Author: Mengqi | Editor: Mengqi

1. Bitcoin Market

Between July 26 and August 1, 2025, the specific trends of Bitcoin are as follows:

July 26: Bitcoin rebounded sharply, starting from $115,844 and gradually rising. It hit $117,768 at noon, then experienced a slight pullback before continuing its upward trend. It reached an intraday high of $118,257 in the evening, and then consolidated around $118,000. This indicates that short-term bulls are attempting to consolidate their upward momentum.

July 27: The market continued its upward trend from the previous trading day, briefly retracing to $117,903 after the opening, but saw significant buying support below. Bulls then gradually gained momentum, pushing the price up to $118,365. Although it subsequently retreated to $117,905, bearish momentum was limited. Bulls accelerated their advance in the evening, pushing the price to $119,009 before the close, a new high for the period and bolstering bullish sentiment. July 28: Bullish momentum continued, with Bitcoin quickly breaking through its previous high at the open, rallying to $119,501. Despite two minor intraday pullbacks, the bullish momentum remained uninterrupted, with the price reaching a new intraday high of $119,788. The upward momentum subsequently weakened, prompting profit-taking, and Bitcoin prices began to pull back, gradually falling to $118,814. Despite attempts to stabilize at this level, the upward move failed, and the price fell again to $118,008 in the evening, signaling the end of its short-term upward trend.

July 29: Bitcoin initially found support at $118,000. After a brief rebound at the start of the session, the price remained weak, falling further to $117,441. A rapid rebound followed, returning above $118,000 and remaining within a range of high volatility. Short sellers subsequently re-appeared, sending the price plummeting to $117,490. However, bulls quickly responded, with capital entering the market and pushing the price up rapidly, reaching $118,739. The price continued its rise to $119,083. Despite a pullback in the evening, it remained above $118,976. The price ultimately closed at $117,369 for the day, demonstrating a pattern of rising and falling prices.

July 30: Continuing the previous day's weak pattern at the end of trading, Bitcoin continued to fall under pressure after the opening bell, reaching a low of $117,187, where it found short-term support. Bulls attempted a counterattack, and after a period of volatility, the market gradually stabilized and began a fluctuating upward trend, forming a clear upward trend. The retracement lows continued to rise, reaching an intraday high of $118,467. However, pressure emerged at the upper levels, and bears quickly countered, sending the price plummeting to $117,472. A fierce battle ensued around $118,000. Bulls again exerted their strength, pushing the price back to $118,613 in the short term, but failed to stabilize and fell back to $117,700, indicating that the short-term trend remains range-bound, with the direction still uncertain.

July 31: Bitcoin experienced significant intraday volatility, with a sudden, sharp pullback after the opening bell. The price plummeted from $117,790 to a low of $116,000. Bulls then quickly stepped in, pushing the price back up to $117,218. The market then entered a period of volatile upward movement, gradually climbing to a peak of $118,872. However, pressure emerged at higher levels, leading to a slight pullback to $117,855 before rebounding again, reflecting a fierce battle between bulls and bears at a key position. The price ultimately closed at $118,283, essentially recovering all of the day's losses. The overall trend exhibited a V-shaped pattern of a sharp decline and then a high-level fluctuation.

August 1: Bitcoin's volatility pattern further intensified. After opening, it briefly surged to an intraday high of $118,764, but immediately encountered strong resistance, quickly shifting to bearish dominance and entering a continuous downward trend. From its high, the price dipped to $117,557, $116,482, and $116,049, failing to find effective support at each level, and bearish sentiment continued to escalate. Ultimately, Bitcoin's decline temporarily halted near $115,296, marking its largest drop of the day. As of press time, Bitcoin's price was currently trading at $115,516, representing a maximum intraday decline of 2.73% (based on the high of $118,764). Overall, the market has entered a period of correction after repeated unsuccessful fluctuations at high levels. The risk of further declines may persist in the short term, and the strength of support at $115,000 needs to be monitored.

Summary

This week, the market exhibited a pattern of "high-level fluctuations followed by a double dip." The two sharp declines on July 31st and August 1st, in particular, reflected pressure at high levels, a rapid rise in short-term risk sentiment, and a gradual shift from a period of volatile strength to a period of adjustment.

In the first half of the week (July 26th to 28th), Bitcoin continued its rebound momentum from the previous weekend, climbing steadily from $115,844 to a high of $119,788, a new high for the period and demonstrating positive bullish sentiment. However, starting on July 28th, the market showed signs of profit-taking at high levels, and Bitcoin prices entered a period of repeated fluctuations: "high-level fluctuations, pullbacks, further increases, and further pullbacks." From July 28th to 31st, Bitcoin prices retreated to $117,441, $117,187, and $116,000, forming a gradual downward trend. However, bulls were able to organize rebounds, and the price remained in a consolidation range above $118,000, fluctuating narrowly between $118,000 and $119,000. From July 31st to August 1st, market sentiment suddenly shifted, with bearish forces unleashed. Two deep declines created a "double kill" pattern at high levels, disrupting the previous period of volatile trading. In the short term, the divergence between bulls and bears has intensified, with significant pressure above $118,000, while $115,000 has become a key support level. If $115,000 cannot be effectively maintained, Bitcoin may continue to search for support and enter a period of consolidation. Investors should closely monitor market trading volume and the gains and losses of key technical levels to determine whether a directional breakout is imminent.

Bitcoin Price Trends (July 26, 2025-August 1, 2025)

2. Market Dynamics and Macro Background

Capital Flows

1. Large Investor Rebalancing and Whale Behavior

According to Glassnode data, large investor wallets (holding over 1,000 BTC) reduced its holdings by approximately 13,800 BTC between July 26th and 29th, primarily selling in batches when the Bitcoin price approached $118,000. During this period, inflows to exchanges exceeded outflows for the first time, suggesting that some funds may have entered stablecoins or other assets awaiting opportunities. Both the growth in new addresses and the number of daily active users declined, indicating a cooling of retail investor enthusiasm (active users fell below 850,000). 2. Large sell-offs were successfully absorbed, and price fluctuations were limited. Galaxy Digital, representing early BTC holders, sold approximately 80,000 BTC (approximately $900 million) between July 17th and 25th, a historic amount of transactions that barely impacted the market. The price briefly dipped to $116,000 before rebounding to above $119,000. This incident demonstrates a significant increase in the maturity of the Bitcoin market, with institutions and execution capabilities capable of supporting large transactions without triggering significant price fluctuations. 3. Declining Bitcoin Supply Ratio Among Long-Term Holders On July 30th, Glassnode data showed that the Bitcoin supply ratio (LTH/STH) among long-term to short-term holders decreased by 11% over the past 30 days, indicating a continued shift of funds into the circulating market. Simultaneously, the market share of open interest in Ethereum futures contracts rose to nearly 40%, the highest level since April 2023, indicating a shift in investor attention from Bitcoin to Ethereum. This figure is in the top 5% of historical levels. 4. Derivatives Market: ETH and altcoin trading continues to see increasing interest The flow of funds in the derivatives market is undergoing structural changes. At the end of July, the open interest share of Ethereum futures contracts rose to nearly 40%, the highest since April 2023 and within the top 5% of historical data, indicating a shift in capital and speculative interest from Bitcoin to Ethereum. According to CryptoQuant data, ETH has recently risen by 170%, only 23% away from its all-time high. SharpLink announced a $1.3 billion purchase of 438,190 ETH, which served as one of the catalysts for this surge. Meanwhile, trading in ETH and altcoin futures contracts continued to heat up. Data shows that as of July 31, the total trading volume of Ethereum and altcoin futures contracts reached $22.36 billion, a nearly five-month high. On centralized exchanges, these contracts accounted for 83% of the total, while Bitcoin futures only accounted for 17%. The market landscape is gradually transitioning from a "Bitcoin-dominated" market to a "multi-asset dynamic."

5. ETF funds continue to flow in

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 Chart

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

Furthermore, Nate Geraci, President of The ETF Store, noted that companies have raised nearly $86 billion through ETFs to purchase Bitcoin and other crypto assets so far in 2025, more than double the total amount raised by US IPOs in 2025. This data highlights Wall Street's growing attention to crypto assets, and ETFs are gradually becoming a key channel for mainstream adoption of crypto assets.

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) was 27.573, significantly below the technical threshold of 30 and entering oversold territory. The current RSI is nearing an extremely low level, which generally indicates pessimistic market sentiment, heavy selling pressure, and a potential release of downward price momentum in the short term. Historically, such conditions often precede short-term technical rebounds or bottoming out. Although the RSI has entered the oversold zone, no clear reversal signals (such as RSI divergence or a significant rebound) have yet to appear. If the RSI remains between 25 and 30 over the next few days, and prices stabilize or fluctuate at a low level, a bottoming divergence pattern may form, presenting a potential bottoming out or rebound opportunity. However, if the RSI falls below 25 or even lower, it would send an extreme panic signal and increase 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 (MA20): $112,037

100-day Moving Average (MA100): $102,271

Current Market Price: $115,091

MA5, MA20, MA50, MA100 Data Chart

Short-Term Perspective: The current price has fallen below both the MA5 and MA20, indicating a significant weakening of the short-term trend and a dominant bearish trend. A death cross has formed between the MA5 and MA20, suggesting a potential downward trend in the short term.

Medium- to Long-Term Perspective: Although the current price remains above both the MA50 and MA100, the gap between the price and the MA50 is narrowing. Further downward movement could result in a medium-term death cross, exacerbating the depth and duration of the trend correction. An overall analysis of the moving average system reveals a blunting top and a gradual downward trend, reflecting a shift in market momentum after a prolonged period of high volatility. Technical Conclusion: The MA sequence (short-term breakout, mid-term critical, long-term bullish) suggests the market is in the early stages of a correction, evolving into a mid-term correction. A subsequent break below the MA50 (112,037) would constitute a technical breakdown and could trigger a deeper pullback. Focus on support levels between 110,000 and 105,000. 3. Moving Average Convergence Divergence (MACD) Analysis According to Investing.com data, as of August 1st, the MACD fast line was -631, and the histogram remained negative with an expanding trend. The MACD is currently showing a clear bearish divergence pattern, with the fast line continuing to dip below the zero axis and the histogram showing increasing momentum, indicating a strengthening bearish trend and continued strong selling pressure. The ACD has yet to diverge significantly from the price trend, suggesting the current downtrend has yet to show signs of significant momentum exhaustion. The MACD maintains a bearish trend, signaling a medium-term "sell" signal. If the histogram shortens and forms a golden cross, this could signal a trend reversal. Currently, caution is advised against a "downward continuation" pattern, meaning a short-term rebound followed by a subsequent test of the bottom. 4. Key Support and Resistance Levels Support Levels: Bitcoin's current key short-term support levels are $115,000, $116,000, and $117,000, respectively. The market's performance over the past seven days has repeatedly proven the effectiveness of these support levels, demonstrating relatively solid buying momentum. Around July 26th, BTC prices dipped to around $115,000 twice, only to quickly find support and rebound significantly, indicating a significant influx of funds below this range. During the deep pullback on August 1st, $115,000 again served as support, halting the decline and further consolidating its key position. On July 30th, prices dipped to around $117,000 twice, but both times they found support, forming short-term support. On July 31st, despite a brief, rapid decline, BTC prices briefly dipped to $116,000, but then rebounded strongly to $117,000. After a brief period of sideways consolidation in this area, the upward momentum continued, surpassing $118,000, demonstrating that bulls still hold the initiative in this range. Overall, the $115,000-$117,000 range constitutes the current market's core support zone. Sustained movement above this level will further solidify the short-term bullish trend. However, a break below $115,000 will require attention to the secondary support below. Resistance Levels: Bitcoin's current short-term resistance structure is relatively clear, with the initial resistance level located between $118,000 and $119,000, and above that lies the critical round number of $120,000. On July 28, BTC briefly broke through $119,000, but was unable to maintain its position due to insufficient momentum and upward selling pressure. Subsequently, on July 29 and 31, Bitcoin encountered resistance at $119,000 during its upward breakout, facing strong resistance, indicating that this level has become a key barrier to a short-term breakout. The $118,000 level is a technically significant area where recent bull-bear clashes have been frequent, serving as a barometer for market strength. As for $120,000, it's not only a previous high but also a psychologically significant round number. Breaking through it without significant positive news or volume support remains challenging. Currently, the $118,000-$120,000 range constitutes Bitcoin's primary short-term resistance zone. Only a significant breakout and stabilization above $120,000 could signal further upside.

Comprehensive Analysis

Overall, Bitcoin is currently experiencing a pattern of "high-level volatility followed by a double-dip pullback." The sharp declines on July 31st and August 1st, in particular, clearly reflect the market's fluctuating sentiment and loosening of holdings following pressure at high levels. The market is gradually shifting from its previous period of volatile strength to a period of short-term correction. The current market is experiencing significant divergence between bulls and bears, with significant pressure above $118,000, while $115,000 has become a critical barrier for this period. If the price fails to hold above this support level, Bitcoin may enter a new round of consolidation or a test of the bottom. Conversely, if it can maintain steady momentum above this support level, a short-term bullish structure is expected to re-establish, potentially creating another opportunity for upward momentum. Investors are advised to closely monitor the offensive and defensive dynamics in the $115,000-$120,000 range, focusing on combining volume fluctuations with macro sentiment indicators for risk management and trading decisions. Market Sentiment Analysis 1. Overview of Sentiment This week, Bitcoin market sentiment exhibited a dynamic evolution, with optimism in the first half of the week followed by a shift toward caution in the second half. Prices continued to fluctuate within the high range, with significantly increased volatility, reflecting a sensitive phase in the market's directional trajectory. At the beginning of the week, prices rose to test a temporary high, market risk appetite increased, investor sentiment was relatively active, and bullish momentum dominated the market. However, as prices approached technical resistance levels, market expectations gradually diverged, sentiment turned cautious, and a wait-and-see attitude intensified. Towards the end of the week, the market experienced two rapid and deep pullbacks, resulting in a significant short-term market shakeout and causing significant fluctuations in sentiment. Overall, market sentiment evolved from optimism to caution, and then to a wait-and-see attitude amidst the volatility, with significant fluctuations in investor sentiment.

Specifically, prices initiated a short-term upward trend around $115,000 on July 26, reaching a high of $119,788 on July 28, a cumulative increase of nearly 4% in the short term. The market's bullish sentiment significantly intensified, and FOMO (fear of missing out) gradually spread, driving a resurgence in market activity. However, starting on the evening of July 28th, Bitcoin entered a wide range of high-level fluctuations. A pullback correction began between July 29th and 31st, with the lows gradually shifting downwards. This suggests a weakening of bullish momentum and a corresponding decline in sentiment, leading some investors to adopt a conservative approach. On July 31st and August 1st, the market experienced consecutive periods of sharp declines and sharp fluctuations, intensifying short-term trading sentiment, reflecting a period of market instability and volatility, with a significant increase in sentiment volatility and short-term uncertainty. 2. Key Sentiment Indicators (Fear and Greed Index) As of August 1st, the Fear and Greed Index (F&G) was currently at 57, at the lower end of the "Greed" range and down from its previous high. This suggests that while risk appetite remains, it has shifted from previous euphoria to a more cautious stance, and investors are demonstrating a stronger sense of risk management at these high levels.

Looking back at this week (July 26–31), the daily values of the Fear and Greed Index were: 64 (Greed), 64 (Greed), 67 (Greed), 63 (Greed), 63 (Greed), and 62 (Greed). The index remained between 62 and 67 this week, with limited overall volatility, remaining in the "Greed" range. This indicates that overall investor confidence remains, but sentiment has cooled somewhat. Structurally, the index peaked on July 28, coinciding with Bitcoin's previous high. It has subsequently gradually declined, reflecting a market retreat after a failed attempt to break higher. Some funds have begun reducing their positions to avoid risk, ushering in a period of market speculation and divergence.

Furthermore, there is a certain degree of divergence between sentiment indicators and price trends: although prices remain high, the Fear and Greed Index has failed to reach new highs and instead has continued to decline, suggesting that the market has entered a period of high-level speculation, and insufficient sentiment support may be suppressing prices. From the perspective of investor behavior, short- and medium-term traders have generally begun to reduce their risk exposure and tend to wait for clearer market direction signals.

Fear and Greed Index Data Image

Macroeconomic Background

1. Federal Reserve and Powell Updates

On July 30, the FOMC meeting decided to maintain interest rates in the 4.25%–4.50% range, but two members dissented, the first time since 1993, weakening market expectations of a rate cut before September. Overall, the market expects the Federal Reserve to be cautious about easing monetary policy, leading Bitcoin, as a risky asset, to react cautiously and weaken briefly. Some believe Bitcoin would benefit if the Fed signaled a more dovish stance, but this meeting offered no clear indication of this. 2. Trump, Policy, and Regulatory Trends The White House released a digital asset report titled "Strengthening American Leadership in Digital Financial Technology." The report emphasized the promotion of the Genius Act and the Clarity Act, explicitly opposed the issuance of a US central bank digital currency, and proposed maintaining and implementing a "strategic bitcoin reserve" policy (although the report did not mention any new purchases). Trump continued to pressure Powell, criticizing him for not being aggressive enough in cutting interest rates and even considering replacing the Fed Chair. This sparked market concerns about central bank independence, raised inflation expectations, and put pressure on the US dollar.

3. Macro Liquidity and ETF Momentum

The Citi report indicates that Bitcoin's recent rise is primarily driven by ETF inflows and overall institutional adoption, while the impact of traditional miner costs and the stock-to-flow model has diminished. Last week, Bitcoin ETFs saw net inflows of approximately $72 million, marking the seventh consecutive week of net inflows, demonstrating continued strong institutional demand. Ethereum ETFs performed even better, with a single-week net inflow of $1.8 billion, suggesting a shift in funds toward Ethereum. The cumulative M2 money supply growth of 2.3% in 2025, including a monthly increase of 0.63% from May to June, is a key factor supporting bullish sentiment on Bitcoin.

4. The US dollar rebounded strongly, putting pressure on global markets

The US dollar's strong rebound has put pressure on global markets. Contrary to previous expectations that Trump's tariffs and fiscal policies would weaken the dollar and US markets, strong economic data, an AI-driven stock market rally, and easing concerns about the US outlook have reshaped these views. The dollar is expected to see its first monthly gain since 2025, while European and emerging markets, which previously benefited from anti-dollar sentiment, are now under pressure. A stronger dollar typically dampens the appeal of non-dollar assets like Bitcoin, potentially leading to short-term capital outflows from the crypto market and weighing on Bitcoin prices. However, in the long term, if the dollar remains volatile, investors may still seek Bitcoin as an inflation hedge. 5. Indian Economy: Trump Tariffs Impact Growth Expectations Trump announced a 25% tariff on Indian goods, projected to cut India's economic growth by approximately 40 basis points in the 2025-26 fiscal year. Economists warn that additional tariffs could further drag on the Indian economy. As an emerging market economy, India's slowing growth may weaken local demand for crypto assets. However, due to the limitations of the traditional financial system, demand for cryptocurrencies for asset diversification and cross-border fund transfers remains strong.

6. Global Economic Outlook: IMF Lowers Growth Forecast

In its July 2025 World Economic Outlook Update, the International Monetary Fund (IMF) noted that the global economy faces downside risks. Global growth is projected to be 3.0% in 2025, down 0.2 percentage points from the previous forecast. The trade environment remains fragile, and tariffs could be re-increased after the "pause" period, leading to a potential 0.3% decline in global output in 2026. Slowing global economic growth and escalating trade tensions may encourage more investors to view Bitcoin as "digital gold" and seek a safe haven asset, driving up demand for the cryptocurrency. However, economic uncertainty could also increase market volatility.

3. Hash Rate Changes

Between July 26 and August 1, 2025, the Bitcoin network hash rate fluctuated, as follows:

On July 26, the network hash rate experienced minimal fluctuations, gradually declining from 1.0345 ZH/s to 951.31 EH/s. It then climbed slightly to 1.0011 ZH/s in the evening, before falling back to 961.34 EH/s by the end of the day, slightly below its intraday high. On July 27, the hash rate showed an overall downward trend, dropping from 974.62 EH/s to 885.01 EH/s and then 840.79 EH/s. It rebounded slightly to 851.42 EH/s by the end of the day, indicating a weakening trend in miners' hash rate release. On July 28, the hash rate experienced significant fluctuations, rising rapidly from 847.64 EH/s to 1.0792 ZH/s, reaching a temporary high. However, it subsequently retreated sharply, closing at 863.24 EH/s. The significant intraday fluctuations indicate increased volatility in network hash rate. On July 29th, the hash rate continued its downward trend, rapidly declining from its highs to a low of 687.43 EH/s. Although it briefly rebounded to 732.71 EH/s, it subsequently fell back to 684.61 EH/s before closing at 715.03 EH/s, suggesting that some miners may have temporarily gone offline or migrated their hashrate. On July 30th, the hash rate recovered somewhat, rebounding from its lows to 878.97 EH/s. Despite a brief pullback, the overall upward trend remained, reaching a high of 913.66 EH/s during the day before falling slightly to 840.51 EH/s by the end of the day, indicating a slight recovery in miner activity, though still unstable. On July 31st, the hash rate continued its recovery, gradually climbing from 835.58 EH/s to 1.0521 ZH/s, essentially returning to its early-week level, indicating a re-consolidation of network hash power and increased miner activity. From July 26th to August 1st, 2025, the Bitcoin network hash rate exhibited significant volatility. From the 26th to the 27th, the hash rate continued to decline, reflecting temporary downtime or reductions in hash power by some miners due to factors such as electricity prices, weather, or maintenance. From the 28th to the 29th, the hash rate experienced significant fluctuations, experiencing rapid increases and deep drawdowns, fluctuating by nearly 400 EH/s, significantly impacting network stability. From the 30th to August 1st, the hash rate entered a phased recovery phase, gradually recovering to around 1 ZH/s, indicating that some miners had returned online and network activity was recovering. Overall, the significant fluctuations in hash rate during this cycle reflect the continued uncertainty in the current network's computing power distribution, potentially influenced by external factors such as weather conditions, electricity costs, and equipment maintenance status. Despite some recovery towards the end of the week, the network has yet to demonstrate a stable upward trend. Continued attention is needed to assess the potential impact of hash rate fluctuations on subsequent block intervals, block confirmation times, and mining difficulty adjustments.

Weekly Bitcoin Network Hash Rate Data

Data from the past six months shows a steady upward trend in the Bitcoin network hash rate. Despite occasional short-term fluctuations, the overall trend reflects miners' optimism about the long-term prospects of the Bitcoin network and the continued deployment of high-efficiency mining equipment, providing computing power support. Since the beginning of 2025, the hash rate has continued to rise from the 700–800 EH/s range, currently stabilizing at 800–1000 EH/s, and has even periodically exceeded 1 ZH/s, indicating the formation of a new cycle of computing power expansion.

Six-Month Bitcoin Network Hash Rate Data

From an annual perspective, the hash rate growth is even more pronounced. During the same period in 2024, the Bitcoin network's hash rate was approximately 550–700 EH/s, nearly doubling the current level. This trend demonstrates that despite multiple factors, such as market fluctuations and changes in the power supply environment, the Bitcoin network has maintained remarkable growth resilience, reflecting the accelerated influx of industrial capital and the continuous optimization of mining infrastructure worldwide.

Annual Bitcoin Network Hash Rate Data

4. Mining Revenue

From the perspective of daily revenue per unit of computing power (hashprice), according to Hashrate Index data, as of August 1st, the hashprice was reported at $57.41 per PH/s/day, a slight decline from the same period last week, reflecting some compression in miners' unit computing power revenue. On July 31st, the hashprice fell to a weekly low of $57.97, and on August 1st, it continued to decline, falling from an intraday high of $58.90 to $57.17. This demonstrates that the market is sensitive to multiple factors in the short term, including falling Bitcoin prices, reduced transaction fees, and fluctuations in network computing power. From a longer-term perspective, Hashprice remains in a mid-to-low range on a monthly basis, reflecting a relatively balanced state between Bitcoin price, network difficulty, and transaction fees. Quarterly, Hashprice remains relatively high, indicating that miners maintain a certain level of profitability in the current market environment. It is worth noting that if Bitcoin prices continue to decline, on-chain activity fails to recover significantly, and the overall network hash rate continues to grow, unit hash rate revenue may be further squeezed. It is important to closely monitor the impact of subsequent difficulty adjustments and on-chain transaction fee changes on Hashprice to determine the direction of marginal changes in miner profitability.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of August 1, 2025, the Bitcoin network's hash rate has risen to 905.37 EH/s, with a mining difficulty of 127.62T. The next round of difficulty adjustment is expected on August 8th, with a decrease of approximately 0.31%, bringing the difficulty to 127.23T. This reflects that recent fluctuations in the network's hash rate are triggering the protocol's adaptive adjustment mechanism. Overall, the network's hash rate remains at historically high levels, demonstrating that mainstream miners have maintained strong block production capacity through efficient operations.

Bitcoin Mining Difficulty Data

From the perspective of mining costs, according to MacroMicro's latest model, as of July 30, 2025, the unit production cost of Bitcoin will be approximately US$99,208.77. The spot price during the same period will be US$117,831.19, resulting in a mining cost-to-price ratio of 0.79, meaning miners still have an average gross profit margin of approximately 20%. Comparing the data on July 26th, the unit cost was $93,178.64 and the spot price was $117,947.37, corresponding to a cost-to-cost ratio of 0.80. As of August 1st, the cost-to-cost ratio remained at 0.79. Overall, mining profit margins remained stable over the past week, and overall profitability remains considerable.

Total Mining Cost Per Bitcoin

Meanwhile, the on-chain Puell Multiple indicator remains in the 1.03–1.41 range, indicating that the current daily block reward value received by miners remains above the one-year historical average, reflecting high mining revenue. In terms of daily issuance, new coins were produced between July 26th and 30th, maintaining a steady pace of supply across the network and limiting the impact on the spot market. The total market capitalization of the crypto market fluctuated between $2.2 trillion and $2.4 trillion, demonstrating a strong market capacity for new supply and the continued positive relationship between price and cost. Overall, Bitcoin mining remained stable and profitable this week. Mainstream miners effectively controlled marginal costs through efficient equipment, energy optimization, and scale advantages. Despite slight fluctuations in network hashrate, the overall industry remains resilient amidst current price support and healthy on-chain revenue indicators. We must monitor the potential impact of rising energy costs, price fluctuations, and policy changes on marginal mining farms. In particular, inefficient mining farms or those with high energy consumption may gradually exit the network, further optimizing the mining ecosystem.

6. Policy and Regulatory News

Pakistan's Minister of State for Blockchain Affairs: Demographics Will Drive Bitcoin Adoption in Pakistan to a "Leapfrog"

On July 27th, Pakistan's Minister of State for Cryptocurrency and Blockchain Affairs, Bilal Bin Saqib, stated that Pakistan's demographics make it a major catalyst for Bitcoin adoption, potentially allowing the country to "leapfrog" beyond developed countries.

In an interview, Bin Saqib stated, "Global policy has shifted, not just in Pakistan, but around the world." The Pakistani government will begin regulating cryptocurrencies in November 2024.

The country has 40 million crypto wallets, making it one of the "top five" countries in terms of cryptocurrency adoption, a fact the minister attributed to Pakistan's young population.

Related Images

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

On July 29th, the U.S. Attorney's Office for the North Texas Department of Justice announced that the U.S. Department of Justice filed a civil lawsuit in the Northern District of Texas Court on July 24th, seeking to forfeit previously seized crypto assets.

It is reported that the FBI Dallas office seized approximately 20.29 BTC from an encrypted address on April 15th, with a current market value of over $2.4 million. The assets are allegedly linked to "Hors," a member of the Chaos ransomware group, and are involved in illegal activities such as money laundering and computer extortion. The group has carried out numerous cyberattacks in the Northern District of Texas and elsewhere.

The US SEC Approves "Physical Subscription and Redemption" for Bitcoin and Ethereum ETFs and Relaxes Option Position Limits

On July 30th, the US Securities and Exchange Commission (SEC) officially approved the "physical subscription and redemption" mechanism for Bitcoin and Ethereum spot ETFs on July 29th. This includes products from several institutional investors, including BlackRock, Ark21, Fidelity, VanEck, and Franklin Templeton. This adjustment will make fund operations more efficient and reduce costs. The SEC also approved applications for a fund of funds including Bitcoin and Ethereum spot assets, a Bitcoin ETF options product, and the relaxation of some options position limits. Chairman Paul Atkins called this move "part of establishing a more rational regulatory framework" that will contribute to the depth and vitality of the US crypto market. Analysts expect that subsequent ETF applications tracking altcoins will also support physical subscription models.

Related Images

White House Task Force Report: Advancing the Development of a Digital Asset Regulatory Framework, Omits Details on Bitcoin Strategic Reserves

On July 30th, the White House Digital Asset Markets Task Force will release a major report today, proposing several recommendations for digital asset regulation. The report recommends that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) immediately enable digital asset trading at the federal level and provide clear guidance to market participants on registration, custody, trading, and recordkeeping. 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 implementation of the GENIUS Act, a regulatory framework for stablecoins; and clarifying tax guidelines for cryptocurrency mining and staking activities. Notably, the report opposes the issuance of central bank digital currencies (CBDCs) and recommends legislation to prohibit them. The report also offers recommendations for banking services to crypto companies, calling for clear capital rules and increased transparency regarding access to bank accounts. Not yet included—at least not in the report preview—are specific details regarding the federal government's progress and plans for holding reserves of Bitcoin or other digital assets. Nevertheless, for crypto practitioners who have endured more than a decade of regulatory uncertainty, it's encouraging to see a clear set of rules taking shape in the United States, the world's most important crypto market.

7. Mining News

An independent miner successfully mined a Bitcoin block and received 3.154 BTC, equivalent to approximately $372,000.

On July 27, Cointelegraph reported that an independent miner successfully mined Bitcoin block 907283 and received a reward of 3.154 BTC, worth approximately $372,000.

Related Images

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

On July 30, London-based Bitcoin mining company Argo Blockchain (NASDAQ: ARBK) was notified by Nasdaq of its proposed delisting due to its stock price remaining below $1 for a prolonged period. The company has failed to maintain the minimum bid requirement since the beginning of the year, triggering a delisting deficiency notice on July 15th. Its current share price is $0.31, a significant drop from $16.60 when it went public in 2021.

Argo stated it will appeal to the Nasdaq Hearings Committee, and its shares will continue to trade during the hearing. The company has not announced any plans to boost its share price, such as a merger or reorganization, and acknowledged that there is no guarantee that its appeal will succeed or that it will be restored to compliance. The mining company sold its largest Texas mine, Helios, in 2022 to avoid bankruptcy and currently operates a hydroelectric mining facility in Quebec, Canada.

Data: Over 3,500 Websites Hit by Secret Cryptocurrency Mining

On July 30th, security research firm c/side revealed that over 3,500 websites had been hacked and infected with secret JavaScript cryptocurrency mining programs. Attackers exploited Web Workers and WebSocket technology to secretly mine cryptocurrencies while users browsed infected websites.

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Indonesia Increases Taxes on Cryptocurrency Exchange Sales and Miners

On July 30th, the Indonesian government updated its tax policy for the cryptocurrency industry, increasing taxes on traders and miners while eliminating value-added tax (VAT) obligations for buyers. In addition to the income tax increase, the new tax framework reportedly raises the value-added tax (VAT) for crypto miners from 1.1% to 2.2%. Furthermore, the ministry has eliminated the 0.1% special income tax rate on cryptocurrency mining. Such income will now be subject to personal or corporate tax rates, effective in 2026. 8. Bitcoin News Global Corporate Bitcoin Holdings (This Week) 1. El Salvador (Country): On July 27, El Salvador added 8 bitcoins to its holdings over the past seven days, bringing its total holdings to 6,250.18. 2. Monochrome (Australia): On July 29, holdings of Australia's Monochrome Spot Bitcoin ETF (IBTC) rose to 962 bitcoins.

Publicly Listed Company Bitcoin Treasury Updates (This Week)

1. Metaplanet Increases Bitcoin Holdings by 780 BTC

On July 28, Japanese listed company Metaplanet increased its holdings by 780 BTC, valued at approximately $92.5 million, bringing its total holdings to 17,132.

2. The Smarter Web Company Raised Approximately £19.68 Million Through a Rights Issue, Increasing Its Bitcoin Holdings

On July 28, UK-listed company The Smarter Web Company raised approximately £19.68 million through a new share placement. The funds will be primarily used to expand its Bitcoin treasury. The company already held 1,825 Bitcoins. On July 30, the company announced it had increased its holdings by 225 bitcoins at an average price of $118,080 per bitcoin, bringing its total holdings to 2,050. 3. H100 Group Raised $114 Million in Bitcoin Purchases On July 28, Swedish-listed H100 Group announced it had raised approximately $114 million in total, continuing to advance its Bitcoin reserve strategy. 4. MARA Holdings Raised $950 Million in Convertible Bonds On July 28, US-listed MARA Holdings raised $950 million through the issuance of 0% convertible bonds. The funds will be used to increase its Bitcoin holdings, repay old debt, and for general purposes.

5. SQNS Announces Increased Bitcoin Holdings by 755

As previously reported, SQNS announced earlier today that it had increased its holdings by 755 bitcoins at an average price of $117,296 per bitcoin (including fees). As of July 25, 2025, the company's total bitcoin holdings reached 3,072.

6. Bakkt Sells Loyalty Business and Raises Funds for Bitcoin Purchase

On July 29, Nasdaq-listed Bakkt announced the sale of its loyalty business for $11 million and plans to raise funds through a public offering of shares and warrants to purchase bitcoin and supplement working capital.

7. ZOOZ Launches Bitcoin Strategy with $180 Million Private Equity Funding

On July 29, US-listed company ZOOZ announced a $180 million private equity fundraiser to launch its Bitcoin Treasury Reserve Program. Participants included renowned institutions such as Pantera Capital and FalconX.

8. Twenty One Capital Becomes the World's Third-Largest Corporate Bitcoin Holder

As of July 30, Twenty One Capital's holdings increased to 43,514 bitcoins, making it the world's third-largest corporate Bitcoin holder.

9. Strategy purchased another 21,021 Bitcoins, raising a record amount of funds

On July 30, Strategy, led by Michael Saylor, announced it had increased its holdings by 21,021 Bitcoins, bringing its total holdings to 628,791. This raised $2.521 billion, making it the largest US IPO of 2025.

10. 3E Network Technology Group (China) plans to establish a Bitcoin crypto reserve

On July 28, 3E Network Technology Group completed its first private placement and plans to use a portion of the funds to purchase Bitcoin and establish a crypto treasury system.

11. Profusa Invests $1 Million in Bitcoin

On July 30, Nasdaq-listed Profusa announced it had invested $1 million in Bitcoin as part of its crypto treasury strategy. The company stated it will continue to use Bitcoin and other digital assets to hedge against macroeconomic uncertainty.

12. Belgravia Hartford Raises $5 Million in New Financing for Bitcoin Purchases

On July 30, Belgravia Hartford, a Canadian-listed company, announced the completion of a $5 million convertible bond financing with Round 13 Digital Asset Fund. The company plans to use the funds to increase its Bitcoin holdings (currently at 40.77). A separate announcement will be made upon completion of the purchase.

13. Phoenix Group Announces Establishment of Over $150 Million in Bitcoin and Solana Treasury

On July 31st, Phoenix Group, a UAE-listed company, announced the establishment of a Bitcoin and Solana treasury with a total value of over $150 million as part of its long-term reserve strategy. The company currently holds 514 Bitcoin and over 630,000 Solana.

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

On July 26th, according to CoinTelegraph, "Rich Dad Poor Dad" author Robert Kiyosaki once again issued an article urging investors to hold Bitcoin: "Sometimes, holding real gold, silver, and Bitcoin is the best option."

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LD Capital Founder: The market has fully entered a long bull market, and traditional The 4-year cycle may be disappearing. On July 27th, LD Capital founder Yi Lihua posted on social media, "The market has fully entered a long bull market, and the traditional 4-year cycle may no longer hold. Stablecoins and blockchain present the best opportunities for the United States to globalize the US dollar. Investing in cryptocurrencies and stocks with one hand and earning interest in stablecoins with the other will continue to add new users and capital. The recent hot topic is the crypto-stock model, which is truly an innovative invention. The cryptocurrency market is too small compared to the US stock market. With the success of BTC and ETH, mainstream coins like SUI, BNB, SOL, TON, and LTC will seize this opportunity to rise to the next level, followed by smaller coins. Those with professional investment research and information capabilities should seize this opportunity. Finally, I advise against short selling and stay away from short-selling circles." Southeast Asian ride-hailing giant Grab now accepts BTC and other cryptocurrencies for payment in the Philippines. On July 28th, according to Adobo Magazine reports that Filipino users of Southeast Asian ride-hailing giant Grab can now top up their GrabPay wallets with cryptocurrency. This feature is a result of Grab's partnership with payment provider Triple-A and local digital asset exchange PDAX. Users can top up their GrabPay wallets with a variety of cryptocurrencies, including Bitcoin, Ethereum, USDC, and USDT.

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