Data from The block indicates that August may have been the most painful month for miners, with BTC miners’ revenue reaching the lowest since 2024, decreasing by $99.75 million compared to July. The difficulty of Bitcoin mining was adjusted up by 2.99% to 89.47 T on August 28th, with the current total network hashrate at approximately 648.19 EH/s. In addition to miners, retail investors trading BTC are also suffering, as the latest Fear & Greed Index has dropped to 26.
In stark contrast to this situation are the whales — holders with more than 10 BTC — who are frantically scooping up BTC being sold off in the market. A report from Santiment states that in just the past month, the number of wallets holding more than 100 coins has increased by 283, reaching 16,120. Those wallets with holdings between 10 and 10,000 have accumulated over 133,000 BTC in the last month, while global miners can only mine about 13,500 BTC in a month. It is evident that the more disappointed the retail investors are, the more frantic the whales are; the mysterious BTC players have an enormous appetite for bottom-fishing.
We do not know who is buying these bitcoins, but we do know that there are continuous buyers, and the lower the price, the more they buy. So, should we continue to believe in Bitcoin? The answer is self-evident. Fund manager Dan Tapiero has expressed bullish sentiment on Bitcoin. He believes that the price of BTC will exceed $100,000 within the next six months, and a major bull market is on the horizon. Galaxy Digital’s founder and billionaire cryptocurrency investor Michael Novogratz believes that favorable political factors may push Bitcoin to a record high of $100,000, or even higher, by the end of this year.
In terms of global developments, new influential countries such as South Korea and Russia are continuously recognizing the legal status of Bitcoin, using BTC for transaction settlements, and protecting the trading activities of cryptocurrency investors. The U.S. presidential candidate Trump has claimed to make America “the crypto capital of the planet.”
So, do the actions and attitudes of BTC whales, financial institutions, and various countries towards BTC suggest that a major bull market for BTC is imminent? We will have to wait and see. In the meantime, do not forget that mining is almost the only way to purchase Bitcoin at a low price. Welcome to inquire about various models of BTC ASICs from BITMARS, and contact us to get the most suitable mining solution for you!
Finally, BITMARS would like to remind everyone that all investments carry risks, so decisions should be made cautiously.
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