Author: Mengqi | Editor: Mengqi

1. Bitcoin Market

From June 14 to June 20, 2025, the specific trends of Bitcoin were as follows:

June 14: Bitcoin briefly rose to $105,889 in the morning session, followed by a technical correction, dropping to $104,835. Although it rebounded to $106,109 at one point, the bullish momentum was insufficient, and the price began a fluctuating downward trend, ultimately closing at $104,867, reflecting signs of market pressure at high levels.

June 15: The market continued the previous day's fluctuating pattern, with bears pushing the price down to around $104,400 before it stopped falling. Subsequently, bulls gradually took control, slowly pushing the price up to around $105,500 and consolidating. Later, BTC further surged to $106,114, then slightly corrected to stabilize around $105,000, closing at $105,591, showing a generally strong fluctuation.

June 16: Bitcoin briefly corrected to $104,572 in the morning but quickly turned strong, starting a steady upward trend. The price continued to rise amidst fluctuations, reaching an intraday high of $107,000, and after a brief consolidation, continued to rise, ultimately closing at $107,486, recording a significant increase, indicating a recovery in bullish confidence.

June 17: Continuing the strength of the previous trading day, Bitcoin further rose to $108,845 after opening, hitting a temporary high before facing significant selling pressure. The price quickly fell back, touching a low of $106,286. Although it rebounded to $107,682 at one point, the bears continued to apply pressure, leading to another decline, ultimately closing at $104,251, with significant daily volatility and increased market fluctuations.

June 18: Bitcoin continued the weakness of the previous day, dropping to $103,622 in the morning, marking a new low for the period. It then quickly rebounded to $105,181, briefly corrected, and consolidated around $104,560, before fluctuating upward to $105,537 and then falling back again. In the evening, volatility intensified, with fierce battles between bulls and bears, ending the day at $104,829.

June 19: The overall market showed a converging fluctuation pattern, with decreasing volatility. In the morning, there were multiple ups and downs, touching a low of $103,695, then quickly rebounding and maintaining a narrow fluctuation around $104,850. The overall daily volatility was significantly reduced compared to previous days, reflecting a rising wait-and-see sentiment in the market. Ultimately, Bitcoin slightly closed down, with the daily line at $104,121, continuing the consolidation rhythm.

June 20: Bitcoin continued the weak fluctuation pattern of the previous day, briefly dropping to $103,988 during the day, then the decline slowed and began a gradual recovery. The current price showed signs of stabilizing at a certain low level. As of the time of writing, Bitcoin was trading around $104,700, temporarily reported at $104,702, with the overall trend still in a narrow fluctuation range, and the subsequent direction awaiting confirmation from trading volume and macro sentiment.

Summary

This week, Bitcoin exhibited a market structure of "highs blocked, fluctuating downwards." From June 14 to 15, Bitcoin fluctuated and consolidated in the range of $104,000 to $106,000, with clear tug-of-war between bulls and bears; from June 16 to 17, the price once strongly broke through, rising from around $104,500 to a high of $108,800, but faced clear pressure at high levels, quickly falling back to the $103,600 area, indicating a decline in bullish momentum; from June 18 to 20, the market entered a stage of fluctuating convergence after a correction, with fierce battles between bulls and bears, and gradually decreasing volatility, reflecting a rising wait-and-see sentiment. Overall, the short-term direction remains unclear, and the subsequent trend awaits guidance from trading volume and news.

Bitcoin Price Trend (2025/06/14-2025/06/20)

2. Market Dynamics and Macro Background

Capital Flow

1. Low On-chain Activity + Large Holders Locking Positions: Bitcoin Market Enters Wait-and-See Phase

According to data from CryptoQuant and Alphractal, since June, the inflow of Bitcoin from whales and retail investors to exchanges has reached a new cycle low, with the number of on-chain transactions dropping to an 18-month low. This reflects a continued cooling of market speculation, with investors preferring to "hold and wait" rather than frequent trading. At the same time, over 20,000 addresses hold Bitcoin worth over $10 million, with a total locked amount nearing $200 billion, accounting for 9.43% of the total supply, indicating that large holders still have high confidence in the medium to long-term trend, providing structural support for the spot market.

2. Bitcoin Derivatives Market: Funding Rates and Options Structure Show Strong Bullish Sentiment

From CryptoQuant and Glassnode data, on June 18, the funding rate for Bitcoin perpetual contracts remained positive (+0.0049%), indicating that bulls need to pay bears, which represents the mainstream market expectation of bullish sentiment.
At the same time, the skew in the options market is significantly tilted towards OTM (out-of-the-money) calls, indicating that capital flow is leaning towards bullish positions, with bullish leveraged positions dominating the market structure.

3. Continuous Net Outflow of Bitcoin from Exchanges: Locking Sentiment High

According to a joint report by AMINA Bank and Glassnode, in the past 30 days, the average daily net outflow of Bitcoin from exchanges was about 72,000 coins, which showed a significant negative correlation (–0.605) with the 4.4% increase in Bitcoin price during this period.
This indicates that users are transferring Bitcoin out of exchanges into self-custody wallets, with locking behavior continuing to strengthen, further weakening short-term selling pressure and providing support for the stability and breakthrough of the mid-term price structure.

4. Growth in Stablecoin Market Cap Provides Liquidity for the Market

As of June, the total market cap of stablecoins has reached $250 billion, with an average daily on-chain circulation of about $15 billion. The continuous issuance of USDT and USDC has enhanced market liquidity, providing liquidity support for the rise of both spot and derivatives markets, and has become a direct medium for new capital entering the market.

5. Spot ETF Funds Dominate Market Structure, Institutions Accelerate Acquisition of Native Exchange Shares

Bitcoin spot ETFs are becoming the main channel for market capital inflow, with their trading volume accounting for 25% of the global BTC spot market, a leap from 10% in October 2024, and once approaching 30%.

Daily ETF inflow/outflow details for this week:

June 16: +$412.2 million net inflow
June 17: +$216.5 million net inflow (seventh consecutive day of net inflow)
June 18: +$388.3 million net inflow

ETF Inflow/Outflow Data Image

This high-intensity inflow not only strengthens the price discovery mechanism of ETFs but also further diverts funds and users from native crypto exchanges.

However, in the short term, the net inflow rhythm of some mainstream ETFs has paused. On June 18 and 19, including ARK, Invesco, and other mainstream ETFs, recorded a "zero inflow" status. This change does not constitute a trend reversal but reflects a shift in short-term capital sentiment towards a wait-and-see approach, possibly awaiting further clarification on macro policies, market direction, or Federal Reserve dynamics, demonstrating a sensitive reaction of capital flow to uncertainty.

Overall, the rapid rise of spot ETFs is reshaping the trading structure and capital pattern of the Bitcoin market. ETF products, due to their compliance, simplified custody processes, and lowered trading thresholds, are seen as ideal tools for institutional capital entry. As Wall Street's financial infrastructure penetrates deeper, the dominance of native crypto trading platforms is gradually being weakened, and the global Bitcoin capital flow is transitioning from "on-chain original ecology" to a deep transformation phase of "compliance-led."

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of June 20, Bitcoin's 14-day Relative Strength Index (RSI) was 55.528, in the "neutral to strong" range (50--70). The current RSI level indicates that market momentum is gradually recovering, with buying sentiment moderately rebounding, but it has not yet entered an overbought state. This value reflects that investors still hold a certain level of confidence in the future market, although there have been no signs of a sharp rise in the short term, the "gradual bottoming" technical structure has begun to show. If the RSI returns above 55, it indicates that short-term selling pressure has been digested, and the market has further rebound potential. If the RSI can continue to break above 60, it will further strengthen the bullish trend or push the price to test previous high resistance levels (around the $106,500 area). Conversely, if the RSI falls back below 50 again, attention should be paid to the possibility of the market returning to a weak fluctuation pattern.

In summary, the RSI is currently in a "fluctuating to strong" phase, which is a typical warming signal, and the technical outlook leans slightly bullish, but it still requires observation of the coordination between trading volume and price to confirm effective breakthroughs.

2. Moving Average (MA) Analysis

5-day Moving Average (MA5): $105,412.20

20-day Moving Average (MA20): $106,200.73

50-day Moving Average (MA50): $100,688.22

100-day Moving Average (MA100): $94,518.36

200-day Moving Average (MA200): $89,697.33

Current Market Price: $104,771.40

MA5, MA20, MA50, MA100, MA200 Data Image

From a short-term perspective: The current price is below both the MA5 and MA20, indicating a slightly bearish short-term trend, with short-term price pressure and certain downside risks.

From a medium-term perspective: However, the price remains significantly above the MA50, MA100, and MA200, indicating that the medium to long-term trend still maintains an upward structure.

The MA50 and MA100 show a "golden cross" pattern, while being far from the MA200, representing a typical bullish arrangement.

If the price can re-establish itself above the MA20 in the short term, it may restart the rebound momentum; conversely, if it continues to be constrained by the MA20, attention should be paid to the effectiveness of support near the MA50 (around $100,700).

In summary: The overall trend is "medium-term bullish, short-term weak fluctuation."

3. Moving Average Convergence Divergence (MACD) Analysis

According to Investing.com data, the MACD fast line is currently below the slow line, with a difference of -17, indicating that market momentum is still in a downward range. The histogram shows a gradually contracting shape, indicating that bearish momentum is weakening and approaching the crossover point.

The current MACD issues a "Sell" technical signal, but it is not a strong short signal, rather closer to a "weak momentum + wait-and-see" phase. If a "golden cross" (MACD fast line crossing above the slow line) forms subsequently, it will be an important reversal confirmation signal. If the fast and slow lines continue to decline, attention should be paid to whether the next support point (such as near the MA50) is broken.

In summary: The MACD shows that short-term bearish dominance exists, but bearish momentum is marginally weakening, belonging to a "low momentum fluctuation" phase, waiting for a clear directional breakout signal.

4. Key Support and Resistance Levels

Support Levels: Bitcoin's current short-term key support levels are at $103,500 and $103,000. During the trading process on June 18 and 19, Bitcoin showed signs of stabilization near the $103,500 support level, with multiple rebounds indicating significant buying support in this area. If the market adjusts again, this range is expected to continue to provide support, becoming a key defensive position for short-term bulls.

Resistance Levels: The short-term core resistance levels are at $105,500 and $106,000, while the upper mid-term pressure level is around $109,000. On June 18, Bitcoin failed to effectively break through the $105,500 price level after a rise, subsequently falling back, indicating strong selling pressure in this area. Earlier this week, from June 14 to 16, Bitcoin repeatedly attempted to rise to the $106,000 price level but failed to break through effectively. On June 17, the price rose to the week's high, close to $109,000, but could not break through and fell back under pressure.

Overall, Bitcoin is currently in a fluctuation range of $103,000--$106,000. If it can break through the $106,000 resistance with increased volume in the short term, it is expected to further test the $109,000 area; conversely, if it falls below the $103,000 support, it may trigger a larger downward adjustment.

Market Sentiment Analysis

1. Sentiment Overview

Overall sentiment in the crypto market this week remained stable but slightly cautious. From June 14 to 17, Bitcoin showed strong performance, rising continuously and briefly breaking through the key resistance level of $106,000, peaking near $109,000, which boosted short-term risk appetite in the market, tilting investor sentiment towards optimism.

However, starting from the evening of June 17, Bitcoin quickly corrected and entered a sideways fluctuation range from June 18 to 20, with prices returning to the $104,000--$105,000 range, leading to a rapid cooling of market enthusiasm. This volatility also prompted some short-term investors to adopt a wait-and-see approach, with overall sentiment returning to a neutral and cautious stance.

2. Key Sentiment Indicator (Fear and Greed Index)

The Fear and Greed Index serves as an important reference tool for measuring investor sentiment in the crypto market, effectively reflecting the phased changes in market risk appetite. As of June 20, the index reported 48, placing it in the "Neutral" range. This indicates that overall market sentiment is in a wait-and-see state, with investors neither showing strong greed nor significant panic, leading to more rational trading decisions.

Looking back at this week (June 14--June 19), the daily values of the index were: 52, 50, 51, 53, 48, 48. Overall, the index roughly maintained in the 48--53 range this week, with slightly positive sentiment in the first half of the week, followed by a decline in the backdrop of price fluctuations and a slowdown in some ETF inflows, indicating a weakening confidence in short-term trends, with investors waiting for further guidance from macro or technical aspects. Currently, market sentiment is overall in a "neutral range fluctuation" state, without forming a trend-extreme signal.

Fear and Greed Index Data Image

Macro Economic Background

Interest Rate Cut Expectations Cool, Market Becomes Cautious

On June 18, the Federal Reserve maintained interest rates at 5.25--5.50% as expected, but the dot plot showed only one expected rate cut for the year, significantly tightening from the "two rate cuts" expectation in March, with several officials even predicting no rate cuts this year. Powell stated that they would continue to be "data-driven" and focus on the potential impacts of tariffs and the Middle East situation on inflation. The overall tone was hawkish, weakening market expectations for liquidity expansion and suppressing Bitcoin's upward momentum in the short term, leading the market to a wait-and-see stance.

Middle East Tensions Escalate, Raising Risk Aversion and Inflation Concerns

The situation between Israel and Iran has escalated again, with Brent crude oil prices briefly breaking above $78 per barrel. A former White House national security advisor warned that if Middle Eastern conflicts continue to escalate, it would raise global inflation and even trigger economic recession, forcing the Federal Reserve to delay rate cuts. The rising geopolitical risks have benefited Bitcoin as "digital gold" due to safe-haven demand, but it is also suppressed by inflation concerns triggered by rising oil prices, presenting a mixed situation.

Trump's Radical Remarks Increase Policy Uncertainty

Trump publicly criticized Powell as "stupid" again, advocating for an immediate 2% rate cut and claiming to consider "personally serving as Fed Chair," raising market concerns about the future independence of policies. He also revealed that Iran is "in contact with the U.S.," briefly bringing expectations of easing tensions in the Middle East. Although these remarks do not have substantial policy effects, they significantly increase the uncertainty of the policy path, temporarily boosting Bitcoin volatility and raising attention to safe-haven assets.

Macro Data Outlook: Inflation and Consumption Data Will Be the Focus
According to predictions from crypto media such as BeInCrypto and CoinWorld, several key macro data points will be released this week, with the market closely watching:

• May retail sales month-on-month are estimated to be -0.6%. If the data is weak, it will strengthen expectations for cooling consumption and rate cuts;

• Initial jobless claims are expected to rise, indicating pressure on the job market;

• FOMC meeting minutes and officials' speeches will continue to release policy guidance signals.

Overall, if the data is generally weak, it will be bullish for Bitcoin and risk assets; conversely, it will increase the risk of a "soft landing" failure, suppressing sentiment in the crypto market.

3. Hash Rate Changes

From June 14 to June 20, 2025, the Bitcoin network hash rate showed fluctuations, with specific conditions as follows:

On June 14, the overall hash rate of the Bitcoin network fluctuated relatively gently, slowly rising from 929.15 EH/s in the morning to 969.11 EH/s, followed by a decline, dropping to a low of 803.44 EH/s, indicating that some nodes briefly went offline or withdrew hash power. Near the end of the day, the hash rate rose again to 936.76 EH/s, reflecting the overall high activity level of the network. On June 15, the hash rate slightly fell to 896.48 EH/s in the early stage, then strongly rebounded to an intraday high of 993.82 EH/s. However, the upward momentum could not be sustained, quickly falling back to 838.80 EH/s at the end of the day, indicating that miners were sensitive to current price fluctuations, and some high-cost equipment may have exited. On June 16, the hash rate continued to rise in the early stage, peaking at 985.81 EH/s, but then quickly fell back due to market sentiment, ultimately closing at 891.79 EH/s, indicating that although there was new hash power joining in the short term, the overall network stability still faced certain pressures.

On June 17, the overall hash rate of the Bitcoin network showed a significant downward trend, continuously retreating from the 900 EH/s level, touching a low of 710.35 EH/s, which was the lowest point of the week. On June 18, the hash rate rebounded from the low of 757.88 EH/s, gradually rising to 850 EH/s, and then continued to rise to 937.52 EH/s, showing signs of recovery in network hash power; however, it slightly fell back at the end of the day, closing at 867.97 EH/s. On June 19, the hash rate showed a downward trend, briefly falling to 802.29 EH/s in the morning, then temporarily rising to 841.82 EH/s, and further falling to 774.98 EH/s before the end of the day. On June 20, the hash rate showed signs of recovery, restoring to around 850 EH/s as of the time of writing, indicating some recovery momentum, with miners' hash power gradually returning to the network.

Overall, this week, Bitcoin's hash rate showed a significant wide fluctuation trend, especially with large fluctuations from June 16 to 17, touching a low of 710.35 EH/s, reflecting that some hash power temporarily exited due to market or operational pressures. Although there was subsequent recovery, the overall network is still in an adjustment phase. At this stage, miners are sensitive to price fluctuations and cost changes, and hash rate fluctuations may continue, with the mining ecosystem accelerating its optimization towards high efficiency and low cost.

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 14: $50.64 million; June 15: $45.80 million; June 16: $49.38 million; June 17: $39.63 million; June 18: $47.26 million. From an overall trend perspective, the average daily total revenue of miners this week roughly maintained between $45 million and $50 million. Overall, the fluctuations in miners' revenue this week are basically consistent with the trends in network hash rate, but due to the decline in trading activity and a significant reduction in transaction fees, the growth space for revenue has been somewhat constrained.

In the past week, the unit hash rate revenue (Hashprice) of the Bitcoin network showed a trend of rising and then falling, peaking at $54.56 per PH/s/day on June 17, which was the highest point of the week; as of June 20, Hashprice fell back to $52.73 per PH/s/day, with limited changes compared to the beginning of the week. From a monthly perspective, the current level is still in a historically low range, while on a quarterly basis, it is at a relatively mid-high position, indicating that under the background of continuous expansion of hash power, unit revenue is facing pressure.

Although the Bitcoin network hash rate reached a historical high of 946 EH/s on June 14 (calculated using a seven-day simple moving average), breaking the previous peak of 943 EH/s on May 31, indicating that network hash power is continuously expanding, miners' actual profits have been continuously shrinking. In the past 30 days, unit hash rate revenue (Hashprice) has decreased from $55.53 per PH/s/day on May 14 to the current $52.92 per PH/s/day, reflecting that even as network security and hash rate competition continue to strengthen, miners have not been able to obtain higher returns simultaneously.

At the same time, the proportion of transaction fees in the miners' revenue structure has significantly declined. According to Luxor's Hashrate Index data, in June, the proportion of fee income in miners' total revenue has dropped to below 1%, marking a new low since 2022. Currently, miners can earn about 3.125 Bitcoins (approximately $327,000) for each block processed, but the average transaction fee is only $1.45, leading to a continuous weakening of the fee's supplementary capacity to miners' total revenue. In the past 24 hours, transaction fees accounted for only 1.32% of miners' single-block income, reflecting a phase of weakness in network utilization.

In summary, although Bitcoin prices remain high and hash rates continue to hit new highs, the profit dilemma faced by miners has not alleviated. CJ Burnett, Chief Revenue Officer of Compass Mining, pointed out that since the 2024 halving, mining revenue has remained near historical lows. In the future cycle, high-efficiency mining equipment and low electricity price resources will become core elements for miners to maintain competitiveness, while miners relying on high operating costs or lacking resource advantages will face increasing survival pressure.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to CloverPool data, the Bitcoin network completed a new round of mining difficulty adjustment on June 14, 2025, at 09:46:44 Beijing time (block height 901,152), with this round of difficulty adjusted down by 0.45%, raising it to 126.41 T. As of the time of writing on June 20, according to CloverPool's real-time data, the Bitcoin network hash rate was 873.05 EH/s. The next difficulty adjustment is expected to occur around June 28, with an expected decrease of 0.35%, bringing the difficulty down to 125.96 T. This trend indicates that although the overall network hash rate remains high, miners' output efficiency is facing phase-down pressure, combined with some old mining machines exiting the network, leading to a slowdown in overall hash rate growth and prompting two consecutive small downward adjustments in difficulty. This phenomenon also suggests a continuous exit or transformation of miners under high-cost conditions.

On the other hand, mining costs are rising significantly. According to the latest report released by TheMinerMag on June 17, the average Bitcoin mining cost in the second quarter of 2025 is expected to exceed $70,000 for the first time, up about 9.4% from approximately $64,000 in the first quarter. This round of cost increase is driven by two main factors: first, the network hash rate has continuously reached new highs this quarter, increasing the competitive cost per Bitcoin; second, the upward pressure on energy prices, especially in some major mining bases in the U.S., such as Texas, where energy costs continue to rise. The report pointed out that listed mining companies like Terawulf have seen their unit energy costs rise by over 100% compared to the same period last year.

Overall, Bitcoin mining activities are currently in a "high cost, high hash rate, low unit revenue" phase. Although the network difficulty has seen a technical downward adjustment, due to rising electricity resource costs and ongoing fierce competition, miners' profit margins are further compressed. In the future cycle, the profitability of mining operations will heavily depend on hash rate efficiency, energy allocation, and operational cost control. For small and medium-sized miners lacking low electricity price resources or using old equipment, the pressure to exit will significantly increase.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

Michael Saylor to Serve as Advisor to Help Pakistan Establish Bitcoin Reserve Program

On June 16, it was reported that Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), met with Pakistan's Finance Minister Muhammad Aurangzeb and Blockchain Minister Bilal Bin Saqib to discuss how Bitcoin can operate as a national reserve asset. Saylor expressed his willingness to serve as an advisor for Pakistan's cryptocurrency program.

Pakistan has recently shifted to support cryptocurrencies, establishing a cryptocurrency regulatory body last month and planning to create a Bitcoin reserve. Minister Saqib stated that Pakistan should follow Saylor's example of transforming Strategy into a Bitcoin purchasing tool.

The Pakistan Crypto Committee submitted a draft legal framework on June 6, and the Ministry of Finance agreed to expedite the approval process. The Pakistani government hopes to lead the global South in the development and adoption of digital assets.

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Texas Bitcoin Reserve Bill Faces Deadline on Sunday; Inaction by Governor Will Automatically Enact It

On June 17, it was reported that Texas Governor Abbott must make a decision on the Bitcoin reserve bill SB 21 by the end of this week; if no action is taken, the bill will automatically take effect under the Texas Constitution.

Brazil's Bitcoin Reserve Bill Has Passed First Committee Review

On June 17, it was reported that Brazil's Bitcoin reserve bill "PL 4501/2023 or PL 4501/2024" has passed the first committee review. The bill proposes to establish a "sovereign strategic Bitcoin reserve," allocating up to 5% of foreign exchange reserves to Bitcoin. Once implemented, Brazil will become the second Latin American country to establish a legal BTC reserve after El Salvador. Brazil's Chief of Staff Pedro Giocondo Guara stated in March that the "strategic sovereign Bitcoin reserve" is crucial for national prosperity and is a matter of public interest, referring to Bitcoin as "the gold of the internet."

Ohio Passes HB 116 "Bitcoin Rights" Bill

On June 18, it was reported that Ohio's "Bitcoin Rights" bill HB 116 passed the House Technology and Innovation Committee with a vote of 13-0 and will be submitted to the Senate for review. The bill protects self-custody rights, ensures mining and node operation, and establishes a $200 tax exemption for capital gains on digital asset transactions.

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French Parliament Rejects Proposal Related to Bitcoin Mining

On June 19, it was reported that the French National Assembly rejected a proposal to discuss Bitcoin mining as a potential destination for France's energy surplus. The proposal was rejected for procedural reasons and did not enter substantive discussion. This proposal aimed to assess "the conditions for developing Bitcoin mining activities in France, using it as a tool to utilize surplus electricity production, stabilize the grid, and optimize nuclear power plant operations."

Arizona's Bitcoin Reserve Bill HB 2324 Passed in the Senate

On June 20, it was reported that Arizona's Bitcoin reserve bill HB 2324 was passed in the Senate with a vote of 16-14 after a motion for reconsideration, and it has now been submitted to the House.

7. Mining News

Pakistan Utilizes 2,000 MW of Surplus Power for Bitcoin Mining and AI

On June 13, it was reported that Pakistan is utilizing 2,000 MW of surplus power for Bitcoin mining and AI development to reduce electricity waste and promote technological development.

Russia Uncovers Illegal Bitcoin Mining Case Using Trucks and Seizes 95 Mining Devices

On June 14, it was reported by the Russian state news agency TASS that illegal cryptocurrency mining activities hidden in a Kamaz truck were discovered during routine power line inspections in the Baikal region. The truck was drawing power from a 10 kV line and contained 95 mining devices and a mobile substation, but two individuals involved fled the scene in an SUV before the police arrived. Buryatia Energy, a subsidiary of Siberian Power Company, stated that there have been six cases of power theft related to cryptocurrency mining since the beginning of this year.

Reuters: Three Leading Chinese Bitcoin Mining Machine Manufacturers Establish Manufacturing Bases in the U.S.

On June 18, it was reported by Reuters that Trump's tariff war is reshaping the cryptocurrency supply chain, with the three largest Bitcoin mining machine manufacturers, Bitmain, Canaan Creative, and MicroBT (all from China), establishing manufacturing bases in the U.S. This move may protect them from tariff impacts, with Bitmain starting production of mining machines in the U.S. last December, Canaan Creative piloting production, and MicroBT actively promoting a localization strategy in the U.S. Analysts estimate that by 2028, these three companies will dominate a cryptocurrency mining machine manufacturing industry valued at $12 billion.

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Russian Deputy Finance Minister: Only 30% of Miners Have Registered, Industry Still Needs "Cleansing"

On June 20, it was reported by TASS that Ivan Chebeskov, Deputy Minister of Finance of Russia, stated at the St. Petersburg International Economic Forum that currently only about 30% of cryptocurrency miners have registered with the Federal Tax Service for compliance. The remaining two-thirds of miners remain in a "gray area," and authorities will continue to promote the mining registration system to push the industry towards full "cleansing."

8. Bitcoin News

Global Corporate Bitcoin Holdings Dynamics (Weekly Statistics)

1. Metaplanet's Holdings Exceed 10,000 BTC, Valued Over $1 Billion, Surpassing Coinbase

On June 16, it was reported that Japanese listed company Metaplanet announced an increase of 1,112 Bitcoins, bringing its total holdings to 10,000, surpassing Coinbase's 9,267, ranking ninth among global listed companies. After this increase, Metaplanet's total Bitcoin market value exceeded $1.075 billion.

2. Australia's Monochrome Bitcoin ETF Holdings Rise to 765 Coins
   On June 17, it was officially disclosed that Monochrome's spot Bitcoin ETF (IBTC) held 765 Bitcoins as of June 16, valued at approximately 126 million Australian dollars.

3. Genius Group's BTC Holdings Increase to 100 Coins, Targeting 1,000 Coins
   On June 17, it was reported that Singapore's AI education company Genius Group announced an increase in Bitcoin holdings to 100 coins, planning to gradually expand to 1,000 BTC.

4. The Blockchain Group Increases Holdings by 182 Bitcoins
   On June 18, it was reported that The Blockchain Group increased its holdings by 182 BTC, valued at approximately 17 million euros (about 19.6 million dollars), bringing its total holdings to 1,653 coins. The company stated that Bitcoin's return this year has reached 1,173%, and it will continue to increase its holdings.

5. Spanish Vanadi Coffee Announces Purchase of 20 Bitcoins
   On June 18, it was reported that the Spanish coffee chain brand Vanadi Coffee announced the purchase of 20 BTC, bringing its total holdings to 30 coins.

6. Bitmine Immersion's Holdings Rise to 154.167 Bitcoins
   On June 18, it was reported that U.S. software company Bitmine Immersion Technologies announced an increase in BTC holdings, bringing its total to 154.167 coins. The company has invested approximately $16.347 million, with an average purchase price of $106,033 per coin, with the funds for this purchase coming from the issuance of common stock.

7. The Smarter Web Company Increases Holdings by 104.28 Bitcoins
   On June 19, it was reported that London-listed tech company The Smarter Web Company announced an increase of 104.28 BTC, with an average purchase price of $104,451, bringing its total holdings to 346.63 coins.

Trump Media Technology Group's Bitcoin Treasury Registration Statement Has Been Approved by the SEC

On June 14, it was reported that Trump Media and Technology Group Corp., listed on NASDAQ and NYSE Texas, announced that its previously submitted S-3 registration statement was approved by the U.S. Securities and Exchange Commission on June 13, 2025. Trump Media Technology Group operates the social media platform Truth Social, streaming platform Truth+, and fintech brand Truth.Fi, and announced last month that it had raised approximately $2.5 billion from institutional investors to support one of the largest Bitcoin reserve allocations by a public company. The company's CEO stated that the registration statement registers investors for the resale of approximately 56 million shares and 29 million convertible notes to support its establishment of a Bitcoin treasury.

Analysis: Bitcoin Remains Strong Amid Escalating Middle East Conflicts and Trade War Concerns, Maintaining an Upward Trend in Low Points

On June 14, it was reported that due to traders weighing geopolitical impacts and tariff uncertainties, Bitcoin briefly fell below $104,200 overnight but subsequently rebounded on high trading volume and quickly stabilized, currently hovering around $105,100, down 0.22% in the past 24 hours, as traders have largely digested the geopolitical tensions. Traders seem to lean towards a mid-term bullish outlook, as despite the fluctuations in Bitcoin, it maintains an upward trend in low points, with profit-taking around $106,000 limiting upward momentum, while support near $105,000 continues to attract buying on dips. Market participants are closely monitoring this range, especially as safe-haven demand and risk sentiment remain intertwined.

Michael Saylor: Global Capital Will Flow into the Bitcoin Network

On June 14, it was reported that Strategy founder Michael Saylor stated that all global capital will gradually flow into the Bitcoin network and other digital spaces. He believes that the U.S. should hold as much Bitcoin as possible as early as possible to seize the opportunity before other countries realize its value. Saylor emphasized that the Bitcoin network, as a decentralized financial infrastructure, will become the core of future capital flows.

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Coatue Founder: Bitcoin Will Become a More Core Asset in Investment Portfolios

On June 14, it was reported that Philippe Laffont, founder of hedge fund giant Coatue Management, stated at the Coinbase cryptocurrency summit in New York that although investors may have been deterred by Bitcoin's early volatility, its volatility has decreased over time, meaning the cost of investing in Bitcoin is declining, and institutional acceptance of Bitcoin is a sign of the cryptocurrency's maturity.

In addition, the number of Bitcoin wallets holding cryptocurrency for at least a month and then selling all has significantly decreased, indicating that investors are holding cryptocurrencies for the long term rather than trading. Of course, at this stage, Bitcoin's proportion in global net assets remains very small (about $2 trillion out of $50 trillion), and if Bitcoin is viewed as a value asset by more people, it must become a more core asset in investment portfolios.

Glassnode: Bitcoin's Upward Trend Has Not Changed Due to Significant Growth in Previous Two Cycles

On June 15, it was reported that Glassnode stated on the X platform that although Bitcoin's market value has significantly increased compared to the previous two cycles, the development trend of the current cycle has not changed due to the increase in market value, continuing the growth trend of the previous two cycles. Data shows that Bitcoin's increase was 1,076% from 2015 to 2018, 1,007% from 2018 to 2022, and 656% from 2022 to present, indicating that the growth in market demand is synchronized with Bitcoin's mature development, which is also a sign that investors remain optimistic about Bitcoin.

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Opinion: Public Companies Face Capital Reallocation; Traditional Companies Not Adopting Bitcoin Strategies May Be Eliminated

On June 15, it was reported that David Bailey, president of Bitcoin Magazine, stated on the X platform that whenever a company adds Bitcoin to its treasury, it eliminates a traditional company that does not own Bitcoin. Nowadays, a company's liquidity is essentially Bitcoin's liquidity, and if it does not join, it will face "death."

In response, Adam Back, co-founder and CEO of Blockstream, stated that companies adopting Bitcoin treasury strategies are eating into the "lunch" of public companies, and if you ignore the biggest arbitrage of this century, capital reallocation will leave you behind; this is really not an option.

DDC Enterprise Plans to Raise $528 Million to Expand Bitcoin Reserves

On June 17, it was reported that DDC Enterprise Limited, a company listed on the New York Stock Exchange, announced that it has signed three securities purchase agreements, with a maximum expected fundraising of $528 million after deducting placement agent fees and issuance costs.

Investors include Anson Funds, Animoca Brands, Kenetic Capital, QCP Capital, and a network of leading institutional funds and individual Bitcoin investors, with the raised funds all intended to expand the company's Bitcoin reserves.

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BBVA's Private Banking Division in Spain Advises Clients to Allocate 3% to 7% of Their Portfolios to Bitcoin

On June 18, it was reported that BBVA's private banking division in Spain advised clients to allocate 3% to 7% of their portfolios to Bitcoin.

Semler Scientific Appoints Bitcoin Strategy Director, Aiming to Hold at Least 10,000 BTC by End of 2025

On June 20, it was reported that Nasdaq-listed medical technology company Semler Scientific (NASDAQ: SMLR) appointed Joe Burnett as Bitcoin Strategy Director; the goal is to hold at least 10,000 Bitcoins by the end of 2025 and reach 105,000 coins by the end of 2027.

Joe Burnett is a leading figure in Bitcoin and financial markets. Previously, he served as the market research director for Unchained, a financial services company focused on Bitcoin, dedicated to promoting the broader application of Bitcoin in capital markets and helping shape institutional understanding of collaborative custody. Before joining Unchained, Joe was the chief analyst and product manager at Blockware Solutions and helped launch one of the largest Bitcoin mining platforms in the U.S., Blockware Marketplace.