Key takeaways:

• Bitcoin miners sold $485 million worth of BTC during a 12-day period ending Aug. 23.

• Despite miners selling, Bitcoin’s network hashrate and fundamentals remain resilient.

Bitcoin (BTC) reclaimed the $112,000 mark on Thursday, recovering from a six-week low hit just two days prior. Despite the bounce, traders remain uneasy as Bitcoin miners have been offloading coins at the fastest pace in nine months. The question is whether this signals the start of deeper trouble or if other factors are driving the recent outflows.

Miner wallets tracked by Glassnode show steady reductions between Aug. 11 and Aug. 23, with little sign of renewed accumulation since then. The last stretch of consistent withdrawals exceeding 500 BTC per day was back on Dec. 28, 2024, after Bitcoin repeatedly failed to hold above $97,000.

In the latest sell-off, miners unloaded 4,207 BTC, worth roughly $485 million, during the 12-day period ending Aug. 23. That compares with a previous accumulation phase between April and July, when miners added 6,675 BTC to their reserves. Miner balances now stand at 63,736 BTC, valued at more than $7.1 billion.

While these flows are relatively small compared with allocations from companies like MicroStrategy (MSTR) and Metaplanet (MTPLF), they tend to fuel market speculation and FUD. If miners are facing tighter cash flow, selling pressures could escalate unless profitability improves.

Over the past nine months, Bitcoin has gained 18%, but miner profitability has dropped by 10%, according to HashRateIndex data. Rising mining difficulty and weaker demand for onchain transactions have weighed on margins. The Bitcoin network continues to self-adjust to support an average block interval of 10 minutes, but profitability remains a concern.

The Bitcoin hashprice index currently stands at 54 PH/second, down from 59 PH/second a month ago. Even so, miners hardly have grounds to complain: the indicator has improved dramatically from levels seen back in March. According to NiceHash data, even Bitmain’s S19 XP rigs from late 2022 remain profitable at $0.09 per kWh.

Bitcoin miners face AI competition but remain resilient

Some investor disappointment stems from a growing shift toward artificial intelligence infrastructure. This narrative gained traction after TeraWulf (WULF) struck a $3.2 billion deal with Google in exchange for a 14% equity stake. The funds will be used to expand TeraWulf’s AI data center campus in New York, slated to launch operations in the second half of 2026.

Related: Bitcoin to hit $1.3M by 2035 as institutions drive demand–Bitwise

Other miners are following a similar pivot. Australian firm Iren, formerly known as Iris Energy, has accelerated the acquisition of Nvidia GPUs and is building a liquid-cooled AI data center in Texas, along with a new site in British Columbia that will hold as many as 20,000 GPUs. Meanwhile, Hive, previously Hive Blockchain, has committed $30 million to expand GPU-powered operations in Quebec.

Despite the buzz around AI, Bitcoin’s own fundamentals remain solid. Network hashrate is nearing an all-time high at 960 million TH/second, up 7% in the past three months. That strength counters fears about miners’ net outflows or the lack of profitability gains across the sector.

There’s no evidence that miners are under immediate stress to liquidate positions, and even if selling continues, inflows into corporate reserves are more than capable of countering the effect.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

]]> https://earlybirdsinvest.com/bitcoin-miners-cash-out-485m-as-btc-struggles-to-hold-112k-red-flag/feed/ 0 55630 https://earlybirdsinvest.com/bitcoin-etfs-pull-408m-fidelity-ark-spark-the-next-btc-wave-as-eth-struggles/ https://earlybirdsinvest.com/bitcoin-etfs-pull-408m-fidelity-ark-spark-the-next-btc-wave-as-eth-struggles/#respond Thu, 03 Jul 2025 08:46:12 +0000 https://earlybirdsinvest.com/bitcoin-etfs-pull-408m-fidelity-ark-spark-the-next-btc-wave-as-eth-struggles/

Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

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Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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Last updated: 

July 3, 2025

Bitcoin exchange-traded funds (ETFs) dominated institutional flows, with a massive $407.78 million in daily net inflows on July 2, bringing cumulative inflows to $49.04 billion.

In contrast, Ethereum ETFs faced modest $1.8 million outflows, according to data from SosoValue.

The stark difference resulted from Bitcoin’s continued institutional appeal as BTC reached weekly highs of $109,000 on July 2, positioning it for potential breakouts toward $112,000 targets.

Fidelity’s FBTC led Bitcoin ETF inflows with $183.96 million, followed by ARK21Shares’ ARKB at $83 million and Bitwise’s BITB contributing $64.94 million.

BlackRock’s IBIT, despite recording zero inflows on the day, maintains its dominant position with $76.31 billion in net assets and $52.42 billion in cumulative inflows since launch.

The performance disparity between Bitcoin and Ethereum ETFs followed the broader market trend, as Bitcoin maintains psychological support above the $100,000 level defended since early May.

Total Bitcoin ETF assets under management reached $136.68 billion, representing 6.30% of Bitcoin’s total market capitalization. This indicates a significant level of institutional adoption.

Trading volumes also surged to $5.22 billion across Bitcoin ETFs, with IBIT alone generating $4.08 billion in daily trading activity.

Institutional Momentum Drives Record Bitcoin ETF Adoption

Bitcoin ETF inflows demonstrate sustained institutional conviction, despite broader market volatility, with the latest inflows representing the continuation of aggressive accumulation patterns seen so far in 2025.

Particularly, Fidelity’s FBTC leadership, with $183.96 million in inflows, resulted from the growing competition among major asset managers for Bitcoin market share, following BlackRock’s early dominance.

The growing competition has led to a broad-based institutional adoption, rather than concentrated buying from a single entity.

Interestingly, corporate treasury strategies are increasingly embracing ETF structures over direct ownership of Bitcoin.

Design giant, Figma, recently revealed in its IPO filing that it has $69.5 million in Bitcoin ETF holdings, plus $30 million earmarked for future cryptocurrency investments.

This pattern is becoming increasingly adopted, and public companies that can’t hold directly prefer regulated exposure through established financial products.

Regionally, European expansion is also accelerating through structured products, such as the recent UniCredit’s Bitcoin ETF certificate, designed for Italian professional clients. The five-year instrument offers capital protection with 85% upside participation.

Moreover, the regulatory landscape continues to evolve favorably with the SEC’s July 1 guidance streamlining token-based ETF approvals and enabling a 75-day review process.

The new guidance establishes clearer pathways for crypto ETF approvals by implementing standardized disclosure frameworks that encompass custody practices, conflicts of interest, and creation and redemption mechanisms.

Ethereum ETFs Face Headwinds Despite Previous Momentum

Ethereum ETFs experienced modest $1.8 million outflows on July 2, contrasting sharply with their previous dominance, as they had recorded $240.29 million in daily inflows during June, surpassing Bitcoin ETFs’ performance at that time.

The June surge represented the strongest performance of Ethereum ETFs in four months, coinciding with ETH climbing above $2,800 for the first time since February.

BlackRock’s ETHA led that momentum with $163.6 million in single-day inflows, maintaining a 23-day streak without outflows while managing over 1.55 million ETH valued at $4.23 billion.

Current outflows may result from profit-taking following Ethereum’s technical breakout above multi-year descending trendlines.

The asset completed an inverse head-and-shoulders pattern with projected targets around $3,300, but recent rejection from $2,834 highs suggests consolidation phases before continued advances.

Ethereum staking also reached an all-time high of 34.65 million ETH locked on the Beacon Chain, representing nearly 29% of the circulating supply.

Long-term holders are holding on through staking despite short-term ETF flow volatility. They’re prioritizing yield generation over immediate liquidity.

Regulatory developments further support the growth of multi-asset crypto ETFs, as seen in Grayscale’s Digital Large Cap Fund conversion, which holds Bitcoin (79.9%), Ethereum (11.3%), and also XRP, Solana, and Cardano.

Similarly, the REX Osprey Solana Staking ETF was launched on Wednesday as the first US-listed fund to incorporate crypto staking.

This regulatory development could enable similar Ethereum staking products that combine institutional access with yield generation.

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After weeks of trading above the $100,000 threshold, Bitcoin’s price has fallen below this psychological level with the heightened bearish state of the crypto market. However, the flagship asset has recovered to this level, and it is now trading slightly above $102,000. Within this waning price action is a positive trend and activity spotted among key BTC investors.

Classic BTC Whales Maintain a Neutral Stance

During the weekend, Bitcoin experienced a sharp decline as macroeconomic conditions remained bearish. On-chain data shows that BTC’s waning price action has not entirely influenced the conviction of many investors, especially whales.

Alphractal, a data analytics and investment platform, reported that the true and classic whale investors are still maintaining a neutral stance, neither bullish nor bearish. The platform revealed the development following its investigation of the Bitcoin Whale Transaction metric to gauge big investors’ transactions. 

According to the platform, the volume of on-chain BTC transactions over $100,000 stays at neutral to low levels. A look at the chart shows that this trend and position also occurred back in 2020, indicating a potential market reaction akin to that of the 2020 bull cycle.

Such steady behavior from whales points to a wait-and-see strategy by these investors, indicating neither terror nor euphoria. Despite short-term volatility, their neutrality might indicate greater market apprehension or faith in Bitcoin’s long-term course.

The on-chain platform highlighted that OG Whales usually shift enormous amounts of BTC during bull runs. However, this trend identified among these key investors in the bull market phase has not happened since 2022.

Bitcoin’s recent pullback has raised concerns about its near-term prospects as the flagship asset dropped to the Short-Term Holders Realized Price. Alphractal noted that Bitcoin had reached the STH realized price after declining below the $99,000 zone.

According to Alphractal, this is the point where it hits the average price of every BTC bought in the last 155 days. In the meantime, the expert has urged investors to be extra cautious since this could be the primary short-term support.

BTC To Rally In The Near Term

While BTC struggles to regain upside traction, Batman, a crypto expert, stated that the asset is still holding strong at support and showing good resilience. Since rising above the $100,000 mark, Bitcoin has maintained its position above this level for over 44 straight days, reflecting its resilience even during market whirlwinds. “That’s a good sign in the tough market we have seen lately,” he added.

Batman noted that if this support continues to hold, BTC may push toward the $120,000 level in the short term. This expected surge aligns with the last phase of the Wyckoff theory, which the expert believes will start sooner or later.

Featured image from Pixabay, chart from Tradingview.com

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A widely followed crypto strategist believes that shallow corrections are the norm for Bitcoin as BTC flashes strong upside momentum.

Pseudonymous analyst Pentoshi tells his 864,500 followers on the social media platform X that Bitcoin looks bullish amid sustained demand from corporations and exchange-traded fund (ETF) investors.

According to the trader, the steady inflows suggest that a drop below $100,000 would represent the bleakest scenario for BTC at this stage.

“I’d only be concerned for BTC if we lost [$104,000] and started to close under the previous all-time high closes and range highs. Absolute worst case in my opinion would be mid $90,000s. For now, we are trading above. So, bias should be continuation.

Even then, I don’t think there’s enough supply to stay down for long at the rate it’s being GOBBLED up.

ETFs have that gluck gluck 3000 going and are sucking supply dry, absolutely milking it and same with Saylor

The printers never truly stop.” 

At time of writing, Bitcoin is trading for $108,959.

According to Pentoshi, Bitcoin is on track to break out against gold, ultimately leaving the precious metal far behind.

“At some point, BTC is going to make new highs vs Gold and never look back.

The fastest growing ETF in history tells you everything you need to know, as well as the companies getting exposure.”

Turning to the layer-1 protocol Solana, the analyst thinks SOL will head above $200 if it manages to convert the $180 resistance into support.

“SOL hit $187 today.

Flip this area to support, and we see $220 next in my opinion.”

At time of writing, SOL is worth $176.

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New Accounts On Shibarium Fall Below 100

The new account metric tracks the total number of brand new accounts that are created on the Shibarium network daily. This is different from the total daily users as it only tracks new accounts and not existing accounts. It also helps to show the adoption rate as more new accounts signing up shows adoption is rising and the number falling means the opposite.

Presently, the Shibarium network is falling behind as the total number of new accounts signing up have fallen below the 100 mark. This comes after a major spike at the beginning of May 2025 when a total of 5,111 new accounts were created on May 6th alone.

Since then, the number has crashed by over 99%, dropping first to just above 200 new daily accounts, before bottoming out below 100. Data from ShibariumScan shows that in the last four days, fewer than 100 new accounts have been recorded daily.

This also coincides with a sharp decline in the active accounts on the network, going from over 21,000 daily at the start of May to less than 15,000% by the middle of the month. New transaction figures have also fallen with 1.87 million recorded on Tuesday compared to the 3 million average at the start of the month.

Shiba Inu Follows Bearish Trend

The trend of low adoption recorded on the Shibarium blockchain has also been felt in other areas such as the total addresses holding the Shiba Inu token. According to IntoTheBlock, the total addresses holding Shiba Inu have seen a decline over the last couple of days. This metric went from above 1.4 million to 1.39 million addresses. A small decline, but nonetheless pointing to an exit from the cryptocurrency by investors.

At the same time, the Shiba Inu price has also struggled to stay afloat at this time. Caught in a power struggle between the bears and the bulls, Shiba Inu has seen its price constrained to a tight range of $0.000014 and $0.000017. If the sell-offs continue, then the meme coin could break below the support currently being established at $0.000014.

The benchmark was designed to evaluate vision-language models like GPT-4o, Claude Sonnet 3.7, and Gemini 2.5 Pro using a set of 20 popular games, including Doom, Prince of Persia, and Warcraft II.

Instead of relying on code or special inputs, these models were only given the visual game screen to decide their next move. The AI takes a screenshot, analyzes it, suggests an action, and then tries to carry it out.

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This delay is especially noticeable in fast-paced games like Doom, where quick reactions are key. If the AI takes too long to respond, the situation on the screen has already changed, which makes its decision outdated. For example, an enemy might have moved, or the player may already be in danger before the model responds.

According to the research team, current models are not only slow to react but also struggle with basic tasks. They often miss items, fail to interact with the environment properly, or keep repeating the same actions without making progress.

The team used older Game Boy and MS-DOS games because their simple graphics and variety of control types provide a good way to test how well models understand space and timing.

The benchmark was developed by computer scientist Alex Zhang, who explained that these games help reveal how much work is still needed before AI can play games reliably in real-time.

Meanwhile, on April 14, Meta received approval from the EU’s data regulator to use public posts from its platforms to train its AI systems. What does this mean? Read the full story.

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Over time, Ethereum, the second-largest crypto asset and largest altcoin, has often spearheaded an Altcoin Season due to its significant performance after the market shifts from a Bitcoin season to an altcoin season in each bull market cycle. In spite of this waning performance of the king of alts, an altcoin season is still likely to occur in the near term.

Is An Altcoin Season On The Horizon?

With the heightened volatility and BTC’s robust market dominance, the possibility of an Altcoin Season happening in this cycle is looking slim. However, an on-chain expert and the CEO of Alphractal Joao Wedson believes that this sustained Bitcoin’s dominance could be laying the groundwork for a huge altseason in the foreseeable future. Historically, altcoin seasons have followed periods of Bitcoin dominance. 

Joao Wedson highlighted that Ethereum’s waning performance has strangled other alts in the ongoing market cycle, but an altcoin season “is just a matter of time.” With the alt market struggling to gain dominance and ETH facing headwinds, traders hope for a shift that might spur renewed gains across the altcoin sector.

In the X post, Wedson delved into altcoin market dominance with Ethereum, revealing an interesting trend. According to the expert, altcoin dominance is declining, while altcoin dominance excluding Ethereum and Stablecoins has remained sideways and in a neutral zone since late 2022.

This development implies that Bitcoin has drained most of Ethereum’s market capitalization. Presently, Bitcoin’s dominance has increased to 62%, and BTC and Stablecoin’s dominance has risen to nearly 71%. Meanwhile, Ethereum and all other alts dominate only 29% of the general market.

Bitcoin and Stablecoin‘s market dominance may seem like a threat to the upcoming altcoin season. However, the interesting part is that the higher the BTC and Stablecoin dominance rise, the more robust the next altcoin season will be, which Wedson claims is only a matter of time away.

BTC And Stablecoins Stealing The Spotlight

Daan Crypto Trades, a technical expert and trader, has also shared insights on the subject, highlighting that the altcoin market cap has declined sharply, leading to a drop in altcoins’ dominance. Although it was on track for a while, the steady growth of Bitcoin and Stablecoins has put the alt dominance under serious pressure within the crypto market.

Given the dilution amongst them, individual alts have performed horribly. Thus, for altcoins to regain dominance over Bitcoin, Stablecoins, and other major assets, the ETH/BTC pair needs to gather some momentum first.

Daan Crypto Trades claims Ethereum often plays a massive role in getting a wider altcoin performance. This is because many liquidity pools are denominated in ETH, and most coins are developed on it. Therefore, for altcoins to run, this wealth effect for ETH and majors is essential. 

Until this is the case, the analyst urges investors not to get into the market. Even though alt rallies are usually brief, there is frequently a high timeframe retest. Once it is evident that the trend is changing, Daan Crypto Trades believes this is the ideal time to get involved in the action.

Featured image from Unsplash, chart from Tradingview.com

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Cryptocurrency exchange Bybit announced Tuesday it will close its non-fungible token (NFT) marketplace on April 8 as the company refocuses on its core trading services.

The decision comes after a February security breach that cost the company $1.46 billion in stolen digital assets, which is believed to be the biggest known heist of all time.

Bybit has instructed users to transfer their NFTs to external wallets before the closure date to avoid potential losses.

The move comes during a broader cooling of the NFT market, with trading volumes declining significantly across major platforms in recent months.

However, many in the crypto industry are still bullish on NFTs.

Canary Capital filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a new NFT-focused exchange-traded fund (ETF) in late March.

The ETF would invest directly in Pudgy Penguins NFTs and PENGU, the project’s utility token, and it would also hold other crypto assets, like Ethereum (ETH) and Solana (SOL), that “are necessary or incidental to the purchase, sale and transfer” of those tokens, per the filing.

In December, Raoul Pal said that NFTs might flourish due to fiat currency debasement and the growing popularity of digital assets among younger generations.

Despite the NFT marketplace closure, Bybit reaffirmed its commitment to blockchain technology advancement, promising enhanced security protocols following the February breach.

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