Author & Editor: Monkey, HashWhale

1. Bitcoin Market

Bitcoin Price Trend (2025/08/30-2025/09/05)

This week, Bitcoin gradually recovered after experiencing a low-level consolidation, and welcomed a phase adjustment before the release of key macro data. The overall market structure still appears fragile, and investor sentiment remains defensive. As the U.S. non-farm payroll data is set to be released on September 5, the market generally adopts a wait-and-see strategy. Even with strong expectations for interest rate cuts, prices still exhibit characteristics of fluctuation and correction.

Low-Level Consolidation Phase (August 30 - September 1)

On August 29, Bitcoin fell sharply from $113,042 to $108,178, a daily drop of about 4.4%. After further dipping to $107,481 in the morning of August 30, it stopped falling and then maintained a range of $108,000 to $109,000. On August 31, the fluctuation range expanded to $108,200 to $109,500.

One of the main reasons for the price drop was the profit-taking behavior of large whales:

According to CryptoOnchain monitoring, on August 29, Bitcoin realized profits close to $4 billion in a single day, the largest single-day profit-taking since February 2025, with the profit distribution as follows:

• Super Whales (>10,000 BTC): $2.17 billion
• Large Whales (1,000-10,000 BTC): $1.25 billion
• Other Whales (100-1,000 BTC): $495 million

The single-day realized profit of nearly $4 billion was the largest scale since February 2025. Such large profit realizations usually occur at phase tops, indicating a transfer of Bitcoin from "strong hands" to "weak hands," putting short-term pressure on the market. While this does not necessarily indicate a long-term decline, it is an important risk signal for short-term traders.

Bottoming and Gradual Recovery Phase (September 1 - September 4)

In the morning of September 1, after touching a weekly low of $107,310, Bitcoin began to gradually rise, accompanied by an increase in volatility. From September 1 to 4, the price rose sequentially to $109,830, $110,636, $111,653, and $112,463, during which two rounds of technical corrections occurred on September 2, increasing market volatility.

The main drivers of this recovery include:

1. Technical Breakthrough: Bitcoin broke through a two-week downtrend line and regained the 100-day Exponential Moving Average (EMA), indicating a strong short-term technical rebound.

2. Improvement in Market Sentiment: The sentiment in the cryptocurrency market shifted from "fear" to "neutral," with investor confidence gradually recovering.

3. Institutional Demand Resurgence: Increased demand from institutional investors and enterprises has improved market liquidity.

4. Federal Reserve Rate Cut Expectations: The market generally expects a probability of over 90% for a rate cut by the Federal Reserve in September, stimulating demand for risk assets and providing support for Bitcoin prices.

Phase Adjustment Stage (September 4 - September 5)

On September 4, Bitcoin briefly surged above $112,000, then faced pressure and fell back to $110,407, briefly rebounding to around $111,000, and finally stabilizing at $109,411. On September 5, the price rebounded to $111,494 but failed to break through, and as of the time of writing, it fell back to $110,888.

The reasons for the short-term correction include:

Profit-Taking Pressure: After reaching key resistance levels, short-term funds chose to realize profits.

Weak Market Structure: The residual selling pressure from previous whale sell-offs still limits upward space.

Macroeconomic Uncertainty: Despite strong expectations for rate cuts, uncertainties in key data such as employment have led to a wait-and-see approach.

Summary and Outlook

Overall, Bitcoin's trend this week has shown a rhythm of "low-level bottoming -- gradual recovery -- phase adjustment." In the short term, the market still faces volatility risks, and price movements are highly sensitive to macro data and whale activities.

Investors should pay close attention to:

Whale Fund Flows ------ Whether to continue realizing profits or reposition.

Changes in Federal Reserve Policy Expectations ------ The timing and magnitude of rate cuts directly impact market sentiment.

Market Sentiment Evolution ------ If it shifts from "neutral" to "greed," it may trigger a new round of breakthroughs.

Short-term operations should remain cautious, while mid-to-long-term strategies should focus on the interplay between macro policies and institutional funds.

2. Market Dynamics and Macroeconomic Background

Fund Flows

1. ETF Fund Dynamics

This week, the trend of fund inflows into spot Bitcoin ETFs:

September 2: +$332.8 million

September 3: +$300.5 million

September 4: -$357.7 million

ETF Inflow/Outflow Data Image

Overall, funds continued to flow in during the first two days, reflecting strong market demand for Bitcoin allocation. However, a significant outflow occurred on September 4, indicating that some funds chose to take profits, leading to a cautious short-term market sentiment.

2. Whale and Long-Term Holder Movements

Ancient Bitcoin Whales Switching to ETH

On August 31, according to @mlmabc monitoring, a high-profile ancient Bitcoin whale has conducted the following operations over the past 11 days by switching to ETH:

• Sold Bitcoin: 34,110 BTC (approximately $3.7 billion)
• Bought Ethereum: 813,298.84 ETH (approximately $3.66 billion)
• Still holding BTC: 32,321 BTC (approximately $3.5 billion) with unclear intentions

This whale seems to be gradually converting BTC holdings to ETH, but the true intentions remain unclear.

Long-Term Bitcoin Holders Set New Yearly High in Daily Sales

On September 1, Glassnode data showed:

• The total amount of Bitcoin sold in a single day was approximately 97,000 BTC, setting a new high for 2025.
• About 34,500 BTC held for 1-2 years, approximately 16,600 BTC held for 6-12 months, and about 16,000 BTC held for 3-5 years.
• The three categories of holders accounted for about 70% of the total expenditure.

Recent spending activities by long-term holders have accelerated, indicating that some investors are reacting to short-term market fluctuations.

BTC Long-Term Holders/Short-Term Holders' Expenditure Volume

3. Exchange and Market Data

Cryptocurrency Exchange Trading Volume Hits Yearly High

On September 3, The Block data showed:

• Total trading volume of cryptocurrency exchanges in August: $1.86 trillion, a year-on-year increase of 5%.
• Binance: $737.1 billion (month-on-month increase of $31 billion).
• Bybit: $12.65 billion, Bitget: $12.61 billion.
• Decentralized exchange (DEX) trading volume: $368.8 billion, Uniswap $143 billion, PancakeSwap $58.7 billion.

Cryptocurrency Exchange Monthly Trading Volume Data

ETH ETF Fund Inflows Set Record

• U.S. spot Ethereum ETF saw inflows of $3.87 billion in August.
• During the same period, Bitcoin ETF experienced outflows of $751 million.

Investor interest in ETH has significantly increased, indicating that funds are rotating from Bitcoin to Ethereum and other high-yield assets.

Bitcoin Spot ETF Monthly Inflow/Outflow Data

4. Market Structure and Altcoin Movements

Decline in Bitcoin's Dominance

On September 4, The Block data showed:

• Bitcoin's market share in the cryptocurrency market decreased to 55% (previous peak was 62%).
• Altcoins like ETH and SOL are attracting renewed attention from institutional and retail funds.

There are signs of fund rotation in the market, and if altcoins can form real spot demand, they may see an upward trend in the fourth quarter.

Bitcoin Dominance Data

ETH Exchange Reserves Hit Nearly 3-Year Low

On September 4, CryptoQuant data showed:

• Exchange ETH reserves dropped to about 17.4 million (down about 10.7 million from the peak in 2022).
• Over the past three months, withdrawals have accelerated, with about 2.5 million ETH leaving exchanges.
• Since July, net inflows into spot ETH ETFs have exceeded $10 billion.

Increase in Whale Holdings

Whales holding 1,000 to 100,000 ETH have increased their holdings by 14% since April.

This indicates that large investors are continuously accumulating ETH at low levels.

Overall, fund flows indicate that Bitcoin is currently facing increased selling pressure, while ETH and altcoins are receiving attention from institutions and whales, showing a trend of rotation towards high-risk assets.

Ethereum Exchange Reserve Data

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Bitbo data, as of September 5, 2025, Bitcoin's 14-day RSI is 43.28. In terms of range, an RSI between 30 and 50 is generally considered a weak zone, indicating insufficient bullish strength and relative dominance of bears. The current RSI value shows that Bitcoin's short-term momentum is weak, with limited market inflows, and price performance tends to show a downward trend. Although this level has not yet reached the oversold area below 30, it has revealed downward momentum pressure. If the RSI continues to approach and stabilize around 40, the market may gain technical support in that area, triggering a phase rebound; however, if it falls below 35, it will release a stronger bearish signal, suggesting that prices may face further downward risks. Overall, Bitcoin remains in a state of weak bullishness within the current RSI range, and investors need to closely monitor the performance in the 40-35 range to assess the strength transition of subsequent trends.

Bitcoin 14-Day RSI Data Image

2. Moving Average (MA) Analysis

MA5 (5-Day Moving Average): $110,965

MA20 (20-Day Moving Average): $115,054

MA50 (50-Day Moving Average): $115,725

MA100 (100-Day Moving Average): $109,705

MA200 (200-Day Moving Average): $104,381

Current Price: $111,395

MA5, MA20, MA50, MA100 Data Image

In the short term, the current price is slightly above MA5 ($110,965) but still significantly below MA20 and MA50, indicating that while there are slight signs of stabilization in the short term, the overall trend remains in a phase of correction.

In the medium term, both MA20 and MA50 are above the current price, forming a pressure zone, indicating that the medium-term resistance level is in the $115,000-$116,000 range. If the price cannot break through this range, the market may continue to maintain a weak fluctuation.

In the long term, both MA100 ($109,705) and MA200 ($104,381) are below the current price, showing that the long-term trend still maintains a bullish pattern, and Bitcoin remains in a long-term upward channel.

Trend Interpretation:

Short-term: Prices are expected to fluctuate around MA5 and MA100, roughly in the $109,700-$112,000 range.

Medium-term: If it can break through the pressure zone of MA20 and MA50 (around $115,000), it is expected to return to an upward trend.

Long-term: As long as the price does not fall below MA200 (around $104,000), Bitcoin's long-term bullish structure remains intact.

3. Key Support and Resistance Levels

Support Levels: The short-term key support areas are at $110,500 and $109,500. On September 3, Bitcoin's price retraced to the $110,500 level twice without further declines, indicating strong buying support at this price level. Subsequently, during the pullback on September 4, the $109,500 support level was again validated, effectively curbing downward momentum, showing that buying interest is relatively active in that area. If this level is breached, the next line of defense will be at $109,000.

Resistance Levels: Short-term resistance is mainly concentrated in the $112,000 - $113,000 range. From a technical structure perspective, $112,000 is the upper edge of a previous dense trading area, compounded by short-term moving average pressure, making it a primary breakout point. If the price can effectively break through and stabilize above $112,000, it is expected to further challenge the $113,000 level. This area has concentrated short-selling pressure and is expected to become a strong resistance for the short-term market.

Comprehensive Analysis

Overall, Bitcoin's short-term trend remains in a range-bound fluctuation pattern, with bulls and bears repeatedly contesting within the $109,500 - $112,500 range. The support levels below are progressively layered, indicating strong buying interest, while the resistance levels above show significant pressure, making breakthroughs challenging. Before an effective breakout occurs, the market is likely to maintain range consolidation. If it stabilizes above $112,000, it will open up further upward space; conversely, if $109,500 is breached, caution should be exercised as prices may seek confirmation at $109,000 or even lower support levels. In short-term operations, it is advisable to pay attention to the changes in support and resistance within the range and remain flexible in response.

Market Sentiment Analysis

As of September 5, the Fear & Greed Index reported 41 points, situated at the lower end of the "neutral" range, indicating that market sentiment remains cautious, with investors generally maintaining a defensive posture.

Looking back at this week (August 30 - September 5), the daily values of the Fear & Greed Index were: 39 (close to the edge of the "fear" range), 40 (neutral edge), 39 (neutral edge), 39 (neutral edge), 42 (lower end of neutral), 44 (neutral), overall fluctuating between 39 and 44 points, with limited volatility.

Overall, this week, Bitcoin market sentiment has remained oscillating at the lower end of "neutral," with investors adopting a cautious and conservative attitude. Although fear sentiment has not further intensified, the atmosphere of funds waiting on the sidelines is strong, indicating that the market still lacks strong upward momentum. If subsequent prices can effectively stabilize and break through key resistance levels, market sentiment may further recover; conversely, if prices fall again, the index may drop into the "fear" range.

Fear & Greed Index Data Image

Macroeconomic Background

1. Federal Reserve Beige Book Released

Released this Wednesday (September 3), it shows that economic activity in most regions of the U.S. has "remained virtually unchanged" or "slightly weakened," with the labor market remaining stable and inflation on a moderate rise. The report points out structural challenges such as cautious corporate buying, AI replacing some jobs, reluctance to fill positions by institutions, and a decrease in immigrant labor.

The market generally expects the Federal Reserve to take rate-cut measures at the FOMC meeting on September 16-17.

The combination of a weakening economy and increased expectations for rate cuts typically drives investors to turn to non-traditional assets (such as Bitcoin) to seek inflation hedges or risk offsets.

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2. Employment Data Release Imminent

The U.S. August non-farm report will be released this Friday (September 5, 08:30 ET), with the market generally predicting new jobs to be around 73,000 to 75,000, and the unemployment rate may slightly rise to 4.3%.

If the employment data is weaker than expected, it will further strengthen rate cut expectations, benefiting risk assets including Bitcoin.

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3. U.S. Market: Rising Political Risks and Macroeconomic Uncertainty

Trump's Tariffs and Federal Reserve Interventions Cause Market Tension

A court ruled that most of his tariff measures were illegal, raising concerns about refund risks and increasing fiscal pressure, leading to a spike in bond yields and significant market volatility. This has also heightened the appeal of safe-haven assets like gold and Bitcoin.

Investor Uncertainty About Future Policies Increases

Trump's attempts to influence the Federal Reserve's independence have raised market concerns, prompting funds to flow into alternative assets, including gold and Bitcoin.

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4. Tech Giants Boost Stock Market's Brief Recovery

Alphabet and Apple Stock Prices Surge

Alphabet's stock soared about 9% after winning an antitrust case, maintaining its rights to the Chrome browser and collaborating with Apple, which also saw a nearly 4% increase during the same period.

Cryptocurrency "American Bitcoin" Soars

American Bitcoin (stock code ABTC), a Bitcoin mining company related to the Trump family, surged nearly 17% on its first day of trading on Nasdaq, reaching $8.04 per share, with an intraday high of about $14. The stock traded over 29 million shares on its first day on Nasdaq.

5. Safe-Haven Assets Rise

Gold Hits All-Time High

On September 2, gold prices climbed to about $3,578 per ounce, reflecting market unease over U.S. policies and economic turmoil, while supporting Bitcoin's recent upward trend.

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6. Asia-Pacific Region's Policies and Economic Performance Remain Robust

Malaysia's Central Bank Maintains Stable Interest Rates

On September 4, the central bank announced that the key overnight rate would remain at 2.75%, expected to persist until 2027. This decision was made against a backdrop of moderate inflation and sustainable economic growth.

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7. Market Seasonality and Changes in Risk Appetite

September Market Risks Again Raise Concerns

Historically, September is a poor-performing month for U.S. stocks. Coupled with peak debt issuance, rebalancing, and policy ambiguity, the market is particularly fragile this week. Both stocks and bonds are under pressure, volatility is rising, and investors are seeking safe-haven paths.

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3. Hash Rate Changes

Over the past seven days, the Bitcoin network hash rate has shown a broad fluctuation characteristic, forming a cyclical pattern of "decline --- rise --- decline."

In terms of specific trends:

• From August 30 to September 1, the hash rate continued to decline, dropping from 1.1569 ZH/s to around 1 ZH/s and consolidating, followed by a slight rebound, but ultimately refreshed the weekly low on September 1, falling to 847.53 EH/s.
• From September 1 to September 2, the hash rate rose and broke through, not only recovering above 1 ZH/s but also reaching a historical high of 1.2556 ZH/s on September 2, indicating concentrated short-term hash power release.
• From September 2 to September 3, the hash rate gradually declined, sliding from the peak to around 850 EH/s.
• From September 3 to September 4, fluctuations eased, with the hash rate oscillating around 850 EH/s on September 3, and slightly rising to 987.81 EH/s on September 4, overall operating in the range of 850 EH/s to 1 ZH/s.
• On September 5, the hash rate fell back to around 900 EH/s, reporting 905.55 EH/s at the time of writing.

Overall, this week, Bitcoin's network computing power has fluctuated frequently at high levels, showing strong resilience. This may reflect periodic online and offline phenomena of some mining farms due to electricity costs, regional climate, and temporary maintenance, while also indicating that large mining machine groups are flexibly switching operational states between different electricity price windows.

Outlook

On September 2, Bitcoin's single-day hash power reached a historical high of 1.279 ZH/s, refreshing the network record, but during the same period, Bitcoin prices remained relatively stable over the past 24 hours. This indicates that the expansion of hash power on the miner's side is not completely synchronized with market prices, reflecting more the rhythm of mining machine capacity deployment and the allocation of electricity resources.

Meanwhile, the seven-day moving average of Bitcoin's hash rate has also recently broken through 1 ZH/s, confirming that the overall network computing power is entering a high operating range. If this trend continues, it means that the security of the Bitcoin network will be further enhanced, but it may also accelerate the exit of some small and medium miners, as mining difficulty may rise in the next adjustment under a high hash power environment.

In the coming week, the following factors need to be closely monitored:

1. Mining Difficulty Adjustment: If hash power remains at the current high level, a significant increase in the next difficulty cycle is expected, raising miners' marginal costs.

2. Energy Market Volatility: As some regions enter seasonal electricity peaks, mining farms may experience cliff-like fluctuations in hash power again, affecting the overall network hash rate stability.

3. Macroeconomic Environment: If Bitcoin prices remain stagnant for a long time while hash power stays high, the profit margins of some high-cost miners will be further compressed.

In summary, the current high-level fluctuation state of Bitcoin's hash power is more likely to be a "phase peak release," and it may continue to fluctuate within the range of 900 EH/s to 1.2 ZH/s in the short term. In the medium to long term, further judgment on the sustainability of the hash power trend will depend on Bitcoin price movements and the results of mining difficulty adjustments.

Weekly Bitcoin Network Hash Rate Data

4. Mining Revenue

According to YCharts data, over the past week, Bitcoin miners' daily total revenue (including block rewards and transaction fees) fluctuated between $46.67 million and $61.01 million, as follows:

August 30: $54.71 million

August 31: $46.67 million

September 1: $58.51 million

September 2: $61.01 million

September 3: $49.23 million

September 4: $50.42 million

Bitcoin Miners Daily Revenue Data

Overall, this week, Bitcoin miners' revenue exhibited a range-bound fluctuation trend. Revenue briefly surged on September 2 before falling back, mainly influenced by Bitcoin price fluctuations, network hash rate changes, and transaction fee levels.

From the perspective of daily earnings per unit of hash power (Hashprice), Hashrate Index data shows that as of September 5, 2025, Hashprice is $54.47 per PH/s per day. This week, Hashprice has generally followed the Bitcoin price trend, showing a gradual rise after a low-level consolidation, reaching this week's low of $52.49 per PH/s per day on September 1, and rising to this week's high of $55.12 per PH/s per day on September 4. The overall trend shows a gradual recovery after low-level fluctuations, followed by a phase adjustment, which is basically consistent with Bitcoin prices. This also indicates that the current mining economic model is still mainly driven by prices, while the continuous growth of hash power gradually erodes miners' profit margins.

Hashprice Data

August Monthly Mining Revenue Review

According to The Block data, Bitcoin miners' total revenue in August 2025 was approximately $1.66 billion, roughly the same as July (which also had revenue of $1.66 billion). However, the continuous decline in Bitcoin prices in late August, coupled with steadily rising network hash power, has significantly constrained the upward space for miners' overall revenue.

Bitcoin Miners Monthly Revenue Data

Future Outlook

In the short term, mining revenue will continue to be squeezed by both Bitcoin price fluctuations and the continuous growth of overall network hash power. If prices do not break through previous highs, miners' profitability will be further pressured.

In the medium term:

If prices return to an upward trend, miners' revenue is expected to recover, and Hashprice will also improve accordingly.

If hash power continues to expand (driven by the deployment of new-generation mining machines and the addition of hash power in North America, Kazakhstan, etc.), Hashprice may further decline, exacerbating profit differentiation in the industry.

Some high-cost miners may face profitability challenges, leading to a phenomenon of hash power clearing and centralization in the industry, which could actually benefit leading mining companies.

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of September 5, 2025, the Bitcoin network hash power reached 975.41 EH/s, with a mining difficulty of 129.70 T. The next difficulty adjustment is expected to occur on that day, with an estimated increase of about 4.93%, bringing the adjusted difficulty to approximately 136.10 T. This trend indicates that Bitcoin network hash power is still steadily increasing, and competition among miners is intensifying. The increase in difficulty means that under the current electricity cost and hardware efficiency conditions, the mining difficulty for each block will further increase, requiring miners to have more efficient mining machines or lower-cost electricity to maintain profitability.

In the long term, difficulty increases are usually accompanied by a trend of hash power centralization, with large-scale mining farms and miners with efficient ASIC machines occupying an advantage in profit margins. For small and medium miners, if electricity costs or equipment efficiency cannot match the difficulty increase, their mining revenue may be compressed.

Bitcoin Mining Difficulty Data

From the perspective of mining costs, according to MacroMicro's latest model calculations, as of August 3, 2025, Bitcoin's unit production cost is approximately $96,844.76, while the spot price during the same period is $111,723.21, resulting in a Mining Cost-to-Price Ratio of 0.84, indicating that miners still have about a 16% gross profit margin on average. This data shows that while miners remain profitable, their profit levels have slightly tightened compared to earlier periods. This may be related to rising mining difficulty and changes in Bitcoin prices, with market pressures slightly increasing in the short term, but overall still possessing considerable profit margins, supporting miners' continued participation in network maintenance.

Total Mining Cost per Bitcoin Data

At the same time, the on-chain indicator Puell Multiple has declined, maintaining a range of 1.24 to 1.28. The Puell Multiple measures the ratio of the daily Bitcoin issuance value to its annual average issuance value, used to assess miners' profitability levels and the degree of market overheating. The current level indicates:

Miners remain profitable, but profit margins have compressed compared to historical highs.

When the Puell Multiple is below 2, it usually means that market mining profits are moderate or low, and the market is not in an overheated state, which is beneficial for the healthy accumulation of Bitcoin.

Combining the cost-to-price ratio, although miners are profitable, market pressures may gradually increase, especially in the context of rising difficulty or fluctuations in electricity costs, putting high-cost miners under revenue pressure.

BTC Puell Multiple Data

In summary, Bitcoin's overall network hash power continues to grow, and network security remains robust. However, with the increase in mining difficulty and changes in Bitcoin prices, miners' profit margins have been compressed. Considering hash power, costs, and on-chain indicators, the current Bitcoin mining ecosystem is stable, but in the future, attention should still be paid to the impacts of difficulty adjustments, fluctuations in electricity costs, changes in hardware efficiency, and Bitcoin price fluctuations on miners' marginal returns and network hash power.

6. Policy and Regulatory News

Indian Court Sentences 14 in Cryptocurrency Extortion Case to Life Imprisonment

On August 30, it was reported by Deshgujarat that an Indian anti-corruption court sentenced 14 individuals to life imprisonment, including 11 police officers and a former Indian People's Party (BJP) legislator, for kidnapping an Indian businessman and extorting cryptocurrency. The judge found the gang guilty of criminal conspiracy, kidnapping for ransom, illegal detention, and assault.

It is reported that Indian businessman Shailesh Bhatt recovered part of his investment in Bitcoin after the collapse of the BitConnect company he invested in. However, upon learning that he had recovered part of his investment, the aforementioned officials plotted a kidnapping scheme to seize the cryptocurrency, ultimately leading to Shailesh Bhatt agreeing to transfer part of his Bitcoin and $3.6 million in cash before being released.

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PeckShield: August Cryptocurrency Security Incidents Resulted in $163 Million Losses, Up 15% from July

On September 1, it was reported that in 2025, there were approximately 16 major cryptocurrency security incidents, with total losses reaching $163 million, an increase of 15% from July's $142 million.

Among them, the five largest security incidents were: a Bitcoin holder lost $91.4 million; the Turkish cryptocurrency exchange BTCTurk suffered a loss of $54 million; the ODIN•FUN project lost $7 million; BetterBank.io lost $5 million; and CrediX Finance lost $4.5 million. Notably, BTCTurk has suffered significant security incidents twice in the past year, with cumulative losses exceeding $100 million after losing $54 million in 2024.

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7. Mining News

IREN to Pay $20 Million to NYDIG to Resolve Dispute Arising from Bitcoin Mining Equipment Loan Default

On August 30, it was reported by Theminermag that Nasdaq-listed Bitcoin mining company IREN stated in its annual report that it will pay $20 million to NYDIG to resolve disputes arising from defaults on Bitcoin mining equipment loans over the years.

The settlement agreement was first reached in August, with IREN involved in a debt default of $107.8 million at the end of 2022, including interest and late fees. These loans were arranged through NYDIG in 2021 to finance approximately 35,000 Antminer S19 mining machines. IREN stated that the settlement agreement ends all related lawsuits and protects its subsidiaries, executives, and shareholders from further claims, and is currently awaiting court approval for formal closure.

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Research: Corporate Bitcoin Purchases Occur at Four Times the Mining Rate

On August 31, it was reported by CoinDesk that Bitcoin financial services company River stated in a research report that corporations are absorbing Bitcoin at a rate far exceeding the Bitcoin created by miners.

Corporations absorb about 1,755 Bitcoins daily, while the new issuance of Bitcoin is about 450 Bitcoins per day by 2025, meaning that the amount of Bitcoin absorbed by corporations is nearly four times the supply from miners. Funds and spot ETFs add another 1,430 Bitcoins daily, further boosting institutional demand.

Data: An Independent Miner Successfully Mined a New Bitcoin Block, Earning About $340,000

On September 2, it was reported by Cointelegraph that an independent miner successfully mined Bitcoin block 912632, earning approximately $340,000.

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JPMorgan: Total Market Value of 13 U.S. Listed Bitcoin Mining Companies Reached Historical High in August, Up 23% Month-on-Month

On September 2, JPMorgan released a research report stating that the Bitcoin network hash rate returned to historical highs last month, averaging 949 EH/s. The total market value of 13 U.S. listed Bitcoin mining companies reached a historical high of approximately $7.4 billion, a month-on-month increase of 23%. TeraWulf outperformed other companies, rising by 83%, while Greenidge Generation (GREE) underperformed, falling by 22%.

American Bitcoin, Supported by the Trump Family, Successfully Lists on Nasdaq, Stock Price Rises Nearly 17% on First Day

On September 3, it was reported that American Bitcoin (ABTC), a Bitcoin mining company supported by the Trump family, completed its merger with Gryphon Digital Mining and listed on Nasdaq. Donald Trump Jr., Eric Trump, and the mining company Hut 8 collectively hold 98% of the new entity's shares. On September 4, the company's stock price rose nearly 17% to $8.04, with an intraday high of $14 and a trading volume exceeding 29 million shares. Eric Trump stated that their mining costs are only half of the Bitcoin market price and that they have hundreds of millions of dollars in assets and data centers to support them. According to Bloomberg's calculations, their shareholding value has exceeded $500 million. American Bitcoin also plans to emulate MicroStrategy by acquiring listed companies in Japan and Hong Kong to create a Bitcoin reserve platform.

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Donald Trump Jr.-backed Thumzup to Purchase 2,500 DOGE Mining Machines and Increase Holdings in SOL, LTC, XRP, and ETH

On September 5, it was reported by PRNewswire that Thumzup Media Corporation, a social media company with cryptocurrency reserves invested by Donald Trump Jr., announced in a shareholder letter that it has spent $1 million to purchase Bitcoin, while its board has authorized increasing holdings in DOGE, LTC, SOL, XRP, ETH, and USDC. They have also reached a final agreement to purchase 2,500 DOGE mining machines, with plans to add another 1,000 machines later.

8. Bitcoin News

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

1. Bitcoin Treasury Capital Raises 2 Million Swedish Krona and Will Continue to Purchase Bitcoin

On August 30, Swedish listed company Bitcoin Treasury Capital announced the results of its warrant exercise, raising approximately 2 million Swedish Krona. The company plans to use the funds to continue purchasing Bitcoin.

2. China Financial Leasing Group Invests in Bitcoin and Ethereum ETFs

On August 30, China Financial Leasing Group disclosed in its mid-term performance report that it has begun investing in cryptocurrency ETFs, focusing on products that hold physical assets. It currently mainly holds BlackRock's Bitcoin Trust ETF, Huaxia Bitcoin ETF, and Ethereum-related ETFs.

3. El Salvador Increases Holdings by 8 BTC in a Week, Total Holdings Reach 6,285 BTC

On August 31, El Salvador increased its holdings by 8 Bitcoins over the past 7 days, bringing its total holdings to 6,285.18 Bitcoins, valued at approximately $683 million.

4. S-Science Raises Bitcoin Investment Quota to 9.6 Billion Yen

On September 1, S-Science announced that it has significantly raised its Bitcoin investment quota from 500 million yen to 9.6 billion yen (approximately $65.3 million).

5. Japanese Nail Brand Convano Launches Fundraising and Continues to Increase Bitcoin Holdings

On August 31, Japanese nail brand Convano announced a fundraising of $3 billion, aiming to purchase 21,000 Bitcoins, accounting for about 0.1% of the total supply. The company plans to purchase in phases: reaching 2,000 Bitcoins by the end of 2025, 10,000 in 2026, and 21,000 by 2027. Subsequently, the company added 155 Bitcoins on September 1, raising its total holdings to 519.93 Bitcoins, continuing its Bitcoin reserve plan.

6. Metaplanet Becomes the Sixth Largest Bitcoin Holding Company Globally, Plans to Accumulate 210,000 BTC by 2027

On September 1, according to Bitcoin Treasuries data, Japanese listed company Metaplanet has surpassed Trump Media Technology Group (15,000 BTC) and mining company Riot Platforms (19,239 BTC) in Bitcoin holdings after its latest disclosure, becoming the sixth largest publicly listed company by Bitcoin holdings. Previously, Metaplanet's shareholders approved raising up to $3.8 billion through the issuance of preferred shares and other means for further Bitcoin acquisitions. The company's president, Simon Gerovich, stated plans to accumulate 210,000 BTC (approximately 1% of the total supply) by 2027 and to launch new financial instruments such as perpetual preferred shares to aid expansion.

7. Hyperscale Data Increases Bitcoin Holdings, Raises $125 Million and Adds $20 Million in BTC to Balance Sheet

On August 30, NYSE-listed company Hyperscale Data announced plans to raise $125 million through an "ATM" stock issuance plan, with part of the funds allocated for purchasing Bitcoin and XRP, and expanding its Michigan data facility. Subsequently, on September 2, the company announced the addition of approximately $20 million in Bitcoin to its balance sheet as an important measure to enhance its hard asset reserves.

8. Strategy Spends $449 Million to Acquire 4,048 BTC

On September 2, Strategy purchased 4,048 Bitcoins within a week, totaling $449.3 million, continuing to expand its reserves.

9. On September 2, Empery Digital announced an increase of 16.51 Bitcoins, bringing total holdings to 4,081.39 Bitcoins, with a cumulative investment of approximately $480 million. It also repurchased over 1 million shares of common stock.

10. Yoshiharu Global Renamed Vestand, Launches Cryptocurrency Reserve Strategy

On September 2, Japanese ramen chain operator Yoshiharu Global announced its name change to Vestand Inc. and will incorporate Bitcoin and other digital assets into its capital structure.

11. Canadian Restaurant Brand Tahini's Purchases BTC Again, Details Not Disclosed

On September 3, Canadian chain restaurant Tahini's announced another Bitcoin purchase, but did not disclose the specific amount. The company has been continuously increasing its BTC holdings since 2020 and has Bitcoin ATMs in its restaurants.

12. Morgan Stanley Purchased $188 Million in Bitcoin ETFs in Q2

On September 3, Morgan Stanley disclosed that it purchased $188 million worth of Bitcoin ETFs during Q2 2025.

13. H100 Group Increases Holdings by 47 BTC, Total Holdings Exceed 1,000 BTC

On September 3, H100 Group increased its holdings by 47.16 Bitcoins, bringing total holdings to 1,004.56 Bitcoins.

14. Treasury B.V. Completes $147 Million Financing and Has Purchased Over 1,000 BTC

On September 3, according to Cointelegraph, European-based Bitcoin company Treasury completed $147 million in financing, led by Winklevoss Capital and Nakamoto Holdings. The company has purchased over 1,000 BTC.

15. American Bitcoin Holdings Increased to 2,443 BTC, Significantly Higher than Initial Disclosure

On September 4, American Bitcoin disclosed that its holdings have increased to 2,443 BTC, valued at $273 million, a significant increase from the initial disclosure of 152 BTC.

16. Brazilian Listed Company Méliuz Increases Holdings by 9 BTC, Total Holdings Reach 605 BTC

On September 4, Méliuz disclosed an increase of 9.01 Bitcoins, bringing total holdings to 604.69 Bitcoins.

17. Australian Monochrome Spot Bitcoin ETF Holdings Increased to 1,028 BTC

On September 4, Australian Monochrome Spot Bitcoin ETF (IBTC) disclosed that its holdings have reached 1,028 Bitcoins, valued at approximately 174 million Australian dollars.

18. CIMG Launches $55 Million Bitcoin Reserve in Partnership with Merlin Chain

On September 4, Nasdaq-listed company CIMG Inc. (Nasdaq: IMG) announced a strategic partnership with Merlin Chain to launch a $55 million Bitcoin reserve. The first batch of 500 BTC will be on-chain through Merlin Chain's Institutional HODL+ and participate in earning interest. This is the first on-chain Bitcoin reserve pilot driven by a listed company in the industry, providing a compliant, secure, and sustainable BTCfi path for enterprise-level reserves.

19. Figma Reports Q2 Revenue of Nearly $250 Million, Holds Approximately $90.8 Million in Bitcoin Spot ETF

On September 5, Figma released its first performance report since its U.S. IPO. Q2 revenue was $249.6 million, a year-on-year increase of 41%, with expected full-year revenue of $1.021 billion to $1.025 billion, and Q3 revenue expected to be $263 million to $265 million. As of June 30, Figma held approximately $1.6 billion in cash, cash equivalents, and marketable securities, including $90.8 million in Bitcoin spot ETFs. The company stated that this Bitcoin holding is part of its balance sheet and diversified financial strategy, rather than a dedicated Bitcoin treasury company.

Bitwise Analyst: Bitcoin Can Hedge Against U.S. Treasury Sell-Off Pressure

On August 31, Bitwise's European research director André Dragosch stated that gold is usually the best hedging tool during stock market declines, while Bitcoin shows more resilience during U.S. Treasury sell-offs.

Historical data also shows that gold tends to rise during stock market bear markets, while Bitcoin is more supported during U.S. Treasury sell-offs. As of 2025, gold prices have risen over 30%, while Bitcoin has risen about 16.46%, reflecting investors' differentiated choices between the two under rising yields, stock market volatility, and the current president Trump's supportive stance on cryptocurrencies.

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Analyst: AI Will Render Stocks Obsolete, Investors Will Turn to Bitcoin

On September 1, analyst and investor Jordi Visser stated that artificial intelligence is accelerating the innovation cycle, making slow-developing public companies gradually become inefficient investment tools, and Bitcoin will outperform stocks in the coming decades.

Visser pointed out: "Bitcoin is a belief; beliefs are more enduring than ideas. Gold has existed since BC, and Bitcoin will also exist for the long term." He added that AI may compress processes that originally took a century into five years. In the same context, Eric Trump recently predicted at the Bitcoin Asia 2025 conference in Hong Kong that Bitcoin prices will reach $1 million, stating that nation-states, wealthy families, and public companies are buying Bitcoin in large quantities.

UAE Company RAK Properties to Accept Bitcoin and Other Cryptocurrencies for Real Estate Transactions

On September 2, it was reported by Cointelegraph that RAK Properties, one of the largest listed real estate companies in the Emirate of Ras Al Khaimah (UAE), will begin accepting cryptocurrencies for international property transactions.

According to the announcement released on Monday, RAK Properties will start accepting payments in Bitcoin, Ethereum, USDT, and other cryptocurrencies. Cryptocurrency transactions will be processed by the global payment platform Hubpay in the region. Hubpay will first convert the digital assets into the local currency of the UAE before depositing them into RAK Properties' account. According to TradingView data, since its listing on the Abu Dhabi Securities Exchange in 2005, RAK Properties has reached a market value of 4.7 billion dirhams (approximately $1.3 billion).

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Bitwise Advisor: Traditional Value Investing Has Failed, Bitcoin is a Deep Value Asset of "Ideological Investment"

On September 3, BitwiseInvest advisor Jeff Park pointed out in an article that Benjamin Graham's "The Intelligent Investor" is no longer applicable to the current market, and traditional "Newtonian investors" relying on earnings and discount models are gradually failing. He believes that global investment is entering an era of "ideological investors," where capital allocation is increasingly driven by geopolitical, AI, and cultural factors rather than purely yield models.

In this framework, Park views Bitcoin as a deep value asset: its code operates beyond geopolitical interventions; its consensus mechanism reflects the value of computing power and is unrelated to the AI paradigm; its community culture is globally unified and decentralized. He states that Bitcoin possesses both safe-haven and belief attributes, allowing it to maintain resilience amid institutional changes and ideological conflicts, thus becoming a core asset for ideological investors.

QCP: Federal Reserve Independence Draws Attention, Gold and Bitcoin Become Safe-Haven Tools

On September 3, QCP released a briefing indicating that market focus has shifted from rate cuts themselves to the issue of Federal Reserve independence. Analysis shows that the market is pricing in a higher term premium on the long end while lowering the threshold for the dollar's downward cycle. In this context, even if easing policies are implemented, the yield curve tends to steepen, the dollar weakens, and gold and Bitcoin gain support as investors seek to hedge against inflation and governance risks.

After the Jackson Hole meeting, rate cuts are still seen as possible, although inflation is unlikely to quickly return to the 2% target. The market expects two rate cuts this year, but new tariffs may raise inflation expectations, which is worth monitoring.

Coinbase Plans to Launch the First Index Futures in the U.S. Covering Stocks and Cryptocurrencies, Index Composition Includes Seven Giants, COIN, and Two BlackRock Spot ETFs

On September 3, Coinbase announced that its derivatives trading platform continues to expand its product matrix and plans to launch the innovative Mag7 + cryptocurrency stock index futures, which will be the first listed derivative futures contract in the U.S. covering both stocks and cryptocurrencies.

The index composition includes: U.S. "Seven Giants": Apple (AAPL), Microsoft (MSFT), Google (GOOGL), Amazon (AMZN), Nvidia (NVDA), Meta (META), Tesla (TSLA); Coinbase stock (COIN); cryptocurrency ETFs: BlackRock Bitcoin Trust (IBIT), Ethereum Trust (ETHA). The index uses an equal-weight calculation method, with each of the 10 components accounting for 10% weight, and will be rebalanced quarterly to reflect market changes. MarketVector serves as the official index provider. The contracts will use a monthly cash settlement model, with each contract representing 1 times the index value, and trading of this product is expected to be opened to retail users in the coming months.

U.S. Entrepreneur Grant Cardone Lists Miami Mansion for 400 Bitcoins, Transaction Completed Within 72 Hours

On September 4, it was reported by Bitcoin News that U.S. entrepreneur Grant Cardone recently listed his mansion in Golden Beach, Miami for 400 Bitcoins (approximately $43 million), and the property was sold within 72 hours of listing.

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Strike Founder: ETH Cannot Flip BTC, Bitcoin is Currency While Ethereum is Technology

On September 5, Strike founder Jack Mallers responded on the X platform to Ethereum co-founder Joseph Lubin's previous assertion that Ethereum would disrupt Bitcoin's monetary foundation, stating that Ethereum cannot surpass Bitcoin because Bitcoin is currency, representing a $5 trillion opportunity, while Ethereum is a technology, at best a new tech company, and the two cannot be compared.

Jack Mallers specifically pointed out that it is important to note that Joseph Lubin and his team once held 100% of the ETH supply, which sharply contrasts with Bitcoin, as even Satoshi Nakamoto could not pre-mine; every Bitcoin is earned through proof of work, linked to real-world value and income.