Author: Monkey | Editor: Monkey

1. Bitcoin Market

From June 28 to July 4, 2025, the specific trends of Bitcoin are as follows:

June 28: Bitcoin continued its previous wide-ranging consolidation pattern, dipping to $106,543 during the day before rebounding to $107,220, breaking free from the short-term wide-ranging consolidation zone. After a slight pullback, it continued to climb to $107,512, but again fell back at the end of the day, touching $107,152, ultimately closing at $107,484.

June 29: The daily fluctuation range narrowed significantly, with prices consolidating between $107,200 and $107,500. In the evening, bullish momentum strengthened, and the price quickly surged from $107,382 to $108,432, reaching a new local high, but then faced resistance and fell back, closing at $107,745.

June 30: Continuing the pullback trend from the previous day, the price dipped to $107,375 at the start of the day before temporarily stabilizing, followed by a new round of upward movement, quickly climbing to $108,779. However, it could not hold at the high and gradually fell back to $107,574, oscillating around the $107,600 mark. The evening saw another sharp fluctuation, with the price briefly breaking below the key support of $107,000, hitting a low of $106,823, but quickly rebounded to $107,817, indicating fierce battles between bulls and bears.

July 1: Bitcoin showed an overall downward trend, starting from $107,721 and continuing to drift lower. In the evening, it briefly stabilized after hitting a low of $106,500, then rebounded sharply to $107,172, but soon fell back, reaching a low of $105,696, and ultimately closing at $106,027, with a bearish daily close.

July 2: The initial downward trend of Bitcoin continued, with further declines in the morning, hitting a low of $105,398 before stabilizing. A strong rebound followed, with prices soaring to $109,615, marking a daily fluctuation of over $4,200, the largest single-day rebound in this cycle, indicating strong bullish interest at lower levels and a phase of market sentiment recovery.

July 3: The bulls continued their rebound momentum, pushing prices up to $109,745 before a technical pullback occurred, briefly falling to $108,626. After adjustment, it broke through the previous high again, reaching $110,293, then fell back to consolidate, with a second surge during the day, hitting a weekly high of $110,304. Despite multiple attempts to stabilize above $110,000, it could not hold, ending the day slightly lower at $109,166, indicating strong resistance at this level.

July 4: Bitcoin moved slightly upward, reaching $109,977 during the day, then oscillating back to around $109,640 for consolidation. As of now, the price is reported at $109,645, maintaining a high-level consolidation pattern.

Summary

This week, Bitcoin experienced wide-ranging fluctuations, influenced by macro news, presenting an overall trend of "sideways consolidation --- pullback --- strong rebound and high-level consolidation" in three phases. From June 28 to 29, market trading sentiment was cautious, leading to Bitcoin's sideways movement. Due to a lack of key catalytic news, investors generally adopted a wait-and-see attitude, awaiting signals for the next directional move; from July 1 to 2, there was a sustained wide-ranging downward trend, as traders avoided risks ahead of the release of important U.S. economic data, waiting for the unemployment claims data announced on July 3 or broader macro solutions to provide clarity; from July 2 to 3, Bitcoin initiated a rapid rebound, primarily driven by technical oversold rebounds and the weakening of U.S. employment data, which rekindled market expectations for Federal Reserve rate cuts.

Bitcoin Price Trend (2025/06/28-2025/07/04)

2. Market Dynamics and Macroeconomic Background

Capital Flows

1. Whale Movements and On-chain Capital Trends

Whale Selling Pressure Rises: As of June 30, on-chain data shows that Bitcoin whales have sold over 40,000 BTC (approximately $4.3 billion), concentrated when BTC prices approached $110,000, indicating significant selling pressure in the market.
Long-term Holders Active: The Liveliness index has risen, reflecting that long-term holders (LTH) are starting to actively transfer assets, and bearish sentiment in the market is intensifying.
Miners and LTH Reduce Holdings in Sync: CryptoQuant analysis indicates that the current selling scale of miners and LTH exceeds that of new buyers, showing weak market demand and potential price pressure.

2. Overall Flow of Digital Asset Investment Products

In the week of June 30, global digital asset investment products saw a total net inflow of $2.7 billion, marking the 11th consecutive week of net inflows. Among them, Bitcoin products accounted for about $2.2 billion, representing 83%, indicating that BTC remains the preferred asset for institutions. The cumulative net inflow for the first half of the year has reached $17.8 billion, setting a historical high for the same period.

3. On-chain Supply and Liquidity Conditions

Exchange BTC Reserves Hit New Low: As of July 2, the reserve ratio of Bitcoin on exchanges has dropped to 14.5%, the lowest level in seven years, indicating tightened market liquidity and potential bullish support for mid to long-term prices.
On-chain Supply Activity Declines: Over the past 30 days, Bitcoin's on-chain active supply has decreased by about 17%, suggesting weakened short-term supply willingness, with the market waiting for the next price signal or turning point.

4. Market Capitalization and Fund Scale Changes

As of July 1, Bitcoin's total market capitalization was approximately $2.109 trillion, slightly down from $2.158 trillion on June 30. Short-term capital fluctuations are evident, but overall it remains within a historically high range, reflecting strong market support.

5. Spot Bitcoin ETF

Daily ETF inflow/outflow details for this week:

June 30: +$102.1 million
July 1: -$342.2 million
July 2: +$407.8 million
July 3: +$377.3 million

On July 1, there was a net outflow of over $300 million, but strong inflows were observed in the following two trading days, with a total inflow of nearly $790 million on July 2 and 3, effectively offsetting the previous outflow pressure. Overall, institutions quickly resumed their allocation actions after a brief profit-taking period, indicating a continued positive outlook on the mid to long-term market trends.

ETF Inflow/Outflow Data Image

Weekly/Quarterly Capital Data Summary

June 24-28: Net inflow ≈ $2.22 billion, with BlackRock IBIT contributing $1.31 billion, Fidelity $504 million, and GBTC net outflow of $5.69 million.
Net inflow for the entire month of June: $4.6 billion, adding approximately 43,000 BTC.
Net inflow for Q2: Total inflow of Bitcoin ETFs ≈ 123,000 BTC (≈ $12.6 billion).

Despite some trading days experiencing capital outflows in the short term, especially influenced by macro data and Federal Reserve rate hike expectations, the overall capital flow remains strong with net inflows, particularly as ETFs continued to attract funds at the end of June, reflecting institutional investors' recognition and confidence in Bitcoin's mid to long-term allocation value. As an important bridge connecting traditional capital markets and crypto assets, ETFs are continuously strengthening their capital absorption capacity and market influence.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of July 4, 2025, Bitcoin's 14-day Relative Strength Index (RSI) is 53.011, positioned in the neutral to strong range (50-70). This value indicates that the current market has not entered an overbought or oversold state, maintaining a relatively balanced trend, slightly favoring bullish forces. The RSI remains above 50, showing that buying pressure still holds some advantage, but momentum is not strong enough to form a clear trend breakout.

If the RSI can sustain an upward breakthrough above 60, accompanied by a price increase, a new round of upward momentum may form; conversely, if the RSI falls back below 50, it may signal a weakening of short-term market momentum, necessitating caution against the risk of price oscillation and pullback.

2. Moving Average (MA) Analysis

5-day Moving Average (MA5): $108,473.47

20-day Moving Average (MA20): $107,020.19

50-day Moving Average (MA50): $104,504.02

100-day Moving Average (MA100): $95,522.84

200-day Moving Average (MA200): $91,939.45

Current Market Price: $109,645.94

MA5, MA20, MA50, MA100, MA200 Data Image

From the arrangement of various period moving averages, a standard bullish arrangement structure is presented (short-term > medium-term > long-term), especially as the current price operates above all major moving averages, indicating that Bitcoin is overall in a strong upward trend. In the short term, the upward slope of MA5 and MA20 indicates that the market maintains good momentum, with investor sentiment leaning bullish.

Notably, the current price stabilizes above MA20 and MA50, indicating effective support during short-term pullbacks. If it can continue to hold above MA20 with increasing trading volume, it is likely to push prices further into higher ranges; conversely, if it falls below MA20, it may trigger a phase adjustment, testing support near MA50.

3. Moving Average Convergence Divergence (MACD) Analysis

According to Investing.com data, as of July 4, the MACD fast line is 283.05, remaining in the positive range and continuing to rise, indicating that the market is in a bullish-dominated pattern with ample momentum. This value is a new high for the past two weeks, technically supporting further price increases.

The MACD currently issues a "Buy" technical signal, with the market trend leaning bullish, likely maintaining high-level oscillation or moderate upward movement in the short term. However, attention should be paid to whether the histogram growth rate slows; if signs of a top divergence appear (price makes new highs but the MACD histogram does not rise in sync), caution is warranted regarding the potential weakening of short-term momentum leading to technical adjustments. If the MACD can continue to rise and maintain a golden cross state, prices are likely to continue challenging above $110,000; conversely, if a death cross signal or negative histogram appears, it may trigger short-term pullbacks.

4. Key Support and Resistance Levels

Support Levels: The current key short-term support levels for Bitcoin are at $109,000 and $107,500. In the context of a technical pullback, these two positions demonstrated significant support on July 3 and June 30, respectively. Among them, $109,000 successfully supported the downward trend during the July 3 intraday adjustment, showcasing strong buying power. Meanwhile, $107,500 was not breached during two rounds of pullbacks on June 30, further validating its effectiveness as structural support. If prices continue to fall, the next important support area is at $105,500, which effectively supported the downward trend during the sharp drop on July 2.

Resistance Levels: The current main short-term resistance level Bitcoin faces is $110,300. During the upward test on July 3, the price approached this level twice but encountered significant selling pressure, failing to achieve an effective breakthrough, reflecting strong bearish defenses and selling pressure at this resistance level. If the subsequent market can break through with increased volume, Bitcoin is likely to move further upward, challenging higher resistance areas, at which point attention should be paid to the synchronization of trading volume and the effectiveness of price stabilization.

Overall, Bitcoin currently maintains a high-level oscillation pattern, with a technical structure showing strong oscillation; bulls still dominate, but close attention should be paid to the breakthrough and stabilization of key price levels to determine the next trend direction.

Market Sentiment Analysis

1. Sentiment Overview

This week (June 28 - July 3), Bitcoin market sentiment exhibited overall volatility, reflecting investors' heightened sensitivity and uncertainty regarding market direction. From June 28 to 30, Bitcoin prices showed an upward trend, with investor sentiment becoming more optimistic and market trading sentiment warming; from July 1 to 2, the market experienced significant pullbacks, with Bitcoin prices plummeting, triggering a resurgence of market panic; from July 2 to 3, Bitcoin rebounded strongly, with a single-day increase of 4.13%, effectively breaking through the previous downward trend, and market confidence visibly recovered, with sentiment rapidly restoring.

Overall, the market quickly rebounded after a short-term pullback, indicating that sentiment remains resilient at this stage, but the tug-of-war between bulls and bears remains intense in the short term.

2. Key Sentiment Indicator (Fear and Greed Index)

As of July 4, the Fear and Greed Index reported 55, positioned in the "Neutral" range. This indicates that market sentiment leans towards cautious optimism, with investors not yet entering a clear stage of greed or fear.

Reviewing this week (June 28 - July 3), the daily values of the index were: 49 (Neutral), 50 (Neutral), 52 (Neutral), 50 (Neutral), 46 (Neutral), 54 (Neutral). Overall, although the index remained in the "Neutral" range, the fluctuation range reflects rapid shifts in market sentiment, especially during periods of sharp price volatility, where the index showed significant ups and downs. This phenomenon indicates that the current market has not formed a consistent trend expectation, with investors closely monitoring macroeconomic data, policy trends, and on-chain data among multiple factors to judge future directions.

Fear and Greed Index Data Image

Macroeconomic Background

1. Intensified Trump Policy Offensive: Tax Cuts + Attacks on the Federal Reserve

July 1: Advancement of the "Big Beautiful Bill" Tax Reform Proposal

The Trump team is pushing a massive tax reform proposal, the "Big Beautiful Bill," in the Senate, amounting to $4.5 trillion, covering corporate tax cuts, middle-class tax rebates, and halving capital gains tax. Although the bill still needs to pass the House of Representatives and there are dissenting voices within the Republican Party, its strong "tax burden reduction" stance has been viewed by the market as Trump's "policy roadmap after winning."

If significant tax cuts are implemented, they will release liquidity in the medium to long term, boosting the valuation of risk assets and constituting a medium-term bullish factor for non-sovereign assets like Bitcoin.

July 2: Trump Again Attacks Powell and the Federal Reserve

He publicly accused the Federal Reserve of delaying interest rate cuts to "help Biden get re-elected," implying that if he is elected, he will "cleanse" the Federal Reserve. Such politicized remarks, while creating short-term uncertainty, have intensified market concerns about political interference in monetary policy, triggering short-term volatility.

Tax reform brings medium-term bullish expectations, while Trump's remarks create short-term volatility opportunities. Bitcoin, as a "decentralized asset," may attract capital attention amid expectations of "systemic confrontation."

2. Tensions in the Middle East: Geopolitical Conflicts Resurface

June 30: Israeli Airstrikes on Iranian Targets in Syria
According to Reuters, Israel conducted airstrikes on pro-Iranian armed positions in Syria, with Iran warning that it would "retain the right to retaliate." The U.S. also deployed aircraft carriers to the eastern Mediterranean to intimidate. Although the incident did not escalate significantly, it sparked risk-averse sentiment, causing Bitcoin to briefly break through key levels.

If conflicts escalate (e.g., Iran mobilizing allies or U.S. military intervention), Bitcoin may be favored as a "war hedge asset"; conversely, if the situation eases, there may be adjustment risks after "profit-taking."

3. U.S. Stocks Strengthen, Risk Sentiment Spillover to Crypto Market

As of June 30, S&P 500 and Nasdaq Hit New Historical Highs
Driven by rising tech stocks, tax cut expectations, and geopolitical risk resonance, U.S. stocks continued their strong performance. The recovery in risk appetite also boosted Bitcoin's short-term surge to $108,000, indicating significant linkage between traditional and crypto markets. In a backdrop of heightened risk sentiment, Bitcoin benefited from cross-asset rotation, enhancing short-term upward momentum.

4. Weak Economic Data Strengthens Rate Cut Expectations

July 1: ISM Manufacturing Index Falls to 48.9, Below the Expansion Line
The official ISM report indicated that the ISM manufacturing PMI for June was 49.0%, slightly up from May's 48.5%, but still below the expansion line, marking four consecutive months of contraction in manufacturing.

July 3: Initial Jobless Claims Rise to 240,000, Exceeding Market Expectations

The initial jobless claims reported on July 3 were 239,000, higher than market expectations, indicating some loosening in the labor market. The continued claims remained relatively stable but increased to about 1.68 million. Combined with a decrease in June JOLTS job openings and a slowdown in corporate hiring, this reflects clear signs of cooling in the labor market and a slowing pace of employment recovery. This series of data reinforces market expectations for the Federal Reserve to initiate rate cuts before the end of the year.

NFP and ADP Data Show Continued Weakness in the Labor Market
The market expects about 110,000 new jobs in June NFP, with the unemployment rate rising to 4.3%; ADP private sector employment even recorded -33K, far below expectations.

In the short term, economic cooling strengthens bets on rate cuts in Q4, benefiting Bitcoin's logic as an "anti-inflation asset"; in the medium term, if data continues to weaken and core inflation falls in tandem, the probability of a policy shift by the Federal Reserve within the year increases, potentially opening a new upward channel for Bitcoin; however, if inflation remains sticky (e.g., rents, core services remain strong), the Federal Reserve may maintain a "wait-and-see" attitude, suppressing market optimism.

3. Hash Rate Changes

From June 28 to July 4, 2025, the Bitcoin network hash rate exhibited fluctuations, with specific details as follows:

On June 28, the total network hash rate (hash rate) rose and then fell, quickly climbing from 733.27 EH/s to a daily high of 987.48 EH/s, before falling back to 915.33 EH/s by the end of the day. On June 29, the hash rate continued the previous day's downward trend, further dropping to 794.63 EH/s, then rebounding sharply to 1126.8 EH/s, indicating a rapid return of hash power. On June 30, the network hash rate continued to rise, reaching a weekly peak of 1196.7 EH/s during the day, but then fell significantly, ending the day at 779.70 EH/s, showing a notable pullback. On July 1, Bitcoin's hash rate maintained a low-level oscillation, operating between 750 EH/s and 820 EH/s, closing at 772.82 EH/s, indicating that miners might be in a dynamic adjustment phase. On July 2, after experiencing low-level operations the previous day, the network hash rate showed a gradual recovery, rising from 724.12 EH/s to 948.79 EH/s by the end of the day, indicating that some miners' hash power was rejoining the network, with a faster pace of hash power release. On July 3, the network hash rate continued the previous day's upward trend, peaking at 989.68 EH/s. After a brief slight pullback, it rose to 983.02 EH/s before declining again, ending the day at 862.41 EH/s, showing a fluctuating hash power trend.

Overall, the hash power remained below 1 ZH/s (i.e., 1000 EH/s) for most of the week, especially between July 1 and 2, when the hash power fluctuated at relatively low levels, possibly related to recent military actions in Iran causing temporary shutdowns of mining farms or hash power outflows, leading to short-term hash power releases and an overall decline in network hash power. Such geopolitical risks have significantly impacted hash power layout and stability, reflecting miners' sensitive responses to sudden events and the flexibility of hash power allocation.

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: June 28: $49.72 million; June 29: $57.85 million; June 30: $49.33 million; July 1: $45.81 million; July 2: $52.80 million. It can be seen that the average daily total revenue of miners this week roughly maintained between $45 million and $53 million, with overall fluctuations being limited and relatively stable. The revenue structure still primarily consists of block rewards, with transaction fee income showing little fluctuation, indicating that recent on-chain trading activity is at a neutral level. In the context of Bitcoin prices being in a high-level oscillation range, block rewards still constitute the main source of income, with transaction fee income being low but stable, reflecting that on-chain trading activity is at a neutral level and has not entered extremely hot or cold states.

From the perspective of Hashprice (daily earnings per unit of hash power), this week exhibited a "short-term rapid increase" structural characteristic. As of the time of writing on July 4, Hashprice is reported at $59.35 per PH/s per day, close to relative highs. According to Hashrate Index data, from June 28 to 29, Hashprice stabilized around $53.85 per PH/s per day with slight fluctuations. Starting from noon on June 29, unit hash earnings suddenly surged, rising from $53.78 per PH/s per day to $58.18 per PH/s per day, with a single-day increase of nearly 8.2%. This anomaly may be directly related to geopolitical events (such as the Israeli airstrike on Iran on June 29). According to multiple sources, this attack damaged some of Iran's power infrastructure, affecting several local Bitcoin mining bases, leading to low-level operations of regional hash power in the short term, extending the overall block time, and subsequently increasing the proportion of Bitcoin rewards obtainable per unit of hash power, thus driving Hashprice to rise rapidly. On June 30, Hashprice rose to $58.70 per PH/s per day; on July 2, it slightly fell to $57.30 per PH/s per day; on July 3, it rose again, reaching a weekly high of $59.43 per PH/s per day, close to the second-highest level. The strengthening of Hashprice somewhat offsets the squeezing effect brought by the increase in hash power after the halving, enhancing the survival space for small and medium miners in the short term.

According to The Block data, Bitcoin miners' total revenue in June 2025 was approximately $1.39 billion, down about 8.6% from $1.52 billion in May 2024. Despite a certain degree of decline, the monthly revenue of $1.39 billion remains at a historically high level, indicating that the fundamentals of the current Bitcoin network still possess resilience, especially against the backdrop of high price oscillations and stable network utilization, the profitability of the mining industry chain remains sustainable. In the medium to long term, with the introduction of new businesses such as AI + blockchain, the entry of more institutional investors, and the global optimization of energy structures, the miner ecosystem may present a more diversified development pattern.

Hashprice Data

Bitcoin Miners Monthly Revenue Data

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of July 4, 2025, the total hash rate of the Bitcoin network reached 867.62 EH/s, with the current mining difficulty at 116.96 T. The next difficulty adjustment is expected to occur on July 12, with an estimated increase of 0.64%, raising the difficulty to 117.71 T. This reflects that the overall hash power of the network remains high and shows a moderate growth trend. On one hand, the slight difficulty increase indicates good market confidence, with miners still willing to continue investing hash power; on the other hand, it also indicates that the recent growth rate of hash power is relatively stable, without excessive expansion or severe fluctuations.

From the perspective of mining costs, according to the latest model calculations from MacroMicro, as of July 2, 2025, the unit production cost of Bitcoin is approximately $87,939.87, while the spot price during the same period is $108,859.32, resulting in a mining cost-to-price ratio of 0.91. This indicator is typically viewed as an important reference value for assessing the sustainability of mining activities. Historical data shows that when this ratio is between 0.8 and 1.0, it represents a "healthy range" for the mining industry—miners can obtain reasonable profits without triggering irrational expansion of hash power due to excessive profitability. The current level of 0.91 indicates that miners across the network are still in a stable profit state, but overall profit margins are limited, still constrained by factors such as electricity costs, equipment efficiency, and operational scale.

Notably, according to the latest information released by CryptoQuant CEO Ki Young Ju on July 2, one of the leading mining companies in the U.S., Marathon Digital Holdings (MARA), currently has a unit mining cost of only about $51,000, with a profit margin close to 2 times, far below the industry average. This significant cost advantage primarily stems from its large-scale operations, high-performance mining machine deployment, and low electricity pricing strategies, highlighting the strong competitive edge of large mining companies in energy efficiency management and resource integration. The profitability gap between leading miners and small to medium-sized mining farms is rapidly widening, forming a clear structural differentiation: large mining farms have the ability to sustain profits, while small and medium miners, especially those relying on outdated equipment or located in high electricity cost areas, are facing shrinking profit margins, greater operational pressure, and exit risks.

Therefore, although Bitcoin mining still has considerable economic returns from a macro perspective, a clear profit stratification phenomenon has emerged within the industry. If Bitcoin prices experience downward fluctuations in the future, or global energy costs rise further, the mining cost-to-price ratio may breach the critical point of 1.0, becoming an important leading signal affecting hash power adjustments, miner structural reorganization, and market supply rhythms.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

Connecticut Governor Officially Signs Bitcoin Reserve Ban Bill

On July 1, it was reported by Bitcoin Laws that Connecticut Governor Ned Lamont officially signed the state's Bitcoin reserve ban bill.

Connecticut is now prohibited from accepting, holding, or investing in any digital assets.

Arizona Governor Vetoes "Bitcoin Reserve" Bill HB2324

On July 2, it was reported by Bitcoin Laws that Arizona Governor Katie Hobbs vetoed the "Bitcoin Reserve" bill HB2324. The bill was originally intended to establish a digital asset reserve for storing digital assets obtained through criminal asset forfeiture.

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IMF Rejects Pakistan's Proposal for Electricity Subsidies for Bitcoin Mining

On July 3, it was reported by Bitcoin Magazine that the International Monetary Fund (IMF) rejected Pakistan's proposal for electricity subsidies for Bitcoin and cryptocurrency mining.

7. Mining News

CZ: Bhutan is Using Excess Hydropower Resources for Bitcoin Mining

On June 30, Binance founder CZ posted on social media that Bhutan is utilizing excess hydropower resources for Bitcoin mining.

American Bitcoin, Backed by Trump's Son, Raises $220 Million to Develop Bitcoin Mining Business

On July 1, Bloomberg reported that a cryptocurrency company, American Bitcoin, supported by Donald Trump's son Eric Trump, has raised $220 million to purchase Bitcoin and digital asset mining equipment. The company issued new shares to private investors last Friday, with about $10 million of the equity sold in Bitcoin rather than U.S. dollars.

American Bitcoin's main shareholder, Hut 8 Corp, plans to go public through a merger with Gryphon Digital Mining Inc. Hut 8 had previously transferred its mining equipment to American Bitcoin in exchange for an 80% stake.

Michael Saylor: If the U.S. Wants to Become a Bitcoin Superpower, It Must End Unfair Taxes on Miners

On July 1, Michael Saylor tweeted, "If the U.S. wants to become the world's Bitcoin superpower, we must end the unfair taxes on Bitcoin miners." Senator Lummis pointed out that miners and stakers have faced double taxation for years—once when receiving block rewards and once when selling. Both believe that reforming this unfair tax system is crucial to ensuring the U.S.'s leadership in the global Bitcoin and cryptocurrency space.

South African Power Company Eskom Seeks to Support Bitcoin Mining and Energy-Intensive Technologies

On July 2, South Africa's state-owned power company Eskom CEO Dan Marokane stated that the company is exploring opportunities to support Bitcoin mining, artificial intelligence (AI) development, and data centers to aid its future development.

Marokane noted at the BizNews conference earlier this year that data centers and Bitcoin mining are driving electricity demand in the U.S.

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Tether Partners with Adecoagro to Utilize Renewable Energy for Bitcoin Mining in Brazil

On July 3, Tether announced a memorandum of understanding with South American sustainable production company Adecoagro to explore strategic cooperation around Bitcoin mining. As the world accelerates its transition to cleaner and more efficient energy systems, Bitcoin mining is increasingly becoming a powerful means to monetize surplus energy, enhance grid stability, and support the development of decentralized networks. The project will explore how to utilize renewable energy assets to support the development of the digital economy, releasing new efficiency potential at the intersection of technology and infrastructure.

An Independent Miner Successfully Mined a Bitcoin Block, Earning 3.173 BTC Worth Nearly $350,000

On July 4, Cointelegraph reported that an independent miner successfully mined a Bitcoin block, earning 3.173 BTC, worth nearly $350,000.

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8. Bitcoin News

Global Corporate Bitcoin Holdings Dynamics (Weekly Statistics)

1. Cel AI (UK)
   On June 28, it was reported that the UK AI company Cel AI plans to raise approximately $10.3 million through a share issuance to purchase Bitcoin as part of its Bitcoin treasury strategy.

2. BlackRock
   On June 29, it was reported that U.S. asset management giant BlackRock increased its Bitcoin holdings by $1.15 billion this week, reaching a historical high of $77.7 billion in total market value.

3. Bitcoin Treasury Corporation (Canada)
   On June 28, it was reported that Bitcoin Treasury Corporation, a Bitcoin financial company listed on the Toronto Stock Exchange, increased its holdings by 478.57 BTC, bringing its total holdings to 771.37 BTC.

4. Al Abraaj (Bahrain)
   On June 30, it was reported that Al Abraaj Restaurants Group, a company listed on the Bahrain Stock Exchange (stock code: ABRAAJ), increased its holdings by 2 BTC, bringing its total holdings to 7 BTC.

5. Metaplanet (Japan)
   On June 30, it was reported that Metaplanet, a company listed on the Tokyo Stock Exchange, purchased 1005 BTC, bringing its total holdings to 13,350 BTC. On the same day, the company became the fifth-largest publicly listed company in terms of Bitcoin holdings, following Strategy, MARA, XXI, and Riot.

6. Vaultz Capital (UK)
   On June 30, it was reported that UK investment company Vaultz Capital increased its holdings by 40 BTC, bringing its total holdings to 50 BTC.

7. Strategy (formerly MicroStrategy, U.S.)
   On June 30, it was reported that U.S. publicly listed intelligent software company Strategy increased its holdings by 4,980 BTC between June 23 and 29, bringing its total holdings to 597,325 BTC.

8. The Smarter Web Company (UK)
   On July 1, it was reported that London-listed tech company The Smarter Web Company increased its holdings by 230.05 BTC, bringing its total holdings to 773.58 BTC.

9. Vanadi Coffee (Spain)
   On July 1, it was reported that Spanish coffee chain Vanadi Coffee increased its holdings by 10 BTC, bringing its total holdings to 64 BTC.

10. Monochrome (Australia)
    On July 1, it was reported that Australian crypto asset management company Monochrome's spot Bitcoin ETF (IBTC) holdings have reached 931 BTC.

11. Figma (U.S.)
    On July 2, it was reported that U.S. design software company Figma disclosed holdings of Bitcoin ETFs worth nearly $70 million and was approved to purchase an additional $30 million in BTC.

12. Genius Group (U.S.)
    On July 2, it was reported that Genius Group, an AI company listed on the New York Stock Exchange (stock code: GNS), increased its Bitcoin reserves to 120 BTC on July 1, a 20% increase. The company plans to expand its holdings to 1,000 BTC over the next six months.

Trump: Cryptocurrency is a Very Interesting Thing, Bitcoin Eases Pressure on the Dollar

On June 28, U.S. President Trump stated that cryptocurrency is a very interesting thing, and we have built a very strong industry. Cryptocurrency creates jobs, and Bitcoin eases pressure on the dollar. During the previous stock market downturn, the value of cryptocurrency declined less than other assets, highlighting the resilience of the crypto space.

Data: Bitcoin's Average Return Rate of 37% in the 60 Days Following Major Geopolitical Events Since 2020

On June 29, Binance Research disclosed data showing that historically, Bitcoin tends to rebound after major geopolitical events, with an average return rate of 37% in the 60 days following such events since 2020.

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At Least 9 Companies in London Explore Bitcoin Strategies in the Past Week, Vinanz Plans to Rebrand as London BTC Company

On June 29, it was reported by the Financial Times that several London-listed companies have entered the Bitcoin space to boost their stock prices, with at least nine companies announcing they have purchased or plan to purchase Bitcoin in the past week, including:

1. Tao Alpha plans to raise £100 million to initiate a Bitcoin fund strategy;

2. Smarter Web Company has seen its market value rise above £1 billion since announcing its Bitcoin purchase plan in April;

3. Panther Metals announced the launch of a Bitcoin strategy and has purchased one Bitcoin, with a short-term goal of holding Bitcoin worth £4 million;

4. Bluebird Mining Ventures has raised £2 million through debt financing for Bitcoin investment and plans to raise another £10 million;

5. Vinanz currently holds Bitcoin worth $3.85 million and is in the process of rebranding as London BTC Company.

Analyst: Young People Disillusioned with the Capitalist System, Bitcoin's Long-term Upward Trend Hard to Stop

On June 30, market analyst Jordi Visser stated in Anthony Pompliano's podcast that the younger generation aged 25 and below is increasingly disillusioned with the capitalist system, and voices calling for the establishment of a welfare system through public spending are growing amid the impacts of AI and economic uncertainty.

He pointed out that the government will be forced to continue printing money to alleviate social pressures, which will further drive the long-term value of Bitcoin as an anti-inflation asset. "The more anger there is, the more money is printed, and the harder it is to suppress Bitcoin's price."

Visser believes that AI and robotics will change the labor structure and accelerate the restructuring of the financial system within the next five years.

Bitwise: Maintains Bitcoin's Target Price of $200,000 for 2025

On July 1, Bitwise Chief Investment Officer Matt Hougan stated that Bitwise maintains its target price of $200,000 for Bitcoin in 2025 but is not very confident about whether ETH and SOL will reach new highs this year. Matt Hougan and research director Ryan Rasmussen stated in a client report: "This year, cryptocurrency prices have fluctuated, benefiting from strong ETF inflows, growing demand for Bitcoin fund management companies, and the potential establishment of a strategic Bitcoin reserve in the U.S., leading to Bitcoin prices reaching historical highs in May. However, both Ethereum and Solana have seen declines this year, with macro risks hindering the acceleration of the bull market."

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Public Companies Accumulated Purchases of 245,510 BTC in the First Half of the Year, More Than Twice the ETF Purchases During the Same Period

On July 2, it was reported that in the first half of 2025, public companies purchased a total of 245,510 BTC, more than twice the ETF purchase quantity (118,424 BTC) during the same period. This figure represents a 375% increase compared to the 51,653 BTC purchased by companies in the first half of 2024. In contrast, ETF purchases have decreased by 56%, with a peak of 267,878 BTC purchased at the beginning of 2024 when ETFs were launched.

Since each share of an ETF is backed by actual Bitcoin, the number created typically reflects demand from retail investors, hedge funds, and registered investment advisors. In contrast, corporate purchases reflect direct strategic decisions by management. Therefore, this widening gap indicates that boards of directors are increasingly confident in Bitcoin as a reserve asset, comparable to the enthusiasm of retail and institutional investors.

Among them, the "Strategy" company alone purchased 135,600 BTC, accounting for 55% of all public company purchases. In the same period in 2024, this company accounted for 72% of corporate purchases. This indicates that by 2025, corporate demand for Bitcoin is no longer concentrated in a single leading company but has significantly diversified.

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Analyst: Rising M2 Will Drive Bitcoin Prices Up, Expected to Reach $150,000 by Year-End

On July 2, Forbes reported that 21Shares cryptocurrency research strategist Matt Mena stated that as the M2 money supply begins to rise again, historical data indicates that some liquidity will flow into Bitcoin and other digital assets.

Historically, Bitcoin prices have tracked the M2 money supply, which is the Federal Reserve's estimate of liquid assets, including cash, deposits in checking accounts, savings accounts, and other short-term savings tools such as money market funds. Anthony Pompliano, a cryptocurrency influencer who is about to lead a new Bitcoin acquisition company, wrote in an email: "If Bitcoin continues to follow the growth of the money supply, we may see the price of each Bitcoin reach $150,000 by the end of the year."