Cryptocurrency
Bitcoin Miners Return to Profitability as BTC Continues Market Recovery: Bitfinex

Bitcoin miners are in the green again following BTC’s massive recovery over the past week. On-chain data suggests miners’ BTC sales to upgrade machinery and sustain operations are ending.
The Miner Sustainability metric, an indicator that evaluates the profitability of mining activities after accounting for the cost of hardware and operations, shows that this cohort of market participants is now fairly paid. This marks miners’ return to profitability for the first time in a month.
Miners Are in Profit Again
According to the latest Bitfinex Alpha report, miners have been operating at a loss since the Bitcoin halving in mid-April. This led to a period being marked as unsustainable for mining operations. With this cohort of market participants having completed equipment upgrades, operational costs are expected to be reduced and efficiency enhanced.
The rise in the Miner Profit Sustainability metric will stabilize miners’ financial position and possibly positively influence the crypto market by reducing the need to sell BTC holdings to cover operational costs.
Bitcoin miners have contributed significantly to selling pressure since April. Historically, this cohort of market participants has been a major source of sell-side pressure after each Bitcoin halving in a bid to maintain profitability after block rewards are slashed. However, their impact and influence on the market diminished after each halving due to the consistent decline of block rewards, which decreased the number of BTC they could sell.
“Despite a brief spike in June, the Miner Position Index has now returned to its equilibrium point. This change marks a notable shift in market dynamics, indicating that other forces are now playing a more substantial role in determining the price of BTC,” Bitfinex analysts said.
A Shift in Sell-side Dynamics
One of the major forces now determining downward pressure on BTC’s price is U.S. spot Bitcoin exchange-traded fund (ETF) outflows.
After BTC hit an all-time high in March, ETF outflows dominated the market and overshadowed sell-side pressure from miners. This has shifted the dynamics of the sell-side, with institutional and government BTC movements now playing a more significant role.
Regardless, BTC has been in recovery since July 13, reaching a 38-day high of $68,560 after a 28% rally from its local bottom. Analysts said the uptrend signals strong bullish sentiment in the market, setting the stage for further rallies in the coming months.
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Cryptocurrency
Something Funky Has Been Happening to the Bitcoin Markets Since 2021: Details

The number of Bitcoin (BTC) deposit addresses on exchanges has dropped sharply. Such a pattern points to a deepening long-term conviction among investors.
Data reveals a dramatic reversal in behavior that began after the 2021 cycle peak. Between 2015 and 2021, the number of unique addresses depositing BTC to exchanges steadily increased, averaging 180,000 annually. However, since 2022, that trend has not only stalled, but it has declined consistently.
BTC Exchange Deposit Trend Reverses
According to CryptoQuant’s latest analysis, the 10-year average now stands at approximately 90,000, while the current 30-day moving average is just 48,000. On a daily basis, the number of depositing addresses has dropped to around 37,000, recording a multi-year low. Analysts say that this indicates a growing preference for holding Bitcoin rather than trading it.
The launch of spot Bitcoin ETFs has played a key role, which gave institutional and retail investors access to BTC’s price performance without needing to move or manage the asset directly. Additionally, lower retail trading activity in the current cycle has reduced active deposit behavior.
At the same time, an increasing number of investors, and even corporations, are adopting a savings-oriented approach, treating Bitcoin as a long-term reserve rather than a speculative instrument.
The report said,
“These shifts, which have emerged gradually over time, are precisely what drive Bitcoin’s evolving identity in financial markets. It may well be this transformation that ultimately solidifies BTC’s role as a store of value.”
This sentiment in investor behavior is echoed on a macro scale.
Bitcoin As Modern Reserve Asset
Bitcoin is increasingly seen as a strategic asset for nations seeking to strengthen economic resilience in the current global landscape, according to a recent report by CoinShares. The cryptocurrency’s potential to hedge inflation, diversify sovereign portfolios, and offer protection against geopolitical instability positions it as a modern complement to gold and foreign exchange reserves.
While the US decision in 2025 to add Bitcoin to its reserves is a crucial moment, CoinShares noted that the ongoing skepticism among economists who highlight its volatility and speculative nature.
Despite this, with rising global debt, inflation, and mounting geopolitical tensions, more governments are exploring alternatives. Brazil’s RESBit proposal and Russia’s reported interest in Bitcoin reserves suggest a competitive push to secure a share of the asset’s fixed supply. With a $2 trillion market cap and growing institutional presence, Bitcoin is increasingly viewed as a credible reserve option alongside traditional holdings.
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Cryptocurrency
Shocking Amount of BTC Absorbed by Buyers During Recent Market Turmoil

Bitcoin (BTC) has once again surged past $105,000, propelled by the easing of geopolitical tensions in the Middle East; however, an even more noteworthy story lies beneath the surface: the market has absorbed a colossal wave of profit taking without collapsing.
About 720,000 BTC, sold mainly by recent buyers since mid-April, has been met with an equally strong demand, preventing a more resounding crash despite a $66 billion surge in the Realized Cap of coins held for less than one month.
Profit-Taking Meets Fresh Demand
According to on-chain analyst Axel Adler Jr., the $66 billion increase in Realized Cap for the 0-1 month cohort since April 13 is definitive proof of large-scale profit realization by short-term holders.
While such aggressive selling pressure would typically trigger significant downside, Adler highlighted a critical counterforce: new buyers entering the market have been steadily absorbing this massive supply.
In his opinion, this offsetting has kept Bitcoin trading within a relatively narrow range in the last few weeks.
However, his UTXO Block Profit/Loss Count Ratio Model indicates the profit-taking frenzy may have subsided, dropping from an extreme 34,000 points near BTC’s all-time high in May to just 216 points today.
“Profitable sales have almost disappeared,” noted Adler, while the proportion of loss-realizing transactions has increased. The likeliest explanation is that the wave of eager sellers has largely passed, replaced by buyers accumulating at lower levels, reducing the immediate risk of a sharp crash.
Meanwhile, the global markets are experiencing a sense of relief thanks to an unexpected ceasefire between Israel and Iran. U.S. President Donald Trump confirmed a “Complete and Total” cessation of hostilities, quelling fears of a deeper conflict.
Following that, investors like Daan Crypto Trades and Michaël van de Poppe echoed cautious optimism on X, pointing out that reduced geopolitical risk could ease headline-driven volatility and help Bitcoin regain upward momentum.
What’s Next for Bitcoin?
Indeed, BTC has staged a noticeable recovery since dipping below the symbolic $100,000 mark after the U.S. unleashed airstrikes against several Iranian nuclear installations last week. As of this writing, the king cryptocurrency had climbed 3.8% in the last 24 hours to hover around $105,400 after going as high as $105,927 during the Asian trading session.
On a weekly scale, it remains slightly underwater, down about 1.1%, which is a modest underperformance compared to the broader crypto market’s 0.4% gain over the same period.
The asset also experienced a slight 1.7% dip over the last 30 days, reflecting recent liquidation cascades and historical Q3 headwinds. As analyst Benjamin Cowen previously highlighted, Bitcoin often struggles through the summer months. Past bull cycles saw steep drops of 25–35% between June and July before roaring back in late Q4.
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Cryptocurrency
Nano Labs Bets $500M on Binance Coin (BNB) as Treasury

Nano Labs, a Nasdaq-listed crypto infrastructure company, has announced a $500 million convertible note deal that it will use to acquire BNB as a strategic treasury reserve.
The Hong Kong-based firm, known for designing crypto mining chips, is targeting up to $1 billion worth of BNB, which will eventually put its holding at between 5% and 10% of the token’s entire circulating supply.
BNB Ecosystem Integration
The company’s aggressive move represents a major strategic pivot. It previously focused on Bitcoin (BTC), adopting it as a reserve asset and buying $5.5 million worth of the cryptocurrency late last year.
According to a press release, funding for the BNB accumulation will be provided through convertible notes that mature in 360 days. After that, they’ll be converted into Nano Labs shares at $20 each.
Applauding the initiative, Binance founder Changpeng Zhao clarified that none of his “affiliated entities” participated in the fundraiser, though he remains “extremely supportive.”
Nano Labs is also planning to apply for Hong Kong stablecoin licenses and has specifically mentioned building frameworks for Bitcoin and BNB.
The two developments suggest a cohesive strategy by the firm to position itself at the heart of Hong Kong’s burgeoning regulated crypto market, leveraging the recently passed Stablecoins Bill, which is set to become effective at the beginning of August.
Market Reaction
Since the announcement, Nano Labs’ stock has skyrocketed 163% in pre-market trading according to Google Finance, signaling intense investor interest.
However, the immediate impact on the price of BNB has been more measured. As of this writing, the token had seen a 3.3% increase in the 24 hours following the disclosure, to trade around $638. Nonetheless, this uptick occurred against a backdrop of recent weakness. BNB has been down 2.5% over the past seven days and 3.5% in the last month, underperforming the global crypto market, which is up a slight 0.10% weekly.
Furthermore, technical analysis prior to the news breaking indicated BNB was in a downtrend since being rejected at the $692 resistance in late May, with critical support levels at $630 and $600.
While the Nano Labs commitment provides fundamental support, BNB may still face an uphill battle to reclaim its bullish momentum and challenge its all-time high of $788.84, reached just seven months ago in December 2024.
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