HashWhale BTC Mining Weekly | Bitcoin Hits New Highs, Miner Revenue Continues to Strengthen (5.17-5.23)

Author: Monkey | Editor: Monkey

1. Bitcoin Market

From May 17 to May 23, 2025, the specific trends of Bitcoin are as follows:

May 17: Bitcoin showed an overall downward trend, opening at $104,359. It fluctuated downwards during the day, breaking below the key support level of $103,000, reaching a low of $102,803. It then quickly rebounded to $103,638 and consolidated around that level for a while. After that, it fell again to $102,797 and entered a slight upward fluctuation channel.

May 18: Continuing the slight rebound trend from the previous trading day, Bitcoin steadily rose from around $103,000 to $103,630, followed by a rapid surge, peaking at $104,052. After a brief consolidation, it surged again, reaching an intraday high of $105,517, with market bullish sentiment significantly increasing.

May 19: Bitcoin continued to rise, reaching a high of $105,827, close to the $106,000 threshold, but failed to break through effectively. It then experienced a significant pullback, dropping to a low of $103,793. After a quick rebound, it surged to $106,847, but the upward momentum could not be sustained, and the price quickly fell back to a low of $102,372. After a brief rebound to $103,306, it fell again to a low of $102,179, marking the end of the downward trend. In the closing phase, the market quickly rebounded, and Bitcoin closed at $104,772.

May 20: Continuing the rebound momentum from the previous day's close, Bitcoin rose to $105,532. It then entered a fluctuating upward trend, gradually climbing to $106,793, indicating strong upward momentum in the market. After that, the price entered a correction phase, showing a narrow range of downward fluctuations, with a low of $104,479. In the closing phase, it surged again, closing at $105,357.

May 21: Bitcoin continued the upward trend from the previous day, with prices steadily fluctuating upward. It first broke through the $106,000 level, reached $106,357, and continued to rise, breaking above $107,000 and consolidating around that price level. It then further increased to $107,955 before experiencing a pullback to $106,169. In the closing phase, the price surged rapidly, ultimately rising to $108,975.

May 22: Bitcoin continued the upward trend from the previous trading day, reaching $109,485, followed by a quick pullback to a low of $106,599. After that, the bulls regained control, and the price strengthened again, rebounding to $108,682. After a brief consolidation, it continued to rise, successfully breaking through the key psychological level of $110,000, peaking at $111,746, setting a new high for the period. In the closing phase, it slightly pulled back to $110,402, then stabilized above $110,000, showing strong support. The price overall maintained around $111,100, with market sentiment leaning bullish.

May 23: In the morning, it rose slightly to $111,881, followed by a slight pullback to $110,828. The bulls quickly replenished, and the price rose again to $111,764. As of the time of writing, Bitcoin was reported at $111,262, maintaining above $111,000.

Summary
This week, Bitcoin exhibited a strong trend of fluctuating upward and successfully breaking through multiple key resistance levels. From May 21 to 22, the market saw consecutive strong surges, with prices breaking through the significant psychological levels of $110,000 and $111,000, peaking at $111,881, marking a significant increase. From a market structure perspective, the bulls gradually took control, with prices experiencing multiple pullbacks during the upward process but quickly stabilizing, indicating solid buying support below. This week, Bitcoin's performance was strong, with technical and sentiment factors resonating upward, and the overall structure remained healthy. If the market can continue to stabilize above $110,000, it is expected to open further upward space. In the short term, attention should be paid to potential adjustment pressures from local profit-taking, but the overall bullish trend has not shown significant damage, and pullbacks may present good re-entry opportunities.

Bitcoin Price Trend (2025/05/17-2025/05/23)

2. Market Dynamics and Macroeconomic Background

Capital Flow

1. On-chain Activity Increases, Supply Structure Tightens

As of May 19, the 7-day average on-chain transaction fee for Bitcoin rose to $2.40 this week, nearly $1 higher than early May, setting a new high for 2025. This phenomenon is typically seen as a direct reflection of increased on-chain transaction demand, indicating that market activity is significantly rebounding.

At the same time, according to Glassnode data, the non-liquid supply (long-term held BTC) has reached a historical peak, reflecting a significant increase in holders' "lock-up sentiment." The market capitalization ratio of Bitcoin has also rebounded, indicating that the current market structure adjustment is more due to liquidity changes rather than a "replacement bull market" shifting funds to altcoins.

Analysis suggests that the continuous decrease in exchange inventories combined with the rise in long-term on-chain holdings may lead to a structural supply shortage, laying a solid fundamental foundation for the medium to long-term rise in Bitcoin prices.

2. Continuous Outflows from Exchanges, Institutions Increasing Long Positions

According to Coinglass data, in the past seven days, centralized exchanges (CEX) saw a net outflow of 20,174.48 BTC, indicating a trend of continuous capital outflow. The platforms with the most outflows included Coinbase Pro (17,454.12 BTC), Binance (1,782.57 BTC), and OKX (1,147.04 BTC), with only Bitfinex showing a net inflow of 942.69 BTC.

Funds moving from exchanges to off-chain or wallet addresses often indicate that holders prefer to hold for the medium to long term, thereby reducing the market's available assets and supporting spot prices.

On the institutional side, according to a K33 Research report, after Bitcoin prices broke the $100,000 mark, CME yields continued to rise, and open interest (OI) in futures contracts significantly increased, indicating that institutional investors are actively building long positions.

On May 20, the total open interest in Bitcoin futures rose to a historical high of $72 billion, an 8% increase from the previous period. Among them, the Chicago Mercantile Exchange (CME) led with $16.9 billion, followed closely by Binance with $12 billion. Notably, the main liquidation zone for short positions is concentrated in the $107,000 to $108,000 range, with a total liquidation scale of $1.2 billion, reflecting significant pressure on shorts.

3. Whale Activity: Intense Two-Way Flow, High-Leverage Longs Dominate

The unusual movements of whale addresses remain an important market indicator. This week, on-chain data shows:

• Multiple whales are going long on BTC with 40x leverage through the Hyperliquid platform, with total long positions exceeding $1.1 billion, reflecting strong expectations for short to medium-term price increases, but also necessitating caution regarding high leverage risks.

• Whale James Wynn increased his holdings to 10,200 BTC (worth $1.12 billion), with unrealized gains exceeding $25 million, having entered at an average price of about $108,065, previously facing a loss of $17 million but has since partially reduced positions for profit.

• Another whale account injected $14 million USDC on the 22nd, using 40x leverage to build a position of 900 BTC.

• Meanwhile, short sellers (such as Abraxas Capital) are also using 10x leverage to position in BTC, ETH, and SOL, but some high-win-rate short sellers have faced consecutive liquidations, incurring losses of $5.56 million.

The total open interest across the network has surpassed $80 billion, setting a new record, with CME and Binance being the first and second largest markets, respectively.

4. Bitcoin ETF Fund Flows

Bitcoin spot ETFs saw strong inflows in the first three trading days of this week, totaling over $1.603 billion:
May 19: +$667.4 million
May 20: +$329.2 million
May 21: +$607.1 million
May 22: +$57.6 million

ETF Inflow/Outflow Data Image

On-chain analysis platform Santiment indicates that since mid-April 2024, Bitcoin spot ETFs have continued to attract significant capital inflows. As of May 20, 2025, the net inflow over the past five weeks has reached $6.63 billion, constituting a strong medium-term bullish signal. The agency points out that historical data shows that such sustained net inflows often indicate that Bitcoin prices will gain upward momentum in the medium term.

Over a longer time frame, Bitcoin spot ETFs still exhibit a clear trend of capital attraction. In the short term, attention should be paid to the adjustment risks brought by high-level fluctuations and capital withdrawals, but the overall capital flow structure still supports the medium-term upward logic for Bitcoin prices. If ETF funds return to a strong net inflow channel, it will further enhance market upward expectations.

The Bitcoin market is currently in a resonance phase of "increased on-chain activity + reduced liquidity supply + institutional accumulation + high-leverage longs + continuous ETF inflows." In the short term, attention should be paid to the volatility risks triggered by high leverage, but the medium to long-term upward logic is clear, with both fundamentals and capital supporting its strong pattern.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of May 23, 2025, Bitcoin's (BTC) 14-day Relative Strength Index (RSI) is 58.672. This value is in the neutral to strong zone, indicating that overall market momentum is stable and has not entered overbought (>70) or oversold (<30) territory. The current RSI reflects a cautiously optimistic market sentiment, with bullish momentum slightly prevailing, but no significant short-term top signals have emerged.

2. Moving Average (MA) and MACD Correlation Analysis

5-day Moving Average (MA5): $108,603.74
20-day Moving Average (MA20): $101,508.08
50-day Moving Average (MA50): $91,807.00
200-day Moving Average (MA200): $85,002.91

Current Market Price: $111,237

MA5, MA20, MA50, MA200 Data Image

From the arrangement structure of moving averages, both short-term and long-term moving averages show a typical bullish arrangement (Golden Cross), where MA5 > MA20 > MA50 > MA200, indicating that the market is in an upward trend, with an overall healthy technical structure.

The current price is above all major moving averages, especially significantly higher than MA20 and MA50, showing strong short-term buying power. Additionally, the price continues to operate above MA5, indicating that bulls dominate in intraday or short-term fluctuations. If the price can maintain above MA5 and MA20, the short-term trend is expected to continue.

3. Key Support and Resistance Levels

Support Levels: The main support range for Bitcoin is currently located at $106,000, $108,000, and $110,500, forming an important technical support zone in the short term. If the price experiences a pullback and touches the above range, it is expected to trigger some bullish buying, potentially leading to a technical rebound. This area is also the core dense trading zone of the previous accumulation platform, possessing strong support capabilities.

Resistance Levels: The initial resistance level above is concentrated in the $120,000 to $140,000 range, especially the $120,000 level, which is an important watershed for market sentiment. If Bitcoin prices can continue to stabilize above $111,000, it is expected to form an effective breakthrough structure, opening further upward space and providing a technical basis for challenging previous highs.

The current market is in a phase of strong structure, with the price's upward rhythm accompanied by fluctuating adjustments, but overall still showing a bullish dominant pattern. The stability of the support range and the ability to break through key resistance will be the core observation points for the upcoming market trends. If trading volume increases and confirms a breakout above $120,000, it may initiate a new round of trending upward movement, further strengthening the bullish trend.

At the same time, caution is still needed regarding potential profit-taking and concentrated selling pressure from institutions in high-level areas, especially if an effective breakthrough is not formed, which may trigger short-term technical pullbacks. Therefore, it is recommended that investors dynamically assess risks while positioning in line with the trend, considering trading volume, volatility, and other indicators to manage high-level risk and position effectively.

Market Sentiment Analysis

1. Sentiment Remains High, Investor Risk Appetite Increases

Driven by Bitcoin's continuous breakthrough of new highs, market sentiment overall remains in a high operating range this week. The strong technical structure continues, coupled with a relatively stable macro environment, injecting upward momentum into the market and further boosting investors' risk appetite. Bullish expectations dominate, with sentiment indicators consistently in the "greed" zone, reflecting that investors hold a positive attitude towards the short-term market, with strong buying willingness.

However, while sentiment remains high, there are also hidden concerns. Overheated sentiment often means that the market's awareness of potential adjustment risks decreases. If sudden negative news or capital fluctuations occur in the short term, it may exacerbate the price pullback and amplify market volatility. Investors should remain vigilant against the potential backlash from overly optimistic sentiment while operating in line with the trend.

2. Key Sentiment Indicators (Fear and Greed Index)

According to CoinMarketCap data, as of May 23, the Fear and Greed Index stands at 76, in the "greed" zone, indicating that market sentiment is clearly optimistic, with investors' risk appetite at a high level. This week's sentiment index: May 17: 68 (Greed); May 18: 66 (Greed); May 19: 71 (Greed); May 20: 68 (Greed); May 21: 69 (Greed); May 22: 73 (Greed). The index fluctuated between 66 and 76 this week, consistently remaining in the "greed" zone, indicating that market sentiment remains high, with investors generally expecting further upward price movement and maintaining strong buying willingness. High-level horizontal sentiment typically represents a stage where high expectations coexist with high risks.

However, from historical trends, the Fear and Greed Index remaining above 70 for an extended period often indicates that market sentiment is nearing saturation, with the possibility of pullbacks or consolidations in the short term. At this time, some capital may tend to take profits, leading to a phase of withdrawal.

In summary, the current market sentiment is positive but slightly overheated. It is recommended that investors maintain a bullish mindset while reasonably controlling their positions, combining technical indicators and fundamental data, and remain vigilant against volatility risks triggered by external news or capital changes in the short term.

Fear and Greed Index Data Image

Macroeconomic Background

Global Bond Market Volatility Increases, Driving Up Bitcoin's Safe-Haven Demand

This week, the global bond market experienced significant volatility, with long-term government bond yields in major economies rising sharply, raising concerns about the sustainability of government debt. The yield on the 30-year U.S. Treasury bond broke 5%, reaching a new high since 2023, due to factors including an expanding fiscal deficit, credit rating downgrades, and increasing uncertainty in fiscal policy.

At the same time, the yield on Japan's 30-year government bonds surged to 3.15%, the highest level since the introduction of this maturity bond in 1999. This trend reflects investors' concerns about Japan's fiscal situation, especially against the backdrop of slowing economic growth and increasing social welfare expenditures.

These global bond market upheavals have prompted investors to seek alternative assets, with Bitcoin being viewed as a tool to hedge against risks in traditional financial markets due to its decentralized nature and limited supply, leading to increased demand.

China's USDT Trading Shows Slight Discount, Reflecting Tight Market Liquidity

Reports indicate that the trading price of USDT (Tether) in the Chinese market has recently shown a slight discount of about 0.4%. This phenomenon may reflect investors' cautious attitudes or expectations of regulatory policy changes. Nevertheless, Bitcoin prices continue to perform strongly, demonstrating its global demand support.

U.S. Stablecoin Regulatory Legislation Achieves Key Progress, Boosting Market Sentiment

On May 19, 2025, the U.S. Senate passed a procedural vote on the "GENIUS Act" (Guiding and Establishing National Innovation for U.S. Stablecoins Act) with a vote of 66 in favor and 32 against, marking a key step in the legislative process for the bill.

The bill aims to establish a federal regulatory framework for stablecoins, requiring issuers to obtain licenses and maintain reserves in a 1:1 ratio with U.S. dollars or highly liquid assets. It also mandates monthly audits and public disclosures to enhance market transparency and consumer protection.

Although the bill faced some resistance during its advancement, particularly from some Democratic senators concerned about former President Trump's and his family's conflicts of interest in the cryptocurrency space, some Democratic senators shifted to support the bill after modifications were made, allowing it to progress in the Senate.

The advancement of this bill is seen as an important milestone for the U.S. in the field of cryptocurrency regulation, boosting market confidence in stablecoins and digital assets like Bitcoin.

3. Hash Rate Changes

From May 17 to May 23, 2025, the Bitcoin network hash rate showed fluctuations, with specific details as follows:

On May 17, the hash rate showed a continuous upward trend, starting from 755.43 EH/s, rising to 835.29 EH/s and 898.54 EH/s. Although it briefly pulled back to 809.55 EH/s, it quickly rebounded, closing at 881.75 EH/s. On May 18, the upward momentum continued, with the hash rate first dropping to 821.59 EH/s, then rebounding strongly, peaking at 939.43 EH/s. Despite a mid-period pullback to 851.09 EH/s, it continued to rise in the closing phase, reaching 1003.34 EH/s. On May 19, it maintained a high-level fluctuation, primarily operating in the range of 950 EH/s to 1000 EH/s, before experiencing a significant drop to 829.12 EH/s, where it consolidated around that level. On May 20, after a slight rebound to 843.81 EH/s in the morning, it fell again to 797.39 EH/s, followed by a strong rebound, quickly rising to an intraday high of 963.28 EH/s, then slightly pulling back, closing near 894.52 EH/s. On May 21, the hash rate rose to 938.29 EH/s in the morning before rapidly dropping to a low of 800.64 EH/s, but after the downward pressure eased, it gradually rebounded, rising to 887.73 EH/s in the evening. On May 22, the hash rate continued its upward trend, maintaining an overall upward rhythm, and as of the time of writing, it had climbed to 915.12 EH/s.

Overall, the Bitcoin network hash rate operated in the range of 800 to 1000 EH/s throughout the week. Although there were rapid fluctuations along the way, the overall volatility was controlled, reflecting that the hash power market has entered a relatively stable phase. The current upward trend in hash rate is closely related to the phase stabilization of Bitcoin prices, especially after the price returned above $110,000, improving mining profit expectations and prompting miners to restart some hash power resources.

Bitcoin Network Hash Rate Data

4. Mining Revenue

According to YCharts data, the total daily revenue of Bitcoin miners (including block rewards and transaction fees) this week is as follows:
May 17: $46.84 million;
May 18: $53.32 million;
May 19: $46.63 million;
May 20: $50.27 million;
May 21: $49.85 million;
May 22: $52.85 million.

Overall, the average daily total revenue for miners this week remained robust, roughly maintaining in the range of $46 million to $53 million. This trend reflects that, against the backdrop of Bitcoin prices stabilizing and rising, network fees and block rewards continue to provide strong support for miners' income.

From the perspective of output value per unit of hash power, as of now, the hash price (Hashprice) of the Bitcoin network has rebounded to $58.80 per PH/s per day, setting a new high for the period. This upward trend indicates that miners' profitability has significantly improved in the current market environment, mainly due to the combined effects of rising Bitcoin prices and network difficulty adjustments.

Looking back over the past six months, Hashprice has been highly correlated with Bitcoin price trends. On December 12, 2024, Hashprice reached a high of $64.21 per PH/s per day, then gradually fell due to price adjustments and rising network hash power, hitting a low of $39.83 per PH/s per day on April 7, 2025. However, as Bitcoin prices re-entered an upward channel since the beginning of the second quarter, Hashprice has steadily recovered from its low, rebounding about 47.6%, reflecting an overall upward trend in mining revenue.

Overall, Bitcoin mining revenue continues to improve in the current cycle. If Bitcoin prices maintain strong performance and network hash power growth slows, it is expected that Hashprice will further rebound, and the mining economic model is likely to evolve towards a healthier and more sustainable direction.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to Cloverpool data, Bitcoin mining difficulty underwent an adjustment at block height 897,120 (Beijing time May 17 at 22:01:56), with mining difficulty increasing by 2.13% to 121.66 T. As of the time of writing on May 23, 2025, the total network hash power was 874.08 EH/s, while the current network mining difficulty was 121.66 T. The next round of difficulty adjustment is expected to occur on May 31, with an anticipated decrease of about 1.01%, bringing the difficulty down to 120.42 T. This trend indicates that after significant fluctuations in network hash power over the past week, some inefficient mining machines or higher-cost nodes have been pushed out of the market, leading to an enhanced expectation of average difficulty decline. This change will help improve the unit revenue of leading mining companies and efficient hash power equipment, further optimizing the mining industry structure.

From the perspective of mining costs, according to the latest model calculations from MacroMicro, as of May 21, 2025, the unit production cost of Bitcoin is approximately $90,186.25, while the spot price during the same period is $109,678.08, resulting in a mining cost-to-price ratio of 0.82. This ratio further declines, indicating that the overall profitability of current mining activities continues to improve, especially for miners using high-efficiency mining machines and low electricity price resources, with profit margins further expanding.

In summary, Bitcoin mining is currently showing a structural optimization trend under the combined effects of energy costs, network difficulty, and spot prices. On one hand, the concentration of hash power continues to rise, pushing the mining industry into a "stronger gets stronger" pattern; on the other hand, the expected difficulty reduction and the recovery of cost-profit ratios will provide breathing space for second and third-tier mining operations, potentially driving a new round of mining equipment updates and deployment cycles.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

Australian Judge Rules Bitcoin as Currency Rather Than Asset, Potentially Exempting Capital Gains Tax

On May 19, it was reported by Bitcoin News that an Australian judge ruled that Bitcoin is a form of currency rather than an asset, a decision that could exempt Bitcoin transactions from capital gains tax. If this ruling is upheld, it could lead to refunds of up to $1 billion in taxes and completely change the Australian Taxation Office's current approach to taxing cryptocurrencies.

Texas Passes Bitcoin Reserve Investment Bill, Awaiting Governor's Approval

On May 21, it was reported that Texas has just passed the "Texas Strategic Bitcoin Reserve and Investment Bill," allowing the state to invest in Bitcoin (BTC). The bill has now passed its second review and is awaiting the governor's approval to become law.

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Russian Ministry of Justice Drafts Bill Classifying Bitcoin and Cryptocurrencies as Seizable Property

On May 21, it was reported by Bitcoin Magazine that the Russian Ministry of Justice has drafted a bill classifying Bitcoin and cryptocurrencies as seizable property.

7. Mining News

JPMorgan: Bitcoin Network Hash Power Slightly Increased in the First Two Weeks of May

On May 19, it was reported that JPMorgan, in a research report released on Friday, stated that Bitcoin network hash power increased by 2% in the first two weeks of May, averaging 885 EH/s. As Bitcoin prices rise, miners' gross profits have expanded month-on-month, improving the mining economic situation and enhancing miners' profitability. The hash price, which measures daily mining profitability, rose 13% from April, which is "encouraging." Analysts noted that in the first two weeks of this month, miners earned about $50,100 per EH/s in daily block rewards, a 13% increase month-on-month and a 3% increase year-on-year. Additionally, publicly listed mining companies in the U.S. maintain a network hash power share of approximately 30.5%, up 1.1% from April. The total market capitalization of the 13 U.S. Bitcoin mining stocks tracked by the bank rose 24% this month, amounting to $4.6 billion, with Bitdeer rising by 43% and Greenidge declining by 5%.

Bitcoin Miners Sold 115% of Their Production in April, Hitting a New High Since 2022

On May 22, it was reported by TheMinerMag that despite Bitcoin reaching a historical high this week, miners were "forced to sell a record amount of BTC reserves last month," with public miners "selling 115% of their Bitcoin production" in April, the highest ratio since the end of the 2022 bear market.

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8. Bitcoin-Related News

Global Corporate and National Bitcoin Holdings (Weekly Statistics)

1. El Salvador
   El Salvador added 8 BTC in the past 7 days, bringing its total Bitcoin holdings to 6,185.18 BTC, valued at $690 million. Over the past 30 days, El Salvador has accumulated a total of 31 BTC.

2. BlackRock IBIT ETF
   As of May 16, 2025, IBIT holds 659,762.52 BTC, accounting for over 3% of the total Bitcoin supply, with a total market value exceeding $65.9 billion.

3. UK-listed Company Vinanz
   The company purchased 16.9 BTC for the first time on May 19, 2025, at an average price of $103,341, incorporating Bitcoin into its balance sheet as a core strategic asset.

4. Strategy
   Between May 12 and 18, 2025, Strategy significantly increased its holdings by 7,390 BTC at an average price of $103,498, with a total investment of approximately $765 million.

5. Smarter Web Company
   As of May 20, 2025, the company increased its holdings by 16.42 BTC at an average price of $104,202, bringing its total holdings to 35.62 BTC as part of its long-term investment portfolio.

6. Susquehanna Hedge Fund
   As of May 20, 2025, Susquehanna added $291 million in Bitcoin ETF positions, primarily allocated to BlackRock's IBIT, expanding its total holdings to $1.3 billion, demonstrating its long-term optimism for compliant crypto assets.

7. KULR Tech
   As of May 21, 2025, the company increased its Bitcoin holdings to 800.3 BTC, currently valued at approximately $78 million, with a yield of 220.2%, and transferred 90% of its cash into Bitcoin as an aggressive financial strategy.

8. Australia's Monochrome IBTC ETF
   As of May 20, 2025, Monochrome's spot Bitcoin ETF holdings increased to 498 BTC, with a market value of approximately $81.75 million, showing that investors remain optimistic about Bitcoin ETF allocations.

9. Basel Medical
   On May 22, 2025, Singapore's orthopedic medical group Basel Medical, listed on NASDAQ, announced an agreement with the Bitcoin Holders Alliance to purchase up to 10,000 BTC (currently valued at approximately $1 billion) through the issuance of common stock. The company stated that this strategy aims to diversify its capital reserves while ensuring its expansion plans in the Asia-Pacific medical market.

10. Genius Group
    On May 22, the AI company Genius Group announced the acquisition of an additional 24.5 BTC, increasing its total holdings to 85.5 BTC, with a total purchase amount of $8.5 million and an average purchase price of $99,700. This round of accumulation increased the company's Bitcoin holdings by approximately 40%.

11. Jiuzi Holdings
    Chinese electric vehicle retailer Jiuzi Holdings (NASDAQ: JZXN) announced on May 22 that it will acquire 1,000 BTC through a combination of cash and equity financing within the next 12 months. JZXN currently has an extensive sales network in China's third and fourth-tier cities and collaborates with over 20 electric vehicle and battery manufacturers.

12. The Blockchain Group
    On May 23, Europe's first Bitcoin asset management company, The Blockchain Group, announced an investment of €21.2 million to purchase 227 BTC, increasing its total holdings to 847 BTC, highlighting the gradual acceptance and allocation willingness of European capital markets towards Bitcoin.

Grayscale Research Director: Bullish Outlook on Bitcoin from a Macroeconomic Perspective

On May 18, it was reported that Bitcoin's dominance in the cryptocurrency market has recently declined, but analysts noted that this does not mean that an "altcoin season" is imminent. Grayscale Research Director Zach Pandl stated that Bitcoin's dominance may rise when the market focuses on macroeconomic instability and risks facing the dollar; conversely, it may decline when the market focuses on various applications of blockchain technology and innovations in the crypto space. Zach Pandl added that from a macro perspective, he holds a bullish outlook on Bitcoin; from the perspective of technological development and user adoption, he is also optimistic about altcoins.

Author of "Rich Dad Poor Dad": Expects Bitcoin to Reach $250,000 This Year

On May 18, it was reported that Robert Kiyosaki, author of "Rich Dad Poor Dad," stated that the value of Bitcoin, gold, and silver will continue to rise. He is buying more Bitcoin and expects it to reach $250,000 this year, advising to "buy more, don't sell."

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Tim Draper: I Keep Buying More Bitcoin

On May 18, it was reported that Tim Draper, an early investor in Tesla and Skype, stated in an interview, "I keep buying more Bitcoin."

Tim Draper purchased approximately 29,656 BTC for about $19 million in July 2014 through an auction held by the U.S. Marshals Service, with an average purchase price of about $640. These Bitcoins were seized by the U.S. government during the Silk Road enforcement action. Tim Draper has repeatedly expressed optimism about Bitcoin's future potential, believing that Bitcoin can provide liquidity and hedge against currency depreciation for emerging markets.

21Shares: Bitcoin Has Greater Upside Potential This Year

On May 20, it was reported that although Bitcoin prices hover slightly below this year's historical highs from January, digital asset ETF issuer 21Shares believes there is greater upside potential for Bitcoin this year. 21Shares research strategist Matt Mena wrote in a report released on Monday, "Bitcoin is on the verge of a breakout." He believes that the current Bitcoin rally is not driven by retail frenzy but by multiple structural forces, including institutional capital inflows, historic supply tightening, and improvements in the macroeconomic environment, all of which suggest that Bitcoin will follow a more sustained and mature path towards new historical highs.

The number of Bitcoins continuously absorbed by spot Bitcoin ETFs exceeds daily mining output, further tightening supply. At the same time, major institutions, companies like Strategy, and newcomers like Twenty One Capital are also continuously accumulating Bitcoin, and even some countries are beginning to explore establishing strategic reserves. Mena predicts that the combined effects of these factors could push Bitcoin to $138,500 this year.

CryptoQuant: Bitcoin's Rebound is Healthy, Bull Market Trend Established

On May 20, it was reported that according to CryptoQuant analyst @avocado_onchain, Bitcoin's recent rebound without signs of overheating is seen as a clear signal of a healthy bull market. Analysis shows that market buying sentiment remains strong, conducive to further price increases, indicating that now is not the time to consider exiting the market.

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Standard Chartered: SEC Data Supports Bitcoin's Target of $500,000 by 2028

On May 20, it was reported that Geoff Kendrick of Standard Chartered stated that recent SEC 13F reports support the expectation that Bitcoin could reach $500,000 by the end of 2028. Although the first quarter saw a decline in directly held Bitcoin ETF shares, government agencies increased their holdings in Strategy (formerly MicroStrategy), which is seen as an alternative investment tool for Bitcoin. This may reflect institutions' efforts to gain exposure to Bitcoin under regulatory constraints.

German Government Sold 49,858 BTC from June 19 to July 12, 2024, Missing Out on $2.46 Billion in Profits

On May 21, it was reported by Lookonchain that the German government sold 49,858 BTC at an average price of $57,600 (valued at $2.87 billion) from June 19 to July 12, 2024. Now, the value of these 49,858 BTC has reached $5.33 billion, meaning the German government missed out on $2.46 billion in profits.

Trump Posts to Celebrate Bitcoin's Historical High

On May 22, it was reported that Trump posted on the Truth Social platform, "BITCOIN ALL TIME HIGHS, ENJOY!!" to celebrate Bitcoin's price reaching a historical high. Previously, the price of Bitcoin on Coinbase had set a new historical high.

U.S. Senator Lummis: Four-Fifths of Americans Would Convert U.S. Gold Reserves to Bitcoin

On May 22, it was reported by Cointelegraph that U.S. Senator Cynthia Lummis released an infographic showing that four-fifths of Americans would be willing to convert U.S. gold reserves to Bitcoin. She stated, "This is what I've been saying all along, Americans are ready to upgrade our reserves."

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Bitcoin Market Capitalization Surpasses $2.2 Trillion for the First Time

On May 22, as Bitcoin broke above $111,000 and set new highs, its market capitalization also surpassed $2.2 trillion for the first time. According to Coingecko data, the current market capitalization of Bitcoin reached $2,209,135,944,248, setting a new historical high, with a trading volume of $71,685,796,851 in the past 24 hours.