12 Aug 2025, 12:42

US CPI Steady at 2.7%: Implications for Bitcoin’s Potential Price Movements

The US Consumer Price Index (CPI) remained steady at 2.7% in July, which could signal a bullish trend for Bitcoin if the Federal Reserve cuts interest rates. US inflation held

12 Aug 2025, 12:42

BITO: Is Bitcoin Actually In A Supply Deficit?

Summary BITO has underperformed spot Bitcoin ETFs due to higher fees and less efficient capital retention, despite robust demand for Bitcoin exposure via ETFs. Bitcoin's supply is in a significant issuance deficit, driven by strong ETF and corporate demand, but offset by long-term holders selling into higher prices. While BITO offers futures-based exposure suitable for some investors, spot and leveraged ETFs are better options for maximizing returns. Given current market dynamics and elevated prices, I remain cautious on Bitcoin's short- to medium-term outlook despite strong fundamental demand. With a 'buy' rating, I last wrote about the setup for the ProShares Bitcoin Strategy ETF (NYSEARCA: BITO ) for Seeking Alpha back in January. At that time, I focused on seasonality trends and on-chain signals that I felt were indicative of conditions generally seen with further increases in Bitcoin's ( BTC-USD ) price. Data by YCharts As expected at that time, Bitcoin and BITO (by extension) have both outperformed the broader equity markets. More recently, I've taken more of a cautious view of the top digital asset in the market. In this update, we'll look at Bitcoin's supply story since ETFs launched in the US as well as BITO's under-performance relative to BTC. Bitcoin Supply: Surplus, Deficit, or Neither? It has been well-covered by myself and other analysts on SA at this point, but it must be repeated as it remains the largest risk to BTC from where I sit; Bitcoin's success as an investment vehicle has been driven mainly by the belief that it is the 'digital version of Gold' rather than by any meaningful growth in usage over these last several years. 30 Day Averages (CoinMetrics) In fact, the coin's 'adoption' when measured by things like active users and USD-denominated transferred value is actually below highs from 2021 and 2022. Still, whether its manufactured digital scarcity or not, BTC is in limited supply and demand for the asset through traditional financial products has been robust. The investment demand for BTC over the last 19 months has helped put the network in a massive supply deficit relative to token issuance due to Bitcoin's fixed supply and declining emissions. Since the start of 2024, new BTC issuance has totaled just 318.5k coins. ETF Supply Deficit (Author's Chart, IntoTheBlock) While August is admittedly experiencing the largest ETF-driven surplus in over a year as calculated with IntoTheBlock data, the trend over the last 19 months is quite bullish BTC. Since the start of January 2024, more than 700k BTC have gone to the ETF products alone. Thus, BTC is theoretically in an issuance deficit just from the ETFs alone. Holding Entities 12/31/2023 8/10/2025 Change % Private Companies 263,511 292,375 28,864 11.0% Governments 90,553 526,543 435,990 481.5% DeFi/Smart Contracts 159,252 242,470 83,218 52.3% ETFS/Funds 769,036 1,470,180 701,144 91.2% Public Companies 360,389 1,045,823 685,434 190.2% Total Holdings 1,642,741 3,577,391 1,934,650 117.8% Source: BitcoinTreasuries When factoring in the 685k increase in BTC holdings from public companies, the primary two drivers of BTC accumulation over the last 19 months have put the network in a 'new supply' deficit that exceeds 1 million coins. The government holdings data in the table above is a bit misleading for two reasons. First, most of the coins accumulated by government entities have actually been held for longer than 19 months and were only recently recognized through Bitcoin Treasuries. Second, government coins aren't always 'purchased' and can be seized due to unlawful activity - both of these factors are true for the 198k coins obtained by the US government. But if we take these numbers at face value, the official entity holdings growth since the start of 2024 is nearing 2 million coins when accounting for governments, private companies, and DeFi protocols. It is worth mentioning that 64% of public company BTC holdings growth over that time frame has come from Strategy ( MSTR ). Regardless, the demand is real and new supply is limited. All this said, even with price re-rating higher, supply does have to come from somewhere and the data would imply large long term holders might be the ones serving coins to investors. BTC Whole-Coiners (CoinMetrics) After hitting 1 million in May 2023, 'whole-coiner' addresses have fallen back below that level and are currently 4% off from the 1.024 million address high at the start of 2024. More importantly, long term holder supply - or coins that haven't moved in over a year - has been in decline since the beginning of 2024: HODLer Balance (IntoTheBlock) The chart above shows a decline in 'HODLer' balance that might explain who has been selling BTC to Strategy and the ETF issuers. The HODLer balance of 12.1 million at the end of August 10th is down 12% - nearly 1.7 million BTC - from 13.8 million BTC at the start of 2024. So lets take all of these numbers together; 1.7 million BTC out of HODLer wallets and 318k BTC from new coin issuance gives us roughly 2 million BTC since the start of 2024. Over that time, Bitcoin Treasuries calculates Government, DeFi, ETF, and corporate holdings growth of just under 2 million - a nearly perfect equilibrium. Like Gold, there is plenty of Bitcoin to go around. The only question is the price required to move it. BITO's Under-performance Since the beginning of spot ETFs in the United States, BITO has experienced rather significant under-performance. While certainly impressive at 127% in 19 months, compared to the Fidelity Wise Origin Bitcoin Fund ( FBTC ), the total return of BITO lags the spot ETFs by over 20%. Data by YCharts We also see the fund has failed to return to its all-time high market cap of $3.2 billion back in March 2024 even though the price of the coin itself has essentially doubled since that period. BITO Market Cap (Seeking Alpha) The fund size doesn't necessarily have an impact on total return. Though I do think a market cap lower than March 2024 levels is indicative of a product that is losing market share to alternatives. I see two primary factors driving this. First, the 0.95% expense ratio doesn't exactly make BITO a cheap way to get BTC exposure when spot funds can be purchased for less than 20 basis points. Second, the monthly dividend payouts aren't necessarily re-invested back into the fund. Spot ETFs that don't pay dividends perhaps have an easier time keeping that capital under management. Closing Summary While BITO is not the product I would personally use to get exposure to BTC, it does have its benefits. For those who would rather see Bitcoin be used the way it was initially intended, funds that utilize futures contracts rather than holding the underlying asset might be a more palatable way to get exposure through something like a retirement account. However, if maximizing returns is all that matters, spot or even leveraged ETFs might be considered by investors/traders as well. Fundamentally, the demand for BTC from ETF buyers and treasury companies has been enormous and quite impressive over the last two years. Given the issuance 'supply deficit,' that demand has been reconciled by higher prices. Those higher prices have often seen supply leave HODLer wallets. There is nothing necessarily wrong with HODLer wallets selling, but it can be indicative of a market that currently has more supply in the hands of holders with less conviction. We can't really know that for sure at this point. But at $120k per coin, I'm much more cautious BTC over the short to medium term.

12 Aug 2025, 12:42

Ethereum Overtakes Bitcoin in Spot Volume — What It Means for BTC and ETH

Ethereum’s trading volume recently surpassed Bitcoin’s in the spot market—a notable shift in the crypto landscape that has caught the attention of traders and analysts alike. This development raises questions about shifting investor priorities, evolving market sentiment, and what it means for the ongoing competition between BTC and ETH. As both assets show strong price action, the implications for market leadership, liquidity flows, and potential future rallies are significant. With these dynamics in play, Outset PR provides the analytical perspective and strategic insights needed to navigate such pivotal moments in the cryptocurrency market. Bitcoin Aims Higher as It Surges Above $114k Source: tradingview Bitcoin is currently exhibiting a steady upward trend, trading between $114,807 and $121,187. The digital currency recently experienced a 5% increase in just one week, suggesting potential for further growth. Bitcoin is approaching its closest resistance level of approximately $123,327, and a breakthrough could lead to a rise towards the second resistance level around $129,707, representing a nearly 7% increase from current levels. Over the past six months, Bitcoin's price has climbed by about 26%, indicating strong momentum and investor interest. The market is closely watching to see if this bull run will persist as Bitcoin tests these key price points. Ethereum Shows Promise with Strong Price Movement Source: tradingview Ethereum is holding strong in a range from above $4,000 to over $4,300. This shows solid momentum, with a notable rise of nearly 23% in the past week and almost 46% over the last month. These steady gains suggest potential growth toward the next resistance around $4,856. Looking further ahead, reaching past $5,000 isn't out of the question. The one-month performance reflects a considerable jump, hinting at a brighter future. As Ethereum gains traction, investors watch closely, hoping to see continued upward movement in this dynamic crypto market. Outset PR Crafts Communications Like a Workshop, Powered by Data Founded by renowned crypto PR expert Mike Ermolaev , Outset PR operates like a hands-on workshop, building every campaign with market fit in mind. Instead of offering random placements or templated packages, Outset PR carefully weaves a client’s story into the market context, showcasing what organic PR looks like: Media outlets are selected based on metrics like discoverability, domain authority, conversion rates, and viral potential Pitches are tailored to fit each platform’s voice and audience Timing is mapped to let the story unfold naturally and build trust organically Outset PR occupies a unique niche as the only data-driven agency with a boutique-level approach. Daily media analytics and trend monitoring power every decision, so campaigns align with market momentum. 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Strong media relationships and a focused pitching cycle open doors where it matters and increases chances of consistent coverage. Content Creation with Editorial Focus. Experienced writers with backgrounds in journalism, analytics, and sales content develop materials that hit both editorial and strategic targets. Targeted Media Outreach. Designed for early-stage projects, these campaigns boost search visibility by securing coverage in media that trigger syndication across major crypto newsfeeds — laying the groundwork for scalable or highly targeted PR efforts. Let Outset PR Tell Your Story With Verifiable Impact Data-Led Campaigns Bring Results You Can Feel Outset PR drives growth and awareness for both startups and established names. Notable results include: Step App: Enhanced user engagement in the US and UK markets, which coincided with a 138% rise in the FITFI token’s value over the course of the campaign. Choise.ai: Covered the massive business upgrade, highlighting the utility and value of their native CHO token. During the campaign, CHO rose by 28.5x, hitting its 10-month high. ChangeNOW: Achieved a 40% customer base increase via multi-layered PR efforts. StealthEX: Boosted the brand visibility which resulted in 26 prominent media features and numerous re-publications, achieving a total estimated reach of 3.62 billion individuals. If PR has ever felt like a black box, if it’s been unclear what results to expect and what you’re even paying for, Outset PR changes the equation. Its analytical model makes every step verified by performance insights. Its boutique approach ensures campaigns feel like they’ve been built inside your team. For crypto, blockchain, or AI enterprises that need clarity and velocity—this is what PR should feel like. Conclusion Ethereum’s surge in spot trading volume over Bitcoin signals a possible rebalancing of market influence, with ETH asserting itself as more than just the second-largest cryptocurrency by market cap. While Bitcoin continues to test key resistance levels with steady gains, Ethereum’s sharper momentum could attract additional capital in the short term. For investors and projects looking to seize opportunities in these evolving conditions, Outset PR delivers data-driven intelligence and tailored PR strategies to ensure they remain visible, relevant, and positioned for growth. In a market where leadership can shift rapidly, clarity and precision are essential. You can find more information about Outset PR here: Website: outsetpr.io Telegram: t.me/outsetpr X: x.com/OutsetPR Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

12 Aug 2025, 12:41

Crypto Price Analysis 8-12: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, INTERNET COMPUTER: ICP, JUPITER: JUP

The cryptocurrency market lost momentum after surging past the $4 trillion mark and is now down over 2%. Market sentiment soured after Bitcoin (BTC) and other cryptocurrencies fell into the red. BTC failed to test its all-time high, losing momentum around the $122,000 mark. The flagship cryptocurrency plunged as selling pressure returned, dropping below $120,000 to its current level. BTC is down nearly 3% in the past 24 hours, trading around $118,700. Ethereum (ETH) also stalled after crossing $4,300 as profit-taking took hold. As a result, the world’s second-largest cryptocurrency dropped to a low of $4,200 before moving to its current level of $4,292. Ripple (XRP) is down nearly 4%, while Solana (SOL) is down almost 6%, trading around $175. Dogecoin (DOGE) is down over 6%, while Cardano (ADA) is down 5.50%, trading around $0.777. Chainlink (LINK) , Stellar (XLM) , Hedera (HBAR) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) are also trading in the red. FTX Users Update Lawsuit Users of bankrupt crypto exchange FTX are preparing to update their lawsuit against Fenwick & West, a law firm contracted by the exchange. Users claim new information shows the firm was central to the FTX collapse. FTX customers filed an amended filing stating, “The criminal trial of FTX CEO Sam Bankman-Fried and investigations in the exchange’s bankruptcy proceedings produced specific evidence supporting that Fenwick played a key and crucial role in the most important aspects of why and how the FTX fraud was accomplished. Simply put, the FTX Fraud was only possible because Fenwick provided ‘substantial assistance’ by creating and approving the structures that allowed numerous frauds.” The customers accused the law firm of agreeing to create, manage, and represent conflicted companies, including FTX’s sister company, Alameda Research, and its subsidiary, North Dimension. They added that the companies had no safeguards in place to prevent billions of dollars that were stolen. The filing is part of a multi-district class-action lawsuit filed by FTX users following the exchange’s collapse in 2022. The filing added, “At SBF’s criminal trial, FTX Insider and co-founder Nishad Singh testified that he informed Fenwick of the misuse of customer funds, improper loans, and false representations, and that Fenwick advised on how to facilitate and hide these very acts.” Do Kwon May Enter A Change Of Plea Terraform Labs co-founder Do Kwon could enter a “change of plea” at a Tuesday conference scheduled by a federal judge overseeing the case against him. US District Court for the Southern District of New York (SDNY) judge Paul Engelmayer ordered all parties associated with the case to appear in court on Tuesday, suggesting that Do Kwon was preparing to change his plea. The Terraform co-founder had pleaded not guilty to nine felony counts following his extradition hearings in Montenegro. Judge Engenlayer stated, “[T]he defendant should be prepared to give a narrative allocution that incorporates all elements of the offense(s) to which the defendant is pleading guilty. In the interest of clarity and efficiency, the Court encourages counsel to assist the defendant in writing an allocution that can be read in open court during the plea proceeding.” Authorities indicted Kwon in March 2023, charging him with securities fraud, market manipulation, money laundering, and wire fraud. Authorities alleged he was responsible for the collapse of the Terra ecosystem, wiping out $40 billion in investor wealth. Analysts Worry US Could Nationalise Bitcoin (BTC) Holdings Corporate crypto treasuries have crossed $100 million in value, prompting concerns that the US could nationalise some of the holdings in a move harking back to the gold standard era. Bitcoin (BTC) treasury companies hold over 791,662 BTC worth around $95 billion, a staggering 3.98% of BTC’s circulating supply. Corporate treasuries could become a central point of vulnerability for BTC, and could see the asset follow a similar path to gold in 1971. One crypto analyst stated, “If the US dollar is structurally getting weak and China is coming in, it’s a fair point that the US might make an offer to all the treasury companies and centralize it, where it could be then put into a digital form, not create a new gold standard. You could then rug it like happened in 1971. And it’s all centralized around the digital Bitcoin. The whole history repeats again back to the beginning.” ETH Holders Could Rotate Back To BTC Bitcoin (BTC) pioneer Samson Mow believes Ethereum (ETH) investors will turn back to BTC once ETH prices get high enough. The pivot back to BTC could reverse a five-week jump in ETH prices. Mow explained his stance in a post on X, stating, “Let me explain what’s happening with ETHBTC. Most ETH holders have a lot of BTC (ICO/insiders), and they are rotating that BTC into ETH to pump it on new narratives (Ethereum Treasury co’s). Once they’ve gotten it high enough, they’ll dump their ETH, creating new generational bagholders, and then rotate the gains back into BTC. No one wants ETH in the long run.” Mow has criticised altcoins in the past, and added that it will be difficult for ETH to jump to all-time highs, stating that the closer it gets to its all-time high, the stronger the trader’s drive to sell the asset. Bitcoin (BTC) Price Analysis Bitcoin (BTC) slipped below $120,000 on Monday despite starting the week on a bullish note. The flagship cryptocurrency raced to an intraday high of $122,319 as buyers attempted to push the price beyond $123,000. However, it lost momentum after reaching this level and fell to $118,701, ultimately registering a 0.51% drop. BTC is marginally up during the ongoing session, but is struggling to reclaim $120,000. Analysts believe BTC could surge past $130,000 if it manages to cross $123,000. However, it could face resistance at this level and could fall back towards established support levels. Analysts believe BTC must stay above $119,000 to maintain its bullish structure and push above $123,000. The price is looking to push towards the upper reaches of its trading channels, and a breakout past $123,000 could create a clear path to $130,000 and higher. BTC’s resistance zone is crucial, as the price has historically paused or reversed after attempts to cross into a higher timeframe. However, a rejection from these levels will not necessarily end BTC’s bullish structure. However, it could trigger a decline towards $100,000 and another consolidation phase. The flagship cryptocurrency remains poised for further upside. A break above $123,000 could send BTC into price discovery. However, a rejection could see it drop to $100,000. Henrik Andersson, Chief Investment Officer at Apollo Crypto, believes a rally is long overdue following a period of consolidation. “In our view, it was just a matter of time before it would break up. In this time, we have seen positive ETF flows, more treasury companies buying Bitcoin, and several positive developments coming out of the White House. Bitcoin has been stuck in a low-volatility band between $115,000 and $120,000 despite all the good news.” BTC registered a sharp decline on Friday (August 1), dropping over 2% and settling at $113,365. Sellers retained control on Saturday as the price fell 0.67% and settled at $112,601. Despite the overwhelming selling pressure, BTC recovered on Sunday, rising 1.52% to cross $114,000 and settle at $114,215. The price continued pushing higher on Monday, registering a 0.69% increase and settling at $115,051. BTC plunged to an intraday low of $112,707 on Tuesday as selling pressure returned. It rebounded from this level to reclaim $114,000 and settled at $114,051, ultimately dropping 0.83%. The price recovered on Wednesday, rising 0.80% to reclaim $115,000 and settle at $115,028. Source: TradingView Bullish sentiment intensified on Thursday as BTC rallied, rising over 2% to cross $117,000 and settle at $117,515. Despite the positive sentiment, the price was back in the red on Friday, falling 0.71% to $116,683. Sellers retained control on Saturday as BTC registered a marginal decline and settled at $116,492. Bullish sentiment returned on Sunday as the price rose 2.42% to cross $119,000 and settle at $119,309. BTC reached an intraday high of $122,319 on Monday as buyers attempted to push above $123,000. However, it lost momentum after reaching this level, dropping below $120,000 and settling at $118,701. The current session sees BTC marginally up as buyers and sellers struggle to exert control. Ethereum (ETH) Price Analysis Ethereum (ETH) lost momentum after reaching an intraday high of $4,364 on Monday as traders began locking in their profits. The rally saw the world’s second-largest cryptocurrency surge past $4,000 on Friday and reach $4,262 on Saturday before losing steam. However, ETH is back in positive territory during the ongoing session, with the price up over 2%. On-chain analytics platform Glassnode revealed that short-term ETH holders have been aggressively taking profits compared to their long-term counterparts. Glassnode analysts believe short-term holders are expecting a pullback in the short term. “ETH profit realization (7D SMA) peaked at $771M/day in July, above Dec ‘24 levels, and is now ramping up again at $553M/day. Profits from long-term holders match Dec ‘24 levels, but short-term investors are realizing far more gains, driving the current wave.” Glassnode revealed that ETH profit realisation, measured using the seven-day SMA, is around $533 million per day, primarily being driven by short-term investors. Meanwhile, long-term holders have been happy to sit on the sidelines. ETH crossed $4,300 during the ongoing session. Analysts believe buyers must retain this level for a move towards $4,500 to materialise. ETH has been accumulating for months, steadily absorbing selling pressure before its latest breakout. ETH started the previous weekend in the red, dropping nearly 6% and settling at $3,488. Selling pressure persisted on Saturday as the price fell almost 3%, slipping below $3,400 to $3,393. ETH recovered on Sunday, rising over 3% to reclaim $3,500. Bullish sentiment intensified on Monday as the price rallied, rising over 6% to cross $3,700 and settle at $3,721. ETH was back in the red on Tuesday, dropping nearly 3% to $3,612. It rebounded on Wednesday, rising over 2% and settling at $3,685. Source: TradingView Bullish sentiment intensified on Thursday as ETH rallied, rising over 6% to cross $3,900 and settle at $3,911. The price crossed $4,000 on Friday, rising 2.52% and settling at $4,010. ETH rallied on Saturday, rising over 6% to cross $4,200 and settle at $4,262. However, it lost momentum on Sunday, registering a marginal decline and settling at $4,251. Sellers retained control on Monday as the price fell 0.59% to $4,226. ETH has recovered during the ongoing session, with the price up almost 2%, trading around $4,303. Solana (SOL) Price Analysis Solana (SOL) slumped below $180 on Monday as selling pressure returned. The altcoin started the week with a move to an intraday high of $186. However, it could not push higher as buyers lost momentum. As a result, selling pressure returned, driving the price below $180 to $174. SOL is marginally up during the ongoing session, Analysts believe SOL could regain momentum thanks to several bullish developments over the past week. Public companies have upped their SOL purchases to access the blockchain’s staking rewards. Firms including Bit Mining, Upexi, and DeFi Development Corp have increased their SOL holdings, with plans to increase their stake substantially over the next few months. The Solana ecosystem is also emerging as the preferred chain for real-world asset tokenization. The Solana Foundation recently concluded an agreement with R3 to integrate the Solana blockchain for asset tokenization. The network has also registered a sharp jump in daily active addresses, indicating growing user engagement. SOL started the previous weekend with a sharp drop, falling nearly 6% on Friday and settling at $162. Selling pressure persisted on Saturday as the price fell 2.57%, slipping below $160 and settling at $158. It recovered on Sunday, rising over 2% to reclaim $160 and settle at $162. Bullish sentiment intensified on Monday as SOL rallied, rising nearly 5% to settle at $169. The price was back in bearish territory on Tuesday, falling 3% to $164. Buyers returned to the market on Wednesday as SOL rose 2.50% and settled at $168. Source: TradingView SOL continued pushing higher on Thursday, rising over 4% to cross $170 and settle at $175. Buyers retained control on Friday as the price rose 0.79% to $176. Price action remained bullish over the weekend as SOL rose 1.80% on Saturday and 1.51% on Sunday, crossing $180 and settling at $182. Despite the positive sentiment, the price was back in bearish territory on Monday, dropping over 4%, slipping below $180 to settle at $174. The current session sees SOL marginally down as buyers and sellers struggle to establish control. Internet Computer (ICP) Price Analysis Internet Computer (ICP) ended the previous weekend on a bullish note, rising over 3% to cross $5 and settle at $5.13. Buyers retained control on Monday as the price rose 3.30% to $5.30. Despite the positive sentiment, ICP lost momentum on Tuesday, falling over 4% to an intraday low of $4.95 before settling at $5.07. Buyers returned to the market on Wednesday as the price rose 0.99% to $5.35. Bullish sentiment intensified on Thursday as ICP rallied, increasing 4.49% and settling at $5.35. Source: TradingView ICP fell to an intraday low of $5.20 on Friday as selling pressure intensified. However, it rebounded from this level to settle at $5.43, ultimately registering a 1.50% increase. The price rallied on Saturday, rising 5.16% and settling at $5.71. However, it lost momentum on Sunday, dropping 1.23% to $5.64, but not before falling to an intraday low of $5.64. Bearish sentiment intensified on Monday as ICP plunged nearly 5% and settled at $5.37. The current session sees the price marginally up as buyers and sellers struggle to establish control. Jupiter (JUP) Price Analysis Jupiter (JUP) surged to an intraday high of $0.561 on Monday as it started the previous week on a bullish note. However, it lost momentum after reaching this level and settled at $0.486, ultimately rising 4.03%. It was back in bearish territory on Tuesday, falling over 4% to $0.465. JUP recovered on Wednesday, rising 2.20% to $0.475. Bullish sentiment intensified on Thursday as the price soared, rising over 5% and settling at $0.499. Source: TradingView Buyers retained control on Friday as JUP registered a marginal increase. Price action remained positive over the weekend as JUP rose nearly 5% on Saturday and 1.57% on Sunday to cross $0.50 and settle at $0.531. Despite the positive sentiment, JUP was back in the red on Monday, dropping almost 7% to $0.495. The current session sees the price marginally up, trading around $0.497. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

12 Aug 2025, 12:41

Authorities root out over 8,000 illegal miners in Irkutsk, Russia’s crypto mining capital

Russian authorities have identified more than 8,000 miners minting cryptocurrencies outside the law in the Siberian crypto mining hotspot of Irkutsk. The region banned the activity in parts of its territory to deal with growing energy deficits and grid breakdowns blamed on the boom of both legal and illegal mining. Russia counts thousands of underground crypto farms in Irkutsk Officials in Russia’s Irkutsk Oblast have pinpointed several thousand locations with suspected illegal crypto mining facilities, but the actual figure likely exceeds the current estimate, the local power utility, Irkutskenergosbyt, told RIA Novosti and detailed: “There are more than 8,000 illegal mining points in the region. The largest number of them have been registered in Irkutsk, about 1,500, and Irkutsky District, 1,700. The cities of Angarsk and Shelekhov are in the “red zone” as well, the distribution company added. Also quoted by the business news agency Prime, it emphasized that the true number of these so-called “gray” miners is much higher. Growing demand for “noise boxes,” or casings designed to reduce noise emitted by mining hardware, is another indication of the scale of these “shadow operations,” Irkutskenergosbyt noted. Home miners use them when installing mining rigs in residential buildings, basements and garages to avoid attracting the attention of neighbors and their complaints. Ads selling such improvised gear can be seen all over Russian social media networks and online marketplaces, the utility firm pointed out. Many of these makeshift structures, assembled from plywood and mineral wool, fail to provide adequate sound insulation and also increase the risk of fire. Irkutsk at the heart of Russia’s crackdown on illegal mining Russia recognized the mining of cryptocurrencies as a legal business activity in 2024. Since November, companies and individual entrepreneurs have been free to mint as long as they register with the Federal Tax Service (FNS). Private individuals who use less than 6,000 kWh of electricity monthly are not required to register. These are labeled “gray” miners, as they largely remain under the radar and are often responsible for raising electricity consumption in residential areas. Another group, “black” miners, are those who mine on stolen power by illegally connecting to distribution networks. Russia’s grid operator Rosseti has been hunting them down by both electricity usage and internet traffic with the help of telecom firms. Moscow initially welcomed the industry’s expansion with the idea that Russia’s competitive advantages, in terms of cheap and abundant energy resources, will inevitably result not only in business revenues but budget receipts as well. However, the concentration of mining enterprises from all categories also led to electricity shortages in a number of areas, prompting the federal government in Moscow to support temporary and, in some cases, permanent restrictions on mining. Russian President Vladimir Putin, himself, justified the measures, highlighting the need for a balanced approach to exploiting Russia’s riches during a forum discussing development initiatives last month. About a dozen Russian regions in all corners of the vast country, from the Far East to the North Caucasus and the annexed Ukrainian territories, have already banned the activity until 2031. Measures to curb mining were also introduced in the southern parts of Irkutsk Oblast, dubbed the “mining capital” of Russia. The originally seasonal ban there, during the winter, was eventually upgraded to a year-round prohibition. Russian lawmakers are now reviewing legislation that seeks to prevent mining in data centers. The sponsors say this will save computing power that can be utilized in other fields, including the development of artificial intelligence applications. Meanwhile, the operators of such infrastructure were recently mandated to report any mining activities in their facilities to the FNS and other relevant institutions. Russia is also preparing to toughen penalties for violating mining bans and illegal coin minting. Among the proposed measures is to allow authorities to remotely disconnect crypto farms from the grid during peak hours of consumption. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

12 Aug 2025, 12:36

U.S. July CPI Rose Softer Than Hoped 2.7%, but Core Rate of 3.1% Disappoints

U.S. inflation data for July came in mixed, with headline numbers better than forecast, but the core rate rising faster than expected. The July U.S. Consumer Price Index rose 0.2%, according to the Bureau of Labor Statistics. Economist forecasts had been for 0.2% and June's pace was 0.3%. On a year-over-year basis, CPI was higher by 2.7% against 2.8% expected and 2.7% previously. Core CPI, which excludes food and energy, rose 0.3% from the prior month, compared with forecasts for 0.3% and June’s 0.2% gain. On a yearly basis, core CPI increased 3.1%, versus expectations of 3% and June’s 2.9%. The data likely isn't far enough off from forecasts to lower expectations for a potential Federal Reserve interest rate cut as soon as September, with market-implied odds at 84% before the release, according to CME FedWatch . Fifteen minutes following the mixed numbers, those odds had risen to 90%. Ahead of the report, bitcoin (BTC) was trading near $118,500, as traders hedged downside risks with short-dated put options . In the minutes after the release, BTC rose very modestly to just under $119,000. A check of traditional markets finds U.S. stock index futures on the rise following the CPI, with the Nasdaq 100 and S&P 500 each ahead about 0.6%. The dollar has softened a bit and the 10-year U.S. Treasury yield dipped three basis points to 4.26%. Read more: Markets Today: Bitcoin, Ether Hold Gains as Ethena Hits $11.9B TVL, Pudgy Penguins Race to F1