1. Bitcoin Market

Bitcoin Price Trend (2025/09/06–2025/09/12)

Over the past week, Bitcoin's overall movement followed the pattern of “sideways consolidation → oscillating rise → sideways accumulation → upward breakout.” Macroeconomic data and Federal Reserve policy expectations, spot ETF capital flows, institutional buying, and whale distribution alternately became the core driving forces of the market. The main trading range remained between $110,000 and $116,000, with key moments occurring when macro data was released and capital entered the market in concentrated flows, significantly expanding trading volume.

Sideways Phase (September 6–September 8)

On September 6, Bitcoin's price volatility narrowed, maintaining a sideways trend around $110,820. On September 7, after a slight decline, the price rose, temporarily consolidating near $110,200, $110,600, and $111,200. On September 8, the previous day’s pattern continued, holding around $111,200 in sideways movement. Trading volume was significantly lower than earlier periods. Overall, this displayed a typical accumulation pattern.

Cause of the Trend:
Uncertainty in interest rate policy expectations
Although the market has begun seriously considering the possibility of a Fed rate cut in September, the scale, timing, and whether it will be accompanied by hawkish commentary remain uncertain. This uncertainty makes it difficult for arbitrageurs/speculators to place large directional bets.

Oscillating Rise Phase (September 8–September 10)

First Rise Stage
On the afternoon of September 8, the price oscillated upward from $110,912 to $112,818. On September 9, the price temporarily retraced to $111,294, then surged straight to $113,210, followed by a short consolidation before sharply pulling back to $110,826.

Second Rise Stage
On September 10, the price oscillated upward, reaching $111,681, $112,738, and $114,273, rising from $110,938 to $114,273, with a daily increase of X%.

Driving Force Analysis:

1.Macroeconomic data expectations and real impact: After seeing weakening U.S. manufacturing and inflation-related data (PPI and some cooling inflation indicators), traders increased bets on future Fed rate cuts. Short-term rate expectations shifted toward easing, boosting demand for risk assets and driving Bitcoin’s short-term upward movement. This news had a significant market impact between September 9–10.

2.ETFs and institutional buying: Some spot Bitcoin ETFs continued to attract capital inflows, while institutions/corporate treasuries kept buying within the price range, providing upward resilience. Meanwhile, a few “whales” exhibited distribution (selling) behavior within the range, causing brief, sharp fluctuations after rallies (i.e., a cycle of rally → distribution → pullback).

Sideways Accumulation and Breakout Phase (September 11–September 12)

On September 11, Bitcoin’s price consolidated around $114,000, accumulating momentum and preparing for a directional breakout, with capital flows showing gradual accumulation by buyers. On September 12, coupled with macro data and capital inflows, the price achieved an effective breakout, reaching nearly $116,000 at its peak, completing a strong weekly close.

Breakout Driving Analysis:

1.Positive macro data: U.S. PPI indicated easing inflationary pressure, leading the market to believe a Fed rate cut was more likely.

2.CPI high but not fatal: Inflation data slightly exceeded expectations but remained manageable, not eliminating rate cut expectations.

3.Institutional capital inflows: Increased ETF and large-scale buying pushed up Bitcoin demand.

4.Market sentiment and technicals: The price broke through the key range around $114,000, triggering follow-up buying and bullish sentiment.

Summary

This week, under the combined influence of macro easing expectations + continued ETF inflows + institutional accumulation, Bitcoin completed the transition from oscillating consolidation to breakout. The price cycled between $110,000 and $116,000, accompanied by gradually increasing trading volume, with the market structure turning bullish.

2. Market Dynamics and Macroeconomic Background

Capital Flows

1. ETF Capital Dynamics

This week, Bitcoin spot ETFs continued to see capital inflows. Although the inflow amounts fluctuated, the overall trend remained positive:

• September 8: +$364.3 million
• September 9: +$23 million
• September 10: +$741.5 million
• September 11: +$186.5 million

ETF Inflow/Outflow Data Image

Supported by four consecutive days of inflows, ETF products continue to serve as an important channel for institutions and traditional investors to allocate Bitcoin. Especially the large net inflow on September 10 indicates that strong buying power persists in the market despite high volatility.

2. Bitcoin Illiquid Supply Hits Record High

• As of late August, Bitcoin’s illiquid supply surpassed 14.3 million BTC, setting a new historical record.
• Over the past 30 days, the illiquid supply increased by approximately 20,000 BTC. Among the circulating 19.9 million BTC, 72% is in illiquid status, primarily controlled by long-term holders and cold storage investors.
• Notably, although Bitcoin fell about 15% after reaching a historical high of $124,000 in mid-August, illiquid supply continued to rise, indicating that long-term capital did not reduce positions due to short-term pullbacks.

The continuous increase in illiquid supply highlights Bitcoin’s trend of “reduced circulating supply.” The steadfast attitude of long-term holders partially mitigates selling pressure and provides support for potential future price upside.

3. Exchange Capital Flows: Withdrawal Slows, Net Inflows Increase

• On September 9, over the past 24 hours, total net inflows to CEX reached 3,057.57 BTC.
• Top three exchanges by net inflow:

Kraken: +2,030.23 BTC

Bitfinex: +730.35 BTC

Coinbase Pro: +685.85 BTC

• Binance became the largest net outflow exchange, with 832.55 BTC withdrawn.

Additionally, Ethereum showed a similar trend, with CEX net inflows of 24,400 ETH over the past 24 hours.

BTC and ETH recently exhibited slower withdrawals and net inflows into exchanges, possibly reflecting investors’ choice to consolidate funds after short-term pullbacks or in preparation for potential trading and hedging. This contrasts with the long-term accumulation trend of illiquid supply, showing a divergence between short-term and long-term capital behavior.

4. On-Chain and Realised Profit Inflows Slow

• An on-chain data report shows that Bitcoin’s “realised profit inflows” (i.e., the portion of profits being cashed out or transferred to exchanges/markets) have declined to about $1.17 billion per day, nearly 47% lower than the peak in June.
• Meanwhile, the average daily inflow to US spot ETFs (in BTC) has significantly decreased compared to July, currently roughly 980 BTC/day.

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5. Changes in Holding Structure: Mid-Sized Holders Increase Positions Significantly

As of September 11, according to Glassnode data, entities holding 100–1,000 BTC significantly increased their holdings over the past 7 days, adding about 65,000 BTC.

Currently, this group holds a record 3.65 million BTC. This trend indicates that mid-sized holders showed a clear bullish stance amid recent volatility, further consolidating market chip concentration.

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Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Bitbo data, as of September 12, 2025, Bitcoin’s 14-day RSI is 42.27. The RSI is in the 30–50 range, indicating that the market remains slightly weak in the short term but has not entered the oversold area (<30), suggesting limited downside potential and a relatively balanced state between bulls and bears.
Over the past week, the RSI has shown a gradual recovery, rising from last week’s low of around 36–38 to the current level near 42, indicating some support at the lower end, with bulls gradually absorbing positions on dips.
If the RSI continues to approach or break above 50, it may signal strengthening short-term bullish momentum, with potential for a temporary price rebound.

Bitcoin 14-day RSI Data Image

2. Moving Average (MA) Analysis

• MA5 (5-day MA): $113,911
• MA20 (20-day MA): $113,445
• MA50 (50-day MA): $116,182
• MA100 (100-day MA): $111,023
• MA200 (200-day MA): $104,657
• Current Price: $115,568

MA5, MA20, MA50, MA100, MA200 Data Image

The current price is above MA5, MA20, MA100, and MA200 but slightly below MA50, indicating a short-term interplay between bulls and bears. Overall trend is bullish, though mid-term resistance remains.
MA5 and MA20 show a slight golden cross trend, forming short-term support in the $113,500–$114,000 range.
The gap between MA50 and MA100 is narrowing, indicating that mid-term upward momentum has not yet been fully confirmed. A price break and stabilization above MA50 ($116,182) are needed to signal a mid-term uptrend.
MA200 ($104,657) is far below the current price, showing that the long-term bullish trend remains solid, providing strong reference support for long-term investors.

3. Key Support and Resistance Levels

Support Levels:Short-term key support areas are at $110,000, $111,000, and $113,500. On September 7, Bitcoin consolidated around $110,000 without further decline, indicating this area as an important short-term bottom reference, effectively suppressing short-term selling pressure. During the late sessions of September 9 and the two pullbacks on September 10, the $111,000 support was tested again, with downward momentum clearly curbed, showing relatively active buying in this area. By September 11, the price slightly retraced to near $113,500 and stabilized, gradually turning this level into a new short-term support point, potentially serving as a dividing line between bulls and bears and providing support for short-term bullish positions.

Resistance Levels:Short-term resistance is mainly concentrated around $116,000. The $114,000 level represents an important pressure zone in the short-term market structure. After the first two rounds of gains, the price consolidated here, reflecting accumulation of forces from both bulls and bears, awaiting a further breakout. On September 12, Bitcoin briefly reached a high of $116,287 but failed to stabilize, confirming that the $116,000 area is a key short-term resistance level. If the price cannot effectively break through this level, bullish momentum may be suppressed, and short-term pullback risks may increase.

Comprehensive Analysis

Overall, Bitcoin’s short-term trend shows a pattern of “support gradually moving up, resistance gradually narrowing,” with the market in a range-bound and gradually converging phase. Bottom buying remains resilient, showing that bullish capital continues to absorb positions on dips, while willingness to break above $116,000 becomes a key observation point for the short-term trend. If bulls can successfully hold the $114,000–$115,000 range and maintain above it, the market may continue its upward trend, and a breakout could trigger a new round of short-term bullish momentum. Conversely, if the breakout fails, the price may retrace to the $113,000–$114,000 range to retest buying capacity and support strength. Overall, the short-term structure leans toward oscillating upward, but true trend confirmation still requires observation of trading volume, capital inflows, and the stability of key resistance breakouts.

Market Sentiment Analysis

As of September 12, the Fear & Greed Index stands at 50, in the “Neutral” range, indicating that overall market sentiment is relatively stable, with investor emotions neither leaning toward fear nor showing obvious greed.

Reviewing this week (September 6–September 12), the daily values of the Fear & Greed Index were: 41 (lower neutral), 40 (lower neutral), 42 (neutral), 44 (neutral), 43 (neutral), and 47 (neutral), with the overall range between 40–50 points, showing small fluctuations in sentiment. In the early part of the week, market sentiment was cautious, with a strong wait-and-see atmosphere among investors and conservative capital flows, indicating that clear upward momentum had not yet formed. As the index gradually rose to the upper edge of the neutral range mid-week, market sentiment showed signs of gradual recovery, with investor confidence slightly improving.

If prices can stabilize effectively and trading volume expands, the Fear & Greed Index may rise further, driving market sentiment in a positive direction. Conversely, if prices decline again, market sentiment may come under renewed pressure.

Overall, this week, Bitcoin market sentiment shows a trend of gradually recovering from caution to neutral, but the overall atmosphere remains relatively steady. In the short term, attention should still be paid to the impact of price fluctuations on market sentiment and the potential inflows/outflows of cautious capital.

Fear & Greed Index Data Image

Macroeconomic Background

1. Rare Joint Statement by SEC and CFTC / Co-Hosted Roundtable (Regulatory Coordination Signal)

This week, the SEC and CFTC issued a joint statement and announced that they will jointly host a regulatory coordination roundtable on September 29, clearly indicating that the two regulators are strengthening communication and cooperation on “digital asset regulatory coordination” and encouraging selective trading venue choices.
This is a positive signal for institutional investors (long-term)—regulation is no longer completely fragmented. If progress is smooth, it could boost institutional confidence in spot/derivatives trading venues and potentially lead to more stable capital inflows. In the short term, the price impact is slightly neutral to positive, depending on subsequent regulatory details.

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2. U.S. Labor Market Data: Weak August Nonfarm Payrolls and Rising Unemployment (Slowing Employment Growth)

Key points: U.S. nonfarm payrolls increased by only +22,000 in August, and the unemployment rate rose (see BLS report), showing clear signs of a “cooling/stagnant” labor market. Meanwhile, media and regulators have strengthened scrutiny of BLS data quality (the Department of Labor’s Inspector General launched a review of BLS data collection issues, citing previous large revisions and controversies).
Weak employment data increases market expectations for Fed rate cuts (or a more dovish stance)—typically a positive catalyst for risk assets, including Bitcoin—but if accompanied by doubts about data reliability, it may increase market volatility.

3. Producer Price Index (PPI) and Inflation Data Dynamics: PPI Unexpectedly Falls; CPI Rises YoY

• PPI Data:The U.S. Producer Price Index (PPI) for August declined 0.1% month-over-month, indicating easing inflation pressure at the wholesale level.
• CPI Data:The Consumer Price Index (CPI) for August rose 2.9% year-over-year and 0.4% month-over-month; core CPI rose 3.1% year-over-year and 0.3% month-over-month.

Overall, the PPI decline may temporarily ease market concerns about rising inflation and strengthen expectations that the Fed may adopt looser monetary policy. However, the persistently high core CPI indicates that inflationary pressure remains, potentially limiting the Fed’s room for significant rate cuts in the medium term. Market reaction suggests that, despite slightly higher inflation data, weak employment figures lead investors to still expect the Fed to cut rates or maintain a dovish stance at the upcoming meeting, providing some support for risk assets, including Bitcoin.

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4. Gold Prices Continue to Strengthen

Gold prices have broken above $3,600 per ounce, repeatedly reaching new historical highs. The driving factors include weak employment, rising expectations for monetary easing, and increased demand for safe-haven assets.
Institutions such as ANZ have raised their year-end gold price forecasts to around $3,800. Kitco analysis indicates that a weaker U.S. dollar and yield curve risks are key factors driving gold’s rise.

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5. U.S. Treasury Yields Decline

Affected by rate-cut expectations, U.S. Treasury yields have generally fallen, with the 10-year yield reaching a five-month low. Reuters analysis notes that under easing expectations, short-term yields decline faster, steepening the yield curve.
Lower yields reduce the opportunity cost of holding non-yielding assets (such as gold and Bitcoin), indirectly benefiting Bitcoin.

6. U.S. Dollar Weakness

The U.S. Dollar Index (DXY) is approaching a seven-week low, with the dollar generally under pressure against major currencies. A weaker dollar, on one hand, strengthens the appeal of gold, and on the other hand, enhances the valuation advantage of non-dollar assets such as Bitcoin.

Overall, U.S. dollar weakness + declining Treasury yields + strengthening gold form a typical “easing trade” combination, providing a supportive backdrop for risk assets.

3. Hashrate Changes

Over the past seven days, Bitcoin network hashrate has generally shown a gradual upward trend, with a decline toward the end of the week.

On September 6, the hashrate fluctuated within the 840 EH/s–1 ZH/s range, at a relatively low level. On September 7, network computing power increased significantly, with hashrate rising to 1.1524 ZH/s, indicating that miners accelerated the deployment of computing power at that time. From September 7 to 8, the hashrate remained around 1.05 ZH/s. From the evening of September 8 to September 9, computing power further increased, reaching 1.2102 ZH/s. From September 9 to 11, the morning hashrate generally ran within the 1.05 ZH/s–1.2 ZH/s range, while in the afternoon it fell to 959.21 EH/s. On September 12, the hashrate continued to decline, reaching around 930 EH/s at the time of writing.

Overall, the hashrate was low at the beginning of this cycle, then rose rapidly and oscillated within a high-level range, with gradually narrowing amplitude. This trend reflects continuous release of miner computing power, maintaining a high level of network security, while the hashrate distribution tends toward balance. The end-of-week decline in hashrate may be related to short-term adjustments in computing power, miner revenue expectations, or electricity costs, but overall network operation remains robust, and short-term network security continues at a high level.

Weekly Bitcoin Network Hashrate Data

4. Mining Revenue

According to YCharts data, over the past week, Bitcoin miners’ daily total revenue (including block rewards and transaction fees) fluctuated between $51.56 million and $61.11 million, detailed as follows:

• September 6: $51.56 million
• September 7: $53.78 million
• September 8: $59.16 million
• September 9: $59.62 million
• September 10: $61.11 million
• September 11: $55.43 million

Bitcoin Miners’ Daily Revenue Data

Overall, Bitcoin miners’ revenue showed a range-bound oscillating trend this week. Revenue rose notably from September 8 to 10, mainly influenced by Bitcoin price fluctuations, network hashrate changes, and transaction fee levels.

From the perspective of daily revenue per unit of computing power (Hashprice), Hashrate Index data shows that as of September 12, 2025, Hashprice was $53.82/PH/s/day. This week, Hashprice generally followed Bitcoin’s price trend, showing sideways movement followed by gradual upward momentum, reaching a weekly high of $54.00/PH/s/day on the morning of September 12.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to CloverPool data, Bitcoin mining difficulty was adjusted at block height 913,248, with difficulty increasing by 4.89% to 136.04 T, setting a new historical high. As of September 12, 2025, the total network hashrate reached 1.04 ZH/s, with mining difficulty at 136.04 T. The next difficulty adjustment is expected on September 18, with an estimated increase of approximately 2.71%, bringing the adjusted difficulty to 139.72 T. This trend indicates that Bitcoin hashrate growth remains in a steady upward phase, reflecting higher global miner uptime and continued deployment of high-efficiency mining machines (such as next-generation ASIC miners S21, M60, etc.) to the network. The increase in hashrate enhances network security but also raises miners’ competition threshold and total energy consumption.

Bitcoin Mining Difficulty Data

From the mining cost perspective, according to the latest MacroMicro model, as of September 9, 2025, Bitcoin’s unit production cost was approximately $98,596.63, while the spot price was $111,530.55, resulting in a Mining Cost-to-Price Ratio of 0.88, indicating an average gross profit margin of about 12% for miners. This data shows that under current difficulty and hashrate levels, mainstream miners remain profitable, especially operators using low electricity costs (e.g., Middle East, Kazakhstan, parts of North America with hydro or wind power) and efficient new-generation mining machines, demonstrating strong risk resistance. However, miners with electricity costs above $0.08/kWh may face shrinking profit margins.

Total Mining Cost per Bitcoin Data

Meanwhile, the on-chain indicator Puell Multiple has slightly declined, remaining in the 1.20–1.21 range. The Puell Multiple measures miner profitability and market overheating by comparing the daily issuance value of Bitcoin to its annual average issuance value.
The formula for Puell Multiple is: Daily Bitcoin Issuance Value / Annual Average Issuance Value. When the value exceeds 4, it usually indicates excessive miner profits and potential market overheating. When the value falls below 0.5, it indicates that miners are generally at a loss, often corresponding to market bottoms. The current level of 1.20–1.21 is within a healthy range, showing that miners can still earn reasonable profits, while the market does not exhibit extreme bubble signals. In other words, the mining ecosystem remains in a “neutral to slightly bullish” state.

BTC Puell Multiple Data

Comprehensive Analysis

1.Mining Difficulty and Hashrate Growth:With total network hashrate exceeding 1.04 ZH/s and difficulty rising consecutively, the latest wave of miner upgrades has improved energy efficiency. Leading mining companies further dominate amid hashrate concentration, accelerating industry centralization.

2.Miner Profitability and Risk:Bitcoin spot price remains about $13,000 above mining costs, keeping miners profitable overall. However, if the price falls below $100,000, miners in high electricity cost regions may face cash flow pressure, potentially triggering shutdowns.

3.On-Chain Indicator Signals:Puell Multiple remains stable around 1.2, indicating normal miner profitability, far from market top levels. Combined with continuous increases in difficulty and hashrate, miners appear optimistic about Bitcoin’s mid- to long-term price prospects.

4.Outlook:With the expected difficulty adjustment on September 18, short-term miner production costs will rise slightly. If the spot price remains above $110,000, the mining ecosystem will remain robust. However, if the price adjusts to the cost range ($95,000–$100,000), weaker miners may exit, potentially causing a temporary drop in hashrate.

6. Policy and Regulatory News

Washington D.C. Attorney General Sues Bitcoin ATM Operator for Predatory Practices
On September 9, it was reported that Washington D.C. Attorney General Brian Schwab filed a lawsuit on September 8, 2025, against Bitcoin ATM operator Athena Bitcoin, Inc., accusing the company of illegally profiting from financial scams targeting the elderly and vulnerable populations.
Investigations revealed that 93% of deposits in Athena’s Bitcoin ATMs in the district were directly related to scams, with a median victim age of 71. The company is accused of charging hidden transaction fees of up to 26% (far above the industry standard of 0.24%-3%) and implementing a strict “no refund” policy for scam victims. The Attorney General’s office demands that Athena comply with the law, provide compensation to victims, and accept penalties.

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U.S. Congress Pushes for Bitcoin Reserve Study, Requires Treasury to Submit Feasibility Report Within 90 Days
On September 9, it was reported that U.S. Congressman David P. Joyce submitted an appropriations bill requiring the Treasury Department to provide a feasibility and technical considerations report on strategic Bitcoin and digital asset reserves within 90 days of the bill’s enactment. The report should cover custody methods, legal authorization, cybersecurity measures, interdepartmental transfers, presentation of assets on the Treasury’s balance sheet, and third-party custodians.
The report must also assess implementation obstacles and impacts on Treasury forfeiture funds. In March of this year, former President Trump signed an executive order establishing strategic Bitcoin and digital asset reserves. Treasury Secretary Scott Bessent stated that a “budget-neutral” approach is being explored to expand Bitcoin reserves. Globally, countries now hold over 517,000 BTC, representing 2.46% of total supply.

Kyrgyzstan Plans to Establish Strategic Bitcoin Reserve
From September 9–10, according to The Bitcoin Historian, the Kyrgyzstan Minister of Finance stated plans to submit legislation to establish a strategic Bitcoin reserve and expressed hopes for government participation in Bitcoin mining. The following day, the Kyrgyz parliament approved the relevant bill, formally promoting the establishment of a strategic Bitcoin reserve.

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U.S. Department of Justice Seeks Forfeiture of Bitcoin Stolen in Multiple SIM Swap Cases Worth Over $5 Million
On September 9, it was reported that the U.S. Department of Justice filed civil forfeiture proceedings for Bitcoin (BTC) valued at over $5 million. U.S. Attorney Jeanine Ferris Pirro announced that these funds were allegedly illicit gains from multiple SIM swap attacks targeting victims across the United States.
The complaint states that the funds can be traced to cryptocurrency wallets of five victims that were stolen or unauthorizedly transferred, with thefts occurring between October 29, 2022, and March 21, 2023.

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Hong Kong Monetary Authority Issues Consultation on Crypto Asset Classification, Proposes Two Groups
On September 11, according to Caixin, the Hong Kong Monetary Authority (HKMA) issued a consultation draft of the “Banking Supervision Policy Manual” (SPM) new module CRP-1 “Crypto Asset Classification” (hereinafter “Draft CRP-1”) to the local banking sector. The draft aims to clarify regulatory guidance for the new Basel Committee banking capital standards for crypto assets, set to be implemented in early 2026.
The new regulation classifies crypto assets into two groups, each further divided into two subgroups (1a, 1b, 2a, 2b). According to the revised Hong Kong “Bank (Capital) Rules,” Group 1a covers tokenized traditional assets, Group 1b covers stablecoins with effective stabilization mechanisms. Group 2 includes Bitcoin, Ethereum, and all other unbacked crypto assets, as well as any tokenized traditional assets or stablecoins that do not meet classification criteria. Group 2 is further divided based on hedging recognition standards into 2a (limited hedging recognition) and 2b (hedging not recognized).

7. Mining News

Data: Independent Miner Mines Bitcoin Block with Only 200 TH/s, Earns $347,980 Reward
On September 8, it was reported by The Block that an independent miner successfully mined Bitcoin block 913,593 using only 200 TH/s of hashrate, earning a total reward of 3.129 BTC (approximately $347,980). CKpool developer Con Kolivas stated that the miner using solo.ckpool.org had roughly a 1/36,000 chance of mining a block per day.
The miner’s hashrate is equivalent to a single 2024 model Bitmain Antminer S21, accounting for about 0.00002% of the total Bitcoin network hashrate (1.04 ZH/s).

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Market News: Brazil’s Central Power Company to Launch Bitcoin Mining in Bahia
On September 8, according to Jin10, market sources reported that Brazil’s Central Power Company (Eletrobras) plans to launch Bitcoin mining operations in Bahia.

Luxor Announces Partnership with Canaan to Provide Financing for Bitcoin Miners
On September 9, The Miner Mag reported that Luxor has partnered with Canaan to provide financing support for Bitcoin miners. The first project of this partnership involved helping a U.S.-based institutional miner purchase over 5,000 Avalon A15 Pro miners in August. This financing plan offers competitive interest rates and lower collateral requirements, with funds coming from Luxor’s lending partners. As the North American Bitcoin mining hardware arms race cools, Canaan hopes to encourage institutional adoption of its equipment through financing and support sales growth.

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Bloomberg: U.S. Republican Lawmakers Seek Review of Bitmain and Cango Inc.
On September 9, Bloomberg reported that U.S. Republican Congressman Zachary Nunn called for a federal review of Bitcoin mining hardware manufacturers Bitmain and Cango Inc., citing potential national security risks due to their expanding U.S. operations.
Nunn noted that Bitmain and Cango “appear to be expanding operations in the U.S. through complex ownership structures and financing arrangements, potentially limiting transparency for regulators and the public.” Bitmain and Cango representatives responded that they strictly comply with all U.S. laws and have no ties to any government or state-owned enterprise.
Bitmain stated that it is aware of rumors regarding a potential acquisition of Cango, but “these rumors are completely false” and denied exploring direct ownership of U.S. power plants, dismissing claims that its miners could affect infrastructure as “baseless.” Cango declined to comment on “market rumors” or potential acquisitions.

Bitmain Accuses Orb Energy of Misappropriating Bitcoin and Damaging Miners
On September 10, The Miner Mag reported that Bitmain applied to a U.S. bankruptcy court to reclaim thousands of Bitcoin miners hosted at Orb Energy, accusing the Texas-based company of misappropriating digital assets, restricting access, and damaging equipment worth millions of dollars.
In an emergency motion filed on August 27, Bitmain stated that under the hosting sales agreement, 2,700 Antminer servers at Orb’s Van Vleck facility remain Bitmain property and should not be included in Orb’s bankruptcy estate.

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Chinese Citizens Commission Overseas Virtual Currency “Miners”; Guangzhou Court Rules Contract Invalid
On September 11, the Guangzhou Intermediate People’s Court held a press conference on the results of foreign-related and Hong Kong-Macao-Taiwan civil and commercial adjudication, reporting that a sales contract for operating virtual currency “miners” overseas was declared invalid for disrupting China’s financial order.
Wang Mouming and Zheng Mou, both Chinese citizens, negotiated via WeChat. Zheng purchased 24 dedicated servers for virtual currency mining from Wang for 1.024 million RMB, with full payment made, agreeing that Wang would ship the “miners” to Mongolia for operation and maintenance, with electricity costs borne by Zheng and Chen. After shipment, the “miners” frequently experienced online issues and remained under Wang’s control. Zheng filed suit to declare the sales contract invalid. Wang argued that Mongolian law should apply and that the contract was valid. Chen clarified that he had no trading relationship with Wang and did not claim rights over the “miners.”
The Guangzhou Intermediate People’s Court ruled that although the case involved foreign elements, both parties are Chinese citizens, and the contract involved selling “miners” for Bitcoin mining in Mongolia, affecting ecological and financial security and China’s public interest. Therefore, Chinese law applies.
The “miners” were dedicated mining devices, and mining is energy-intensive while virtual currency transactions are illegal financial activities that disrupt China’s financial order. The contract was invalid for violating public order and morality, and the court addressed responsibilities based on the parties’ fault and contract performance.

8. Bitcoin News

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

1. President of El Salvador Announces Purchase of 21 BTC
On September 8, El Salvador’s President Nayib Bukele announced the purchase of 21 BTC to celebrate Bitcoin Day. The official holding now totals 6,313 BTC, valued at approximately $701 million, with 28 BTC added over the past 7 days.

2. HashKey Plans Over $500 Million Crypto Treasury Fund
On September 8, HashKey Group announced plans to launch Asia’s largest multi-currency DAT fund, with initial fundraising exceeding $500 million, focusing on BTC and ETH ecosystem projects. The fund will be open-ended to balance liquidity and long-term strategy.

3. Binance Reduces ETH Holdings Significantly in September While Increasing BTC
On September 8, Binance reported a net reduction of 30,000 ETH (about $130 million) this month, leaving only 113 ETH; simultaneously, net BTC holdings increased by 3,779 BTC, raising total BTC holdings to 21,256, valued at approximately $419 million.

4. South African Public Company Altvest Plans $210 Million to Purchase Bitcoin
On September 8, Altvest Capital plans to raise $210 million to establish a Bitcoin reserve and rename itself Africa Bitcoin Corp., intending to hold BTC as a core reserve asset, similar to cash or gold.

5. MicroStrategy Purchases 1,955 BTC in September
On September 8, MicroStrategy spent $217.4 million to acquire 1,955 BTC from September 2 to 7, continuing to expand its treasury holdings.

6. Exodus Movement Increases Bitcoin Holdings by 29 BTC in August
On September 8, Exodus Movement added 29 BTC in August, bringing its total holdings to 2,116 BTC.

7. Rectitude Holdings Launches Bitcoin Treasury Strategy
On September 8, Rectitude Holdings signed a $32.6 million equity purchase agreement with Constantinople Limited, with funds allocated to purchasing and holding Bitcoin long-term.

8. Refine Group Spends 2 Million SEK to Acquire 1.89 BTC
On September 8, Refine Group AB purchased 1.89 BTC, bringing total holdings to 3.73 BTC.

9. Japanese Public Company Convano Issues $139.2 Million Bonds to Acquire Bitcoin
On September 9, according to BitcoinTreasuries, Japanese public company Convano (6574.T) is raising $139.2 million through its fifth unsecured bond issuance to acquire additional BTC.

10. QMMM Plans $100 Million Crypto Treasury
On September 9, Nasdaq-listed QMMM Holdings announced plans to establish a $100 million treasury to invest in BTC, ETH, SOL, and Web3 infrastructure projects.

11. Linekong Interactive Discloses Crypto Holdings
On September 9, Linekong Interactive disclosed holdings of 212 BTC, 2,040 ETH, and 10,513 SOL.

12. Metaplanet Purchases 136 BTC and Plans $1.4 Billion Fundraising
On September 8, Japanese public company Metaplanet spent $15.2 million to acquire 136 BTC, bringing total holdings to 20,136 BTC. It also plans to raise $1.4 billion, 90% of which will be allocated to further BTC acquisition.

13. BlackRock Crypto Holdings Near $100 Billion
On September 10, according to Arkham data, BlackRock holds approximately $99.3 billion in crypto assets, including $83.41 billion in BTC and $15.89 billion in ETH, along with a small amount of other tokens.

14. GameStop Q2 Loss Narrows and Discloses Holding 4,710 BTC
On September 10, GameStop reported a Q2 net loss of $18.5 million and disclosed acquiring 4,710 BTC at a cost of $500 million, with an end-of-period valuation of $528.6 million.

15. The Smarter Web Company Adds 30 BTC
On September 10, The Smarter Web Company announced an additional 30 BTC purchase, bringing total holdings to 2,470 BTC.

16. Public Company POP Culture Completes $33 Million Bitcoin Investment
On September 10, according to PR Newswire, U.S. public company POP Culture disclosed completing $33 million in BTC investments, holding about 300 BTC. The company is building a diversified crypto fund pool focusing on BTC, ETH, and BOT.

17. Robin Energy Completes First $5 Million Bitcoin Allocation
On September 10, The Block reported that international energy transport company Robin Energy (Ticker: RBNE) completed its first $5 million Bitcoin allocation, becoming the latest energy company diversifying via crypto. According to Google Finance, RBNE’s Nasdaq-listed stock rose over 90% on Wednesday, reaching a high of $4.27 intraday before pulling back. In August, the stock mostly traded around $1.87.

18. H100 Group Adds 21 BTC, Total Holdings Reach 1,025 BTC
On September 10, H100 Group announced an additional 21 BTC purchase, bringing total holdings to 1,025 BTC.

19. Nasdaq-listed LIXTE Invests $2.6 Million in Crypto, Plans to Raise Allocation to 50%
On September 11, Nasdaq-listed LIXTE Biotechnology Holdings (Tickers: LIXT and LIXTW) announced it had purchased 10.5 BTC and 300 ETH for approximately $2.6 million as part of its diversification strategy. Currently, crypto accounts for 43.6% of LIXTE’s holdings, and the board has approved increasing the allocation to 50%. Chairman and CEO Geordan Pursglove stated that this aims to build a balanced and flexible digital asset strategy, enhancing the company’s adaptability and long-term growth potential in the digital economy.

CZ: Held Bitcoin Even When Price Dropped to Around $150
On September 6, Binance co-founder Changpeng Zhao (CZ) posted on X: “In 2015, I remember holding Bitcoin when the price dropped to around $150.”

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Opinion: BTC Is Now the “Hardest Money” and May Completely Disrupt All Asset Classes
On September 6, Joe Burnett, Strategic Director at Bitcoin treasury company Semler Scientific, posted on X, stating that the market is currently at the end of the long-term debt cycle described by Ray Dalio. This implies that stocks are priced at extreme valuations, real estate values are driven to extremes, and fixed income products are also at extreme valuations.
The ultimate outcome of the long-term debt cycle is fiat currency devaluation. The only escape is hard money. Gold was historically the hardest currency, and Bitcoin is the hardest currency now. Bitcoin may potentially disrupt all asset classes completely.

SkyBridge Capital Founder: Took Eight Years to Make First Bitcoin Investment
On September 6, SkyBridge Capital founder and CEO Anthony Scaramucci shared in a social media Q&A his journey from crypto skeptic to advocate.
He noted that although he had the opportunity to engage with Bitcoin as early as 2012, it took him eight years to make his first investment. Initially, he did not understand Bitcoin and was very skeptical. After truly learning about blockchain and Bitcoin, he realized it was a great technological breakthrough.
Anthony Scaramucci added that with “a little homework,” 90% of people would tend to lean toward Bitcoin.

Opinion: Bitcoin Will Only Truly Peak When Money Printing Stops
On September 7, former head of crypto at Ark Invest and current partner at Placeholder VC, Chris Burniske, posted on X, stating that Bitcoin will only truly peak when the money printing stops. Market fluctuations within cycles are short-term phenomena, whereas long-term trends are the inevitable law.

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Analysis: Venezuela’s High Inflation Turns Stablecoins like USDT into the Local “De Facto Currency”
On September 7, as Venezuela’s annual inflation rate soared to 229%, stablecoins such as USDT have become the “de facto” currency for millions of Venezuelans within the financial system.
It is reported that locals refer to Bitcoin as “Binance Dollar,” while the country’s national currency, the bolívar, has essentially disappeared from daily commercial activities. Hyperinflation, strict capital controls, and fragmented exchange rates have pushed people to increasingly rely on stablecoins rather than cash or local bank transfers. From small grocery stores to medium-sized enterprises, USDT has replaced fiat cash as the preferred local settlement method.

Trump Family Adds $1.3 Billion in Crypto Wealth Within Weeks
On September 8, Bloomberg and Seeking Alpha reported that through the WLFI token and Bitcoin mining company American Bitcoin Corp (Nasdaq: ABTC), the Trump family added approximately $1.3 billion in book wealth over a few weeks. Together, these two projects temporarily increased the family’s net assets to around $7.7 billion.

Brazil’s Largest Private Asset Manager Itaú Asset Establishes Dedicated Crypto Division
On September 8, Cointelegraph reported that Brazil’s largest private asset manager, Itaú Asset Management, has set up a dedicated crypto division within its mutual fund segment. The report notes that Itaú Asset manages over 1 trillion BRL (about $185 billion) in client assets.
Currently, the company offers 10 trading pairs including BTC, ETH, SOL, and USDC, with self-developed custody. Existing products include Bitcoin ETFs and digital asset exposures in pension funds. The new division will focus on digital asset investments through fixed income, derivatives, and staking strategies.

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Tom Lee: Post-September Rate Cut, Bitcoin Could Easily Reach $200,000 by Year-End
On September 8, Bitcoin Magazine reported that in a CNBC interview, Tom Lee stated that a Fed rate cut would bring dual benefits: first, lowering interest rates, especially mortgage rates (as the spread with the 10-year Treasury narrows), and second, boosting business confidence (the ISM index has been below 50 for 31 consecutive months, a historic record). This is why a Fed rate cut in September would support the stock market, particularly benefiting small-cap stocks, financial sectors, and cryptocurrencies.
Tom Lee said: “I believe the potential Fed rate cut on September 17 (announced early September 18 Beijing time) will be an important catalyst. Cryptocurrencies typically perform very well in Q4, so I think Bitcoin could easily reach $200,000. I know this is a huge increase, almost doubling, but it is likely achievable.”

Analysis: $7 Trillion Money Market Fund Reserves May Drive the Next Crypto Rally
On September 9, according to data from the Investment Company Institute (ICI), during the week ending September 3, total assets in U.S. money market funds increased by $52.37 billion, reaching a historic high of $7.26 trillion. Analysts believe this massive liquidity could drive the next rally in Bitcoin and other altcoins.
David Duong, Head of Institutional Research at Coinbase, stated that with further Fed rate cuts, retail funds could flow from money market funds into equities, cryptocurrencies, and other assets. Jack Ablin, Chief Investment Strategist at Cresset, noted that if money market fund yields decline from 4.5% to 4.25% or 4%, investors are likely to reallocate capital toward stocks and cryptocurrencies.

J.P. Morgan: Institutional Crypto Adoption Still in Early Stages but Momentum is Building
On September 10, CoinDesk reported that J.P. Morgan released a report on Wednesday indicating that institutional adoption of cryptocurrencies remains in the early stages, but momentum is strengthening.
The report highlighted that the Bullish IPO in August and the passing of the GENIUS Act have increased attention on the sector, while regulatory clarity has removed one of the biggest barriers for large investors. Evidence of participation is emerging: the Chicago Mercantile Exchange (CME) reported that institutional investors’ open interest in crypto derivatives hit a record high, with institutions currently holding about a quarter of Bitcoin ETPs. Additionally, an Ernst & Young survey indicated that 85% of companies have already allocated to digital assets or plan to do so in 2025, with regulation cited as a key driver.
Regarding equities, the report noted that Bullish has become a benchmark for institutional investors. Since its IPO, the exchange’s stock has risen 45%, and its momentum could strengthen further if it obtains a BitLicense later this year. J.P. Morgan rates Bullish stock as “Neutral” with a target price of $50. The stock rose slightly to $54.5 on Wednesday.

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