general downward trend, falling from 974.62 EH/s to 885.01 EH/s and 840.79 EH/s, before slightly recovering to 851.42 EH/s at the end of the day—indicating a weakening release of miner computing power. On July 28, hashrate saw dramatic swings, surging from 847.64 EH/s to a stage high of 1.0792 ZH/s, then sharply pulling back to close at 863.24 EH/s. The significant intraday amplitude suggests increased volatility in network computing power.

On July 29, the downward trend continued, with the hashrate quickly dropping from its high to a low of 687.43 EH/s. Although there was a brief rebound to 732.71 EH/s, it declined again to 684.61 EH/s, finishing the day at 715.03 EH/s—indicating some miners may have temporarily gone offline or relocated computing power. On July 30, hashrate showed signs of recovery, rebounding from low levels to 878.97 EH/s. Despite a short pullback during the day, the overall upward trend held, peaking at 913.66 EH/s and ending slightly lower at 840.51 EH/s, reflecting slight recovery in miner activity, though not yet stabilized. On July 31, the hashrate continued its rebound, steadily rising from 835.58 EH/s to 1.0521 ZH/s, nearly returning to the week's opening level. This suggests that network computing power is regrouping, and miner activity is increasing.

From July 26 to August 1, the Bitcoin network hashrate demonstrated significant volatility. Between July 26–27, the hashrate trended downward, likely due to miners temporarily halting operations or reducing computing power in response to electricity prices, weather conditions, or maintenance. On July 28–29, there were large swings in hashrate, with rapid surges and deep pullbacks—nearly a 400 EH/s fluctuation range—significantly disturbing network stability. From July 30 to August 1, the network entered a recovery phase, gradually returning to the 1 ZH/s level, indicating that some miners are coming back online and network activity is picking up again.

Overall, the substantial rise and fall of hashrate during this cycle reflect persistent uncertainty in the current distribution of network computing power, which may be affected by external variables such as climate conditions, electricity costs, and equipment maintenance. Although the latter part of the week showed recovery, the network has not yet displayed a stable upward trend, and continued attention is needed on how hashrate changes may affect future block intervals, confirmation times, and mining difficulty adjustments.

Weekly Bitcoin Network Hashrate Data

Looking at data from the past six months, the Bitcoin network hashrate has shown a steady upward trend. While short-term fluctuations have occurred, the overall trend suggests that miners remain optimistic about the long-term outlook of the Bitcoin network. The continuous deployment of high-efficiency mining machines also provides strong computing power support. Since the beginning of 2025, the hashrate has steadily increased from the700–800 EH/srange to the current800–1000 EH/srange, with some periods even breaking through1 ZH/s, indicating the formation of a new round of hashrate expansion.

Six-Month Bitcoin Network Hashrate Data

From ayear-over-yearperspective, the hashrate growth is even more evident. In the same period of 2024, the Bitcoin network hashrate was around550–700 EH/s, while the current level is nearly double that. This trend demonstrates that despite market volatility, changes in electricity environments, and various influencing factors, the Bitcoin network continues to display impressive resilience in growth. It also reflects accelerated capital inflows into the industry and ongoing optimization of mining infrastructure across the globe.

Annual Bitcoin Network Hashrate Data

4. Mining Revenue

According to data from YCharts, the daily total revenue (including block rewards and transaction fees) for Bitcoin miners this week is as follows:

• July 26: $57.61 million
• July 27: $52.74 million
• July 28: $57.40 million
• July 29: $44.26 million
• July 30: $52.50 million

Overall, miner daily revenue this week fluctuated within the range of $52 million to $58 million, maintaining a stable trend with slight volatility compared to the previous week. It is worth noting that on July 29, miner revenue experienced an abnormal decline, recording only $44.26 million, the lowest point of the week.

On-chain data shows that the number of confirmed transactions on the Bitcoin blockchain on July 29 was significantly lower than on other dates, indicating a temporary drop in transaction activity. The decrease in transaction count directly compressed the total transaction fee revenue for the day, which in turn dragged down the overall miner income. This phenomenon illustrates that the frequency of on-chain interactions still plays a significant role in contributing to miners' fee income. Normally, such declines in transaction activity may be related to factors such as Bitcoin price consolidation, increased investor wait-and-see sentiment, or network congestion adjustment mechanisms.

From the perspective ofdaily revenue per unit of hashrate (Hashprice) , according to data from Hashrate Index, as of August 1, Hashprice stood at $57.41/PH/s/day, showing a slight decline compared to the same time last week. On July 31, Hashprice fell to a weekly low of $57.97, and on August 1, it continued to decrease, dropping from the daily high of $58.90 to $57.17, indicating that the market is reacting sensitively in the short term to multiple factors such as falling Bitcoin prices, reduced transaction fees, and network hashrate fluctuations.

From a longer-term perspective, Hashprice remains at amid-to-low level on a monthly scale, reflecting a relatively balanced state among current Bitcoin prices, network difficulty, and transaction fee levels. However, from aquarterly trendstandpoint, Hashprice still holds at arelatively mid-to-high level, suggesting that miners still have a certain degree of profitability in the current market environment.

It is important to note that if Bitcoin prices continue to decline, on-chain activity does not show a significant recovery, and the overall network hashrate continues to grow, the revenue per unit of hashrate may face further compression. Special attention should be paid to the timing of upcoming difficulty adjustments and changes in on-chain transaction fees, to determine the marginal changes in miner profitability.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to data from CloverPool, as of August 1, 2025, the total Bitcoin network hashrate has risen to 905.37 EH/s, with a mining difficulty of 127.62 T. The next difficulty adjustment is expected on August 8, with an estimated downward revision of approximately 0.31%, which would bring the difficulty down to 127.23 T. This reflects that recent fluctuations in network hashrate are triggering the protocol’s adaptive adjustment mechanism. Overall, the total network hashrate remains at a historical high, indicating that major mining operators are maintaining strong block production capacity under efficient operations.

Bitcoin Mining Difficulty Data

From a mining cost perspective, according to MacroMicro’s latest model estimates, as of July 30, 2025, the unit production cost of Bitcoin is approximately $99,208.77, while the spot price at the same time is $117,831.19, resulting in a Mining Cost-to-Price Ratio of 0.79. This means miners still have an average gross profit margin of about 20%. Compared to data from July 26, when the unit cost was $93,178.64 and the spot price was $117,947.37, with a corresponding ratio of 0.80, the ratio as of August 1 remains at 0.79. Overall, mining profitability remained stable over the past week, with profitability levels still relatively favorable.

Total Mining Cost per Bitcoin Data

At the same time, the on-chain metric Puell Multiple remained in the range of 1.03–1.41, indicating that the current value of daily block rewards received by miners is still higher than the one-year historical average, reflecting that mining revenues are running at elevated levels. In terms of daily issuance, between July 26 and 30, the number of newly minted coins remained stable between 428 and 479 BTC per day, indicating a steady network supply rhythm with limited impact on the spot market. The total cryptocurrency market capitalization fluctuated between $2.2 trillion and $2.4 trillion, showing that the market has strong absorption capacity for new supply, and the positive relationship between price and cost remains intact.

In summary, Bitcoin mining maintained a stable and profitable state this week. Mainstream miners are effectively controlling marginal costs through efficient equipment, optimized energy usage, and economies of scale. Although the total network hashrate experienced slight fluctuations, the overall industry operations remain resilient under current price support and healthy on-chain revenue indicators. Going forward, it is important to monitor the potential impact of rising energy costs, price volatility, and changes in regulatory environments on marginal mining operations—particularly for inefficient or high-energy-consuming mining facilities, which may gradually exit the network and further optimize the mining ecosystem structure.

6. Policy and Regulatory News

Pakistan’s Minister of State for Blockchain Affairs: Demographics Will Drive “Leapfrog” Bitcoin Adoption in Pakistan

On July 27, Pakistan’s Minister of State for Cryptocurrency and Blockchain Affairs, Bilal Bin Saqib, stated that the country’s demographic structure positions it as a major catalyst for Bitcoin adoption, potentially allowing Pakistan to “leapfrog” past developed nations.
In an interview, Bin Saqib said: “Global policy is shifting—not just in Pakistan, but around the world.” The Pakistani government began regulating cryptocurrencies in November 2024.
The country reportedly has 40 million crypto wallets, making it one of the top five countries in cryptocurrency adoption. The minister attributes this to Pakistan’s youthful population structure.

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U.S. Department of Justice Seeks to Forfeit Over $2.4 Million in Bitcoin Linked to Ransomware Group “Chaos”

On July 29, the U.S. Attorney’s Office for the Northern District of Texas reported that the U.S. Department of Justice had filed a civil forfeiture lawsuit on July 24 in the Northern District of Texas, seeking to confiscate previously seized crypto assets.
According to reports, the FBI Dallas Field Office seized approximately 20.29 BTC (worth over $2.4 million) from a crypto address on April 15. The assets are alleged to be linked to a member of the ransomware group “Chaos” known as Hors, involving money laundering and computer-related extortion activities. The group reportedly conducted multiple cyberattacks in the Northern District of Texas and other regions.

U.S. SEC Approves “In-Kind Creation and Redemption” for Bitcoin and Ethereum ETFs, Eases Options Position Limits

On July 30, it was announced that the U.S. Securities and Exchange Commission (SEC) had formally approved on July 29 the use of an in-kind creation and redemption mechanism for Bitcoin and Ethereum spot ETFs. This approval covers products from major institutions such as BlackRock, Ark21, Fidelity, VanEck, and Franklin Templeton, enabling more efficient and lower-cost ETF operations.
The SEC also approved applications for combination funds including Bitcoin and Ethereum spot assets, Bitcoin ETF options products, and relaxation of certain options position limits.
SEC Chairman Paul Atkins described this move as “part of establishing a more rational regulatory framework” that will benefit the depth and vitality of the U.S. crypto market.
Analysts expect that upcoming altcoin ETF applications will also support in-kind subscription models.

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White House Working Group Report: Promotes Regulatory Framework for Digital Assets, Omits Bitcoin Reserve Strategy Details

On July 30, the White House Digital Asset Markets Working Group is set to release a major report outlining several recommendations for digital asset regulation. The report urges the SEC and CFTC to immediately activate federal-level digital asset trading and provide clear guidance to market participants on matters such as registration, custody, trading, and record-keeping.
The report also addresses several key areas: supporting the integration of decentralized finance (DeFi) technologies into the mainstream financial system; promoting the development of innovative financial products through regulatory sandboxes; advancing the GENIUS Act for stablecoin regulation; and providing tax guidance for cryptocurrency mining and staking activities. Notably, the report opposes the issuance of a central bank digital currency (CBDC) and recommends drafting legislation to prohibit it.
Additionally, the report offers guidance on how banks can better serve crypto companies, including the establishment of clear capital rules and enhancing transparency around crypto firms accessing bank accounts.
What the report does not include—at least in the preview—is any concrete detail about the federal government’s progress or plans to reserve Bitcoin or other digital assets.
Nevertheless, for crypto industry participants who have faced over a decade of regulatory uncertainty, the formation of a clear and comprehensive framework in the world’s most important crypto market is a highly encouraging development.

7. Mining News

Independent Miner Successfully Mines a Bitcoin Block, Earns 3.154 BTC Worth Approximately $372,000

On July 27, according to Cointelegraph, an independent miner successfully mined Bitcoin block 907283, earning a reward of 3.154 BTC, valued at approximately $372,000.

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Nasdaq Plans to Delist Bitcoin Mining Firm Argo Blockchain Due to Prolonged Low Stock Price; Company Requests Hearing

On July 30, it was reported that London-based Bitcoin mining company Argo Blockchain (Nasdaq: ARBK) has received a delisting notice from Nasdaq due to its stock trading below $1 for an extended period. The company failed to meet the minimum bid requirement since the beginning of the year, triggering a delisting deficiency notice on July 15. The current stock price is $0.31, a sharp decline from $16.60 when it went public in 2021.
Argo stated that it would appeal to the Nasdaq Hearings Panel, and its stock will remain tradable during the appeal process. The company has not announced any plans to boost its stock price, such as a reverse stock split, and admitted it cannot guarantee a successful appeal or return to compliance.
In 2022, the company sold its largest mining facility in Texas (Helios) to avoid bankruptcy. It currently operates a hydropower-based mining site in Quebec, Canada.

Data: Over 3,500 Websites Hit by Stealth Crypto Mining Attacks

On July 30, cybersecurity research group c/side revealed that more than 3,500 websites were hacked and implanted with covert JavaScript-based cryptocurrency mining scripts.
The attackers leveraged Web Workers and WebSocket technologies to secretly mine crypto while users were browsing infected websites.

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Indonesia Increases Taxes on Crypto Exchange Sales and Miners

On July 30, the Indonesian government announced updated tax policies for the crypto industry, increasing tax rates on both traders and miners while removing Value-Added Tax (VAT) obligations for buyers.
In addition to raising income tax, the new tax framework doubles VAT on crypto mining from 1.1% to 2.2%. The Ministry also abolished the previous 0.1% special income tax rate for crypto mining. Such income will now be taxed under personal or corporate income tax rates, with the new rates set to take effect in 2026.

8. Bitcoin News

Global Corporate Bitcoin Holdings Update (This Week)

1.El Salvador (Country):
On July 27, it was reported that El Salvador increased its Bitcoin holdings by 8 BTC in the past 7 days, bringing its total holdings to 6,250.18 BTC.

2.Monochrome (Australia):
On July 29, Australian Monochrome Spot Bitcoin ETF (IBTC) holdings rose to 962 BTC.

Publicly Listed Companies’ Bitcoin Treasury Updates (This Week)

1.Metaplanet Increases Holdings by 780 BTC
On July 28, Japanese listed company Metaplanet increased its Bitcoin holdings by 780 BTC, valued at approximately $92.5 million. The company’s total holdings have reached 17,132 BTC.

2.The Smarter Web Company Raises £19.68 Million via Share Placement to Increase Bitcoin Holdings
On July 28, UK-listed The Smarter Web Company raised approximately £19.68 million through a new share placement, with funds mainly used to expand its Bitcoin treasury. The company previously held 1,825 BTC. On July 30, it announced an additional purchase of 225 BTC at an average price of $118,080 per coin, increasing total holdings to 2,050 BTC.

3.H100 Group Raises $114 Million for Bitcoin Purchases
On July 28, Swedish listed H100 Group announced it had raised approximately $114 million cumulatively to continue advancing its Bitcoin reserve strategy.

4.MARA Holdings Issues $950 Million Convertible Bonds
On July 28, US-listed MARA Holdings raised $950 million by issuing zero-coupon convertible bonds to increase Bitcoin holdings, repay old debts, and for general corporate purposes.

5.SQNS Announces Additional Purchase of 755 BTC
Earlier reports state that SQNS announced today an additional purchase of 755 BTC at an average price of $117,296 per coin (including fees). As of July 25, 2025, the company’s total Bitcoin holdings reached 3,072 BTC.

6.Bakkt Sells Loyalty Business and Raises Funds for Bitcoin Purchases
On July 29, Nasdaq-listed Bakkt announced the sale of its loyalty business for $11 million and plans to raise funds through a public stock and warrant offering to purchase Bitcoin and supplement operating capital.

7.ZOOZ Raises $180 Million in Private Placement to Launch Bitcoin Treasury Strategy
On July 29, US-listed ZOOZ announced a $180 million private placement to launch a Bitcoin treasury reserve plan, with participants including well-known institutions such as Pantera Capital and FalconX.

8.Twenty One Capital Becomes the Third Largest Corporate Bitcoin Holder Globally
On July 30, Twenty One Capital’s holdings increased to 43,514 BTC, ranking it the third largest corporate Bitcoin holder worldwide.

9.Strategy Purchases Additional 21,021 BTC, Sets Fundraising Record
On July 30, Strategy, led by Michael Saylor, announced an additional purchase of 21,021 BTC, bringing total holdings to 628,791 BTC. The fundraising amount was $2.521 billion, marking the largest US stock IPO of 2025.

10.3E Network Technology Group (China) Plans to Establish Bitcoin Crypto Reserves
On July 28, 3E Network Technology Group completed its first private placement settlement and plans to allocate part of the funds to Bitcoin purchases to establish a crypto treasury system.

11.Profusa Spends $1 Million to Purchase Bitcoin
On July 30, Nasdaq-listed Profusa announced a $1 million Bitcoin purchase under its crypto treasury strategy. The company stated it will continue to use Bitcoin and other digital assets to hedge macroeconomic uncertainties.

12.Belgravia Hartford Raises $5 Million for Bitcoin Purchases
On July 30, Canadian-listed Belgravia Hartford announced the completion of a $5 million convertible bond financing with Round 13 Digital Asset Fund. The company plans to use all funds to increase Bitcoin holdings (currently holding 40.77 BTC) and will announce upon completion.

13.Phoenix Group Announces Establishment of Over $150 Million Bitcoin and Solana Treasury
On July 31, UAE-listed Phoenix Group announced the official establishment of a Bitcoin and Solana treasury valued at over $150 million as part of its long-term reserve strategy. The company currently holds 514 BTC and more than 630,000 Solana.

"Rich Dad Poor Dad" Author: Sometimes Gold, Silver, and Bitcoin Are the Best Choices

On July 26, according to CoinTelegraph, Robert Kiyosaki, author ofRich Dad Poor Dad, once again called for holding Bitcoin: "Sometimes, holding real gold, silver, and Bitcoin is the best choice."

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LD Capital Founder: The Market Has Fully Entered a Long Bull Market; Traditional 4-Year Cycle May Disappear

On July 27, LD Capital founder Yi Lihua posted on social media saying, "The market has fully entered a long bull market, and the traditional 4-year cycle pattern may no longer exist. Stablecoins and blockchain present the best opportunity for the U.S. dollar’s globalization for the beautiful country. Invest in coin stocks with your left hand and earn interest on stablecoins with your right hand. The market will continue to attract new users and funds. The biggest recent hotspot is the coin-stock model, which is indeed an innovative invention. The crypto market is relatively small compared to U.S. stocks. With the success of BTC and ETH, mainstream coins like SUI, BNB, SOL, TON, LTC will use this opportunity to reach the next level, followed by smaller coins. Those with professional research and information capabilities can seize opportunities. Finally, a word of advice: do not short and stay away from short-selling circles."

Southeast Asia Ride-Hailing Giant Grab Now Accepts BTC and Other Crypto Payments in the Philippines

On July 28, according to Adobo Magazine, users of Southeast Asia ride-hailing giant Grab in the Philippines can now top up their GrabPay wallets using cryptocurrencies.
This feature is enabled through Grab’s collaboration with payment service provider Triple-A and local digital asset exchange PDAX. Users can recharge their GrabPay wallets using multiple cryptocurrencies, including Bitcoin, Ethereum, USDC, and USDT.

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Bridgewater Associates Founder Ray Dalio: Investors Should Allocate 15% of Assets to Gold and Bitcoin

On July 28, Bridgewater Associates founder Ray Dalio stated onThe Master Investor Podcastthat investors are advised to allocate at least 15% of their portfolios to gold and bitcoin as a hedge against increasing risks in bond and stock markets.
He pointed out that the macroeconomic risks arising from rising U.S. government debt have not been fully priced in by the market and could trigger significant downturns. Dalio expressed a personal "strong preference" for gold over bitcoin and was skeptical of bitcoin becoming a central bank reserve currency. He noted bitcoin’s shortcomings in transactional privacy and potential protocol security risks.

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Galaxy Report: Crypto Financial Firms Like Strategy Hold Over $100 Billion in Crypto Assets

On July 31, according to Cointelegraph, Galaxy Research released a report stating that enterprise crypto financial companies including Strategy, Metaplanet, and SharpLink have collectively accumulated digital assets worth $100 billion. The report highlights that bitcoin financial firms hold the vast majority, with over 791,662 bitcoins on their books valued at around $93 billion, accounting for 3.98% of circulating supply. Ethereum financial firms hold 1.3 million ETH, worth over $4 billion, representing 1.09% of Ethereum supply.
Previously, The Block reported that ETH treasury reserves of 64 entities—including publicly traded companies, crypto exchanges, DeFi protocols, non-profits, and federal government reserves—have surpassed a total value of $10 billion.