🪙 Bitcoin: CryptoQuant Network Activity Index Nears Four-Year Low

🪙 Miners of the "Satoshi era" have almost stopped selling their coins: in 2025, they sold only 150 BTC, while in 2024 - almost 10,000 BTC.

Previously, such "old" miners often began selling after a sharp increase in price, which often coincided with the peak of the market.

🪙 Bitcoin holders have realized over $650 billion in profits in this bull market, surpassing the 2020-2022 figures.

🪙 Since January, Bitcoin's mempool has been completely empty. Runes' long-term mechanics have not supported the hype, and all other token standards have stopped showing transaction volume, probably shifting to custodial platforms.

📊 Last week, the net inflow into spot Bitcoin ETFs was $2.22 billion, while the net inflow into spot Ethereum ETFs was $283.4 million.

🪙 The second quarter was productive for Bitcoin, with the rate growing by almost 30%. However, in June, the quotes rose by only 2.5%.

🦄 American Bitcoin miner Hut 8, a subsidiary of Eric and Donald Trump Jr. on the board, has raised $220 million ahead of its public listing.

The funds were raised to scale the business by issuing shares, which will be used to purchase equipment and bitcoins.

Hut 8, in turn, also plans to open a subsidiary in Dubai. It will focus on trading strategies and accumulating cryptocurrencies on the balance sheet.

⛔️ Arizona Governor Katie Hobbs has VETOED Bitcoin Reserve bill HB2324, per report.

🔌 🇪🇹Ethiopian authorities to raise energy tariffs amid mining boom

Electricity demand from cryptocurrency mining data centers in Ethiopia will reach 30% of the country's total consumption in 2025 — 8 TWh. This is stated in a report by the relevant ministry.

Against this background, the authorities have planned a tariff reform. Over the next four years, electricity prices for businesses will increase by 400% — from $0.015 to $0.075 per kWh.

All electricity in Ethiopia's national grid is 100% generated from renewable sources, but 25% of the country's capacity is idle due to a lack of imported spare parts for repairs. Large industrial consumers face an average of 39 power outages per month for a total of 21 hours.

🍀 A solo miner successfully mined a Bitcoin block, earning 3.173 BTC ($349,000) in rewards.

A miner with this power has a probability of finding a block of about 1 in 25,000 — that is, a chance of only about 0.004%.

📊Weekly crypto asset flows ($M USD). Bitcoin received $790M and Ethereum $226M, out of a total inflow of $1.042B.

🪙 Bitcoin network volatility and on-chain activity have fallen to October 2023 levels, despite the rate being close to its all-time high.

The volume of transactions in the blockchain fell by 15% in June, which corresponds to the levels at the rate of $28,000-35,000. The mempool is almost completely empty - the share of miners' commission income has decreased to fractions of a percent with the number of unprocessed transactions falling to 5,000-15,000.

The founder of the analytical platform Alphractal, João Wedson, believes that the empty mempool indicates a lack of retail participants in the market.

🪙 The BlackRock iShares Bitcoin ETF has surpassed 700,000 BTC, accounting for 55% of all BTC held in spot Bitcoin ETFs.

🪙 Net Bitcoin flows for public companies (darker) and ETFs (lighter). US public companies bought more Bitcoin than ETFs for the third quarter in a row.

🦄 AI infrastructure provider CoreWeave (CRWV) is acquiring one of the largest Bitcoin miners, Core Scientific (CORZ), to expand its data center capabilities for high-performance computing.

The deal is valued at ~$9 billion. Under the terms of the agreement, existing Core Scientific shareholders will receive 0.1235 shares of CoreWeave at a premium. The latter will have access to 1.3 GW of capacity with the potential to expand by another 1 GW.

⚡ BTC ~ $112,000+

📊 Updating "global liquidity", as Ark sees it, divided by the Bitcoin supply (almost fixed). A local 12-month maximum has been reached, but for example in 2012 the maximum may only be related to the initial emission, which shows a further smooth trend.

⚡ BTC ~ $116,000