HashWhale BTC Mining Weekly | Bullish Forces Gradually Lift the Market, Hashrate Hits All-Time High (4.12-4.18)

Author: Monkey | Editor: Monkey

1. Bitcoin Market

From April 12 to April 18, 2025, the specific trends of Bitcoin are as follows:

April 12: Bitcoin quickly surged in the early morning, rising from around $82,122 to $84,067, and then maintained a high-level consolidation, with prices fluctuating narrowly around $83,800. After a brief pullback to $82,817, it surged again, reaching a high of $85,152, indicating that bulls dominated the market in the short term.

April 13: Continuing the strong momentum from the previous trading day, Bitcoin experienced sustained upward fluctuations during the day, peaking at $85,758. A technical pullback followed, with prices retreating to around $84,400 for consolidation. It briefly fell to $83,541 but quickly rebounded to $84,828, indicating that the market still had some support.

April 14: After opening, Bitcoin quickly retraced to $83,044, then rebounded, with increased volatility during the day. It quickly surged to $85,241 before falling back to $83,778, ultimately stabilizing around $84,500. Overall, market divergence between bulls and bears intensified, and volatility increased significantly.

April 15: The price began a new round of slow ascent, with reduced volatility, steadily rising from $84,450 to $85,858, and after a brief pullback, it broke through $86,075. However, a noticeable decline followed, quickly dropping to $85,078, and then further retracing to $84,760, indicating that the market might enter an adjustment phase in the short term.

April 16: Continuing the pullback trend from the previous day, Bitcoin declined throughout the day, falling from around $85,000 to $83,274. Although it briefly rebounded to $83,924, it failed to form effective support and dipped again to $83,195. In the closing phase, buying interest warmed, pushing the price above $84,000, peaking at $85,324, but the upward momentum was insufficient, ultimately closing at $83,769.

April 17: Bitcoin maintained a narrow range of fluctuations, with volatility further contracting, primarily trading between $84,000 and $85,000. The price showed a slow upward trend during the day, reaching $84,580, $84,927, and $84,811, indicating that bulls were attempting to gently push prices higher, but the overall upward force was limited.

April 18: Bitcoin continued the previous day's upward trend, successfully breaking through the short-term resistance level of $85,000, and at one point reached $85,342 in the morning session. It then retraced, with prices adjusting to around $84,900. As of the time of writing, Bitcoin's price is reported at $84,936.35.

Summary

This week, Bitcoin's price rebounded strongly from last week's low, currently trading around $84,000, maintaining above $82,000. During this period, the price repeatedly surged to around $86,000 but failed to form an effective breakthrough, subsequently retreating for adjustments, overall showing a mild upward channel pattern. Future market trends remain highly dependent on changes in the macroeconomic environment, especially key variables such as Trump's tariff policies, inflation data, and global risk appetite. If there are no significant negative disturbances in the macro environment, Bitcoin is expected to test higher technical resistance ranges in the coming weeks.

Bitcoin Price Trends (2025/04/12-2025/04/18)

2. Market Dynamics and Macroeconomic Background

Capital Flow

1. Exchange Capital Flow Situation

Net outflow from exchanges continues to expand, with funds shifting to cold wallets.

According to on-chain analysis firm IntoTheBlock, during April 15, Bitcoin worth over $467 million flowed out of exchanges, indicating that investors prefer to transfer assets to self-custody wallets, reflecting an increased willingness to hold assets and a decrease in short-term selling pressure.

2. Institutional and Whale Activity

Whale withdrawals concentrated on OKX and Binance.

According to Lookonchain data, on April 15, a whale withdrew 1,500 BTC from OKX within 20 hours, totaling approximately $128 million, showing that large holders still have confidence in market price performance.
Additionally, on April 16, a wallet address associated with hedge fund Abraxas Capital withdrew 747 BTC (about $63.78 million) from Binance after being dormant for two months, possibly indicating a reallocation to the spot market.

Whales reduced their holdings by 30,000 BTC this week, with net accumulation speed hitting a new low since February.

On April 16, on-chain analysis platform CryptoQuant pointed out that whale holdings have decreased by about 30,000 BTC this week, reflecting that some large investors are gradually cashing out previously profitable positions. Notably, on April 7, miners had a single-day outflow of 15,000 BTC, at which point the average profit margin for miners had fallen to 33%.

Currently, the overall market's net accumulation speed of Bitcoin has dropped to the lowest level since February, indicating that new long-term holding behavior in the market has significantly slowed down, suggesting that major funds are becoming more cautious, possibly waiting for clearer trend signals.

3. ETF-Related Dynamics and Capital Flow

Net inflow of funds rebounds
On April 14, according to Farside Investors data, the U.S. Bitcoin spot ETF saw a net inflow of $1.5 million, ending a streak of seven consecutive trading days of net outflows. Among them, IBIT (BlackRock) had a net inflow of $36.7 million, while FBTC (Fidelity) saw a net outflow of $35.2 million.
On April 15, net inflows expanded to $76.89 million (Trader T data), with funds clearly flowing back into the crypto asset market.

Short-term funds remain volatile
On April 16, ETFs experienced a net outflow of $170.77 million (Trader T monitoring), indicating that market sentiment remains unstable.
On April 17, according to Lookonchain, 10 Bitcoin ETFs had a net inflow of 672 BTC, with BlackRock contributing 455 BTC, currently holding 571,869 BTC, valued at $40.01 billion.
During the same period, 9 Ethereum ETFs saw a net outflow of 2,578 ETH, with Fidelity withdrawing 2,248 ETH, currently holding 363,525 ETH, valued at $57.328 million.

Overall still in a monthly net outflow phase
According to CoinDesk, as of mid-April, U.S. Bitcoin spot ETFs have accumulated a net outflow of over $800 million, potentially the second-highest single-month capital outflow in history.
The underlying reason may relate to institutions temporarily shifting towards U.S. Treasury bonds, with the current yield on 3-month U.S. Treasury bonds rising to 4.225%, leading some institutions to reduce their holdings in risk assets in favor of safe-haven instruments.

Total holdings surpass key levels
According to Dune Analytics, as of April 13, the total on-chain holdings of U.S. spot Bitcoin ETFs reached 1,133,000 BTC, accounting for 5.71% of the current total supply, with a total on-chain value nearing $96.5 billion.

Technical Indicator Analysis

1. 14-Day Relative Strength Index (RSI 14)

As of April 16, 2025, Bitcoin's 14-day RSI was 52.00, indicating that the market is in a neutral state, neither overbought nor oversold. An RSI value around 50 typically suggests a lack of clear directional movement in the market. Notably, Bitcoin's weekly RSI recently broke through its long-term trend line, which may signal a shift in price momentum; investors should closely monitor RSI changes in the coming weeks.

2. Moving Averages (MA)

As of April 17, Bitcoin's moving average data is as follows:

50-day moving average (MA50): $87,918
200-day moving average (MA200): approximately $81,000

It is worth noting that on April 6, Bitcoin's 50-day moving average crossed below the 200-day moving average, forming a "death cross" pattern, indicating that the market may enter a downtrend.

3. Key Support and Resistance Levels

Key support level: $82,900; if this level is breached, it may further test $81,100.
Key resistance level: $85,200; breaking this level may open up upward space, targeting a price level of $87,000.

Market Sentiment Analysis

Price recovery, cautious sentiment

This week, Bitcoin's price rebounded from last week's low, trading around $84,000, after previously dipping below $77,000. Despite the price recovery, trading volume has decreased, and investor risk appetite has been affected, primarily due to uncertainties surrounding U.S. President Donald Trump's trade policies following his re-election, raising market concerns about a bear market and economic recession.

Key Sentiment Indicator (Fear and Greed Index)
As of April 18, the Fear and Greed Index stood at 32, indicating that market sentiment is in a neutral to cautious state. Previously, this index had dropped to 25 in February, reflecting extreme fear.

Macroeconomic Background

U.S. Tariff Policies and Trade Tensions

On April 16, 2025, the Trump administration announced plans to close loopholes in the "de minimis" import policy starting May 2. Previously, this policy allowed goods valued under $800 to enter the U.S. duty-free. This move will impact Chinese e-commerce platforms like Shein and Temu, forcing them to raise product prices.

Trump's tariff measures have sparked strong reactions from multiple countries, escalating global trade tensions:

China: Strongly opposes the U.S. tariff measures, criticizing them as "irrational" unilateral actions, and refuses to negotiate without a foundation of equality and mutual respect.
Canada and Mexico: Implemented retaliatory tariffs against U.S. goods worth billions of dollars.
European Union: The European Central Bank was forced to cut interest rates again in response to the Trump administration's 20% tariffs on EU imports, which worsened economic growth prospects.

3. Hash Rate Changes

From April 12 to April 18, 2025, Bitcoin network hash rate exhibited fluctuations, as detailed below:

On April 12, the hash rate showed a "rise and then fall" trend, quickly climbing from 905.02 EH/s to 947.25 EH/s and 975.18 EH/s during the day, followed by high-level fluctuations, and a significant drop near the close, hitting a low of 830.19 EH/s. On April 13, the hash rate continued to rise, maintaining a steady upward trend throughout the day, reaching a high of 1113.03 EH/s, a new record. On April 14, the high hash rate began to decline, dropping from 1113 EH/s to 876.98 EH/s, with a low of 847.77 EH/s, before quickly rebounding to 1009.16 EH/s in the closing phase, reflecting the network's ability to recover some hash power.

On April 15, the hash rate operated above 900 EH/s, with significant fluctuations. The hash rate first fell from 961.95 EH/s to 922.10 EH/s, then quickly surged to 998.33 EH/s, dipped again to 952.13 EH/s, and then rose to 1021.94 EH/s. Near the end of the day, the hash rate experienced sharp fluctuations, rising from 920.99 EH/s to 972.97 EH/s before quickly dropping to 834.15 EH/s. On April 16, the hash rate continued its downward trend, falling to 792.45 EH/s and 780.16 EH/s, marking the week's low. It then stabilized slightly, rebounding to 906.92 EH/s, indicating that some miners may have come back online, improving mining stability marginally. On April 17, the hash rate continued to rise, briefly reaching 1024.14 EH/s, then retracing to close at 894.83 EH/s. On April 18, the pullback continued, dropping to around 850 EH/s, concluding the week's fluctuation cycle.

In summary, this week, Bitcoin network hash rate exhibited significant wide fluctuations, reflecting notable characteristics of concentrated access and withdrawal, indicating that miners' behavior is increasingly sensitive to market expectations, energy costs, and macro policy changes. Despite several instances of sharp volatility, the overall hash power maintained relative resilience at high levels, demonstrating that network security and mining activity remain strong. Future attention should focus on electricity prices, changes in miner revenue, and potential policy disturbances affecting hash rate distribution.

Bitcoin Network Hash Rate Data

4. Mining Revenue

According to YCharts data, the daily total revenue of Bitcoin miners (including block rewards and transaction fees) for this week is as follows: April 12: $38.21 million; April 13: $47.36 million; April 14: $39.92 million; April 15: $39.34 million; April 16: $39.31 million. Although revenue on April 13 briefly peaked at $47.36 million, the overall trend remained relatively stable, with daily average revenue around $39 million. Compared to last year's daily average of about $71.88 million, miner revenue has decreased by approximately 45%, indicating that the mining industry is facing significant revenue pressure.

Meanwhile, as the total network hash rate continues to rise, the unit hash rate revenue (hashprice) has fallen below $42 per PH/s, reaching a historic low. According to TheMinerMag analysis, $40/PH/s is considered the breakeven point for many publicly listed mining companies, and the current hashprice level suggests that these companies are struggling to achieve profitability after accounting for electricity and operational costs.

Additionally, a report from Jefferies indicated that in the first two weeks of April 2025, miners earned an average daily block reward income of about $41,500 per EH/s, down 12% from March. This further exacerbates operational pressure on miners, especially for small to medium-sized mining companies with high cost structures or lacking economies of scale, as profitability faces severe challenges.

Bitcoin Miners Daily Revenue Data

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of April 18, 2025, the total Bitcoin network hash rate is approximately 907.75 EH/s, with the current mining difficulty at 121.51 T. The next difficulty adjustment is expected to occur on April 20, with an anticipated increase of 2.99%, raising the difficulty to 125.14 T. This trend indicates that miners are continuously investing in hash power, intensifying network competition.

It is noteworthy that on April 13, the total Bitcoin network hash rate briefly surpassed 1000 EH/s, setting a new historical high, indicating a significant increase in network security and hash power concentration. As hash power continues to rise and the 2024 halving event reduces block rewards, the cost of mining a single Bitcoin is also climbing, further squeezing the profit margins of small miners, potentially accelerating resource consolidation within the industry and the exit of marginal mining operations.

According to MacroMicro's latest model estimates, as of April 16, 2025, the unit production cost of Bitcoin is approximately $90,019.68, while the spot price on that day was $84,033.87. This results in a Mining Cost-to-Price Ratio of 1.05, significantly above 1, reflecting that the current Bitcoin price is below the average mining cost across the network, with miners overall operating below the breakeven line, facing pressure from shrinking profit margins or even losses.

In terms of energy consumption, The Bitcoinist estimates that the global Bitcoin network's annual electricity consumption is approximately 185.82 terawatt-hours (TWh), equivalent to the annual electricity consumption of a medium-sized country. This data further highlights Bitcoin mining's heavy reliance on energy resources.

Additionally, according to FingerLakes1 reports, Bitcoin mining in the U.S. accounts for about 2.3% of the country's total electricity consumption, resulting in consumers incurring an additional annual electricity cost of approximately $1 billion. This phenomenon is raising ongoing public and regulatory concerns about the energy sustainability of mining activities.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

U.S. Senate Proposes Emission Fees on High-Energy Data Centers, Potential Impact on Bitcoin Mining Companies

On April 12, news from Bloomberg reported that Senate Democrats in the U.S. proposed the "Clean Cloud Act," which aims to impose fees on data centers supporting blockchain networks and AI models that exceed federal emission targets. The bill requires the U.S. Environmental Protection Agency to establish emission standards for data centers and crypto mining facilities with IT nameplate power exceeding 100 KW, aiming to reduce emissions by 11% annually. Exceeding the limits will incur a fine of $20 per ton of CO2 equivalent, with this amount increasing by $10 annually with inflation. Notably, Bitcoin mining companies, including Galaxy, CoreScientific, and Terawulf, are gradually shifting towards providing high-performance computing (HPC) power for AI models. The bill has not yet passed in the Senate.

Oklahoma Senate Committee Votes Down Bitcoin Reserve Proposal

On April 16, news reported that the Oklahoma Senate Tax Committee narrowly voted 6-5 against House Bill 1203 (also known as the "Strategic Bitcoin Reserve Act"). The HB1203 bill was proposed by Representative Cody Maynard in January this year, allowing the Oklahoma State Treasurer to invest in Bitcoin and other qualifying digital assets. The definition of qualifying digital assets includes any asset with a market value exceeding $500 billion in the past year. Currently, only Bitcoin meets this threshold. An earlier committee had overwhelmingly passed the bill with a 12-2 vote in February, setting the stage for this significant showdown on Monday.

North Carolina's HB 92 Bill Allows State Treasurer to Invest in Bitcoin and Other Qualifying Digital Assets

On April 17, news reported that North Carolina's HB 92 bill has passed in the House Pension and Retirement Committee, allowing the state treasurer to invest in Bitcoin and other qualifying digital assets.

Related Images

7. Mining News

CryptoQuant: Miners Increasing Bitcoin Sales Due to Price Decline and Increased Mining Difficulty

On April 16, news reported that CryptoQuant stated in a report on Tuesday that as Bitcoin's price fell below $80,000, miners accelerated their selling pace last week. The company noted that on April 7, miners sold a total of 15,000 BTC, marking the third-largest single-day outflow this year. Based on the day's lowest price of less than $75,000, this amounted to at least $1.12 billion.

CryptoQuant stated: "Miners' profit margins are being squeezed by falling prices, while transaction fees remain low, and Bitcoin network hash power has reached record highs, leading to higher mining costs, causing their average operating profit margin to drop from 53% at the end of January to 33% now."

The company also pointed out that since November 2022, Bitcoin has been in one of the least optimistic phases. Bitcoin reached nearly $109,000 before President Trump took office but has struggled to break through $90,000 since then.

JPMorgan: U.S. Listed Bitcoin Mining Companies Show Mixed Performance in the First Two Weeks of April, Overall Market Cap Down 2%

On April 16, news reported that JPMorgan released a research report indicating that U.S. listed Bitcoin mining companies showed mixed performance in the first two weeks of April, but pure Bitcoin operators outperformed those involved in high-performance computing (HPC), with only MARA Holdings and CleanSpark performing better than Bitcoin. Additionally, the total market cap of 13 U.S.-listed Bitcoin mining companies fell by 2% in April, down to $16.9 billion; in the first two weeks of this month, miners earned about $41,500 in daily block reward income per EH/s, down 12% from March.

Related Images

8. Bitcoin News

Global Corporate and National Bitcoin Holdings (Weekly Statistics)

1. BlackRock's IBIT Holdings Exceed 570,000 BTC
   On April 14, news reported that as of April 11, BlackRock's spot Bitcoin ETF IBIT held 570,983 BTC, valued at over $47 billion, accounting for more than 2% of Bitcoin's total supply.

2. Japan's Metaplanet Increases Holdings by 319 BTC
   On April 14, news reported that the Japanese listed company Metaplanet increased its holdings by 319 BTC, raising its total to 4,525 BTC, with a cumulative investment of 58.145 billion yen.

3. Strategy (formerly MicroStrategy) Purchases 3,459 BTC in One Week
   Strategy purchased 3,459 BTC within a week, bringing its total holdings to 531,644 BTC, with a total investment of approximately $35.92 billion.

4. Hong Kong Asia Holdings Slightly Increases Holdings by 10 BTC
   On April 14, news reported that Hong Kong-listed company Hong Kong Asia Holdings purchased an additional 10 BTC, raising its total holdings to 28.88 BTC, with a cumulative investment of about $2.52 million.

5. El Salvador Increases Holdings by 8 BTC in One Week
   The government of El Salvador increased its holdings by 8 BTC over the past 7 days, bringing its total holdings to 6,147.18 BTC, valued at approximately $521 million.

6. Australia's Monochrome Bitcoin ETF Holdings Grow to 331 BTC
   Australia's Monochrome spot Bitcoin ETF (IBTC) increased its holdings from 330 BTC on April 14 to 331 BTC on April 15, valued at approximately $44.58 million.

7. Japan's Value Creation Announces Additional Bitcoin Purchase
   On April 15, news reported that the Japanese listed company Value Creation invested an additional 100 million yen to purchase Bitcoin, reinforcing its long-term bullish stance on Bitcoin.

CMC Altcoin Season Index Reaches 18, Indicating Market Still Dominated by Bitcoin

On April 13, news reported that the CMC Altcoin Season Index reached 18, showing slight market recovery but significantly down from the March average of 32 points and February average of 43 points, indicating that the market is still dominated by Bitcoin.

The CMC Altcoin Season Index is a tool that helps determine whether the market is in an altcoin season or a Bitcoin season by tracking the performance of the top 100 cryptocurrencies over the past 90 days. When 75% or more of altcoins outperform Bitcoin, the market is considered to be in an altcoin season.

Trump's Digital Asset Advisor: The U.S. May Use Tariff Revenue to Buy Bitcoin

On April 15, news reported that Bo Hines, executive director of President Trump's Digital Asset Advisory Committee, stated that the U.S. may use tariff revenue to purchase Bitcoin.

Bitcoin's 14-Year Return Rate Reaches 7.2 Million Percent, Far Exceeding the S&P 500's 306% and Gold's 116%

On April 15, news reported that Bitcoin has performed exceptionally well over all time periods, with its annual performance exceeding that of the S&P 500 index over the past 14 years. During this period, Bitcoin achieved a return rate of approximately 7.2 million percent, far surpassing gold's 116% return and the S&P 500's 306% return. Over a shorter time frame, Bitcoin's return rate over the past two years was 173%, further solidifying its dominance compared to traditional investment assets like gold and the S&P 500.

Related Images

Trump's Digital Asset Advisory Committee Executive Director: The Significance of Bitcoin Strategic Reserves Lies in the Recognition of BTC Value

On April 15, news reported that Bo Hines, executive director of Trump's Digital Asset Advisory Committee, explained the importance of the U.S. Bitcoin strategic reserves in an interview on the X platform. He stated that the introduction of Bitcoin strategic reserves by Trump is aimed at accumulating assets for the American people rather than plundering assets, and the significance of Bitcoin strategic reserves lies in the recognition of BTC's value. Given that Bitcoin is limited in supply, the strategic reserves may trigger a global asset accumulation race.

Bitcoin Wallets Using ESP32 Chips Have Serious Vulnerabilities That Could Lead to Private Key Theft

On April 16, news reported that serious vulnerabilities (CVE-2025-27840) have been discovered in Bitcoin wallets using ESP32 chips, including Blockstream's Jade wallet. Cybersecurity research firm Crypto Deep Tech stated that this vulnerability could lead to private key theft.

Analysis: Bitcoin May Experience a Rebound Similar to 2023

On April 16, news reported that the U.S. dollar index (DXY) fell below the psychological level of 100, hovering near multi-year lows. Andre Dragosch, head of European research at asset management firm Bitwise, pointed out that Goldman Sachs' research still suggests that DXY has further downside potential.

Trader BitBull stated that DXY is declining at the fastest rate since 2023, and in early 2023, Bitcoin and altcoins were rebounding from the lows of the 2022 bear market, with Bitcoin having bottomed out in the fourth quarter of 2022 and rising over 200% within a year. Bitcoin is expected to see a similar rebound in 2023, as bullish sentiment around Bitcoin will continue to focus on the weakening momentum of the dollar.

Analyst: Historical Data Shows "Bitcoin Tends to Follow Gold Within 150 Days When Gold Prices Hit New Highs"

On April 18, news reported that on April 17, gold prices soared to a historic high of $3,357 per ounce, sparking speculation about whether Bitcoin would follow suit. In 2017, Bitcoin surged to $19,120 after gold rose 30% a few months earlier. Similarly, during the COVID-19 pandemic in 2020, gold reached a new high of nearly $2,075, followed by Bitcoin soaring to $69,000 in 2021. Historically, whenever gold rises, Bitcoin tends to break its previous historical highs, reflecting a dynamic relationship between these two assets during periods of economic uncertainty and when investors seek alternatives to the dollar.

Further emphasizing the correlation between these two assets, Theya's growth leader Joe Consorti noted that Bitcoin tends to lag behind gold's directional movements by 100 to 150 days. Consorti stated: "When the printing press starts, gold senses it first, and then Bitcoin follows with even more strength." Considering Consorti's perspective, Bitcoin is expected to reach new historical highs between the third and fourth quarters of 2025. Anonymous Bitcoin supporter apsk32 anticipates similar results or a bull market between July and November.