Bullish sentiment has returned, fuelled by strong ETF inflows and a renewed race among corporations to accumulate Bitcoin. Meanwhile, network hashrate has fallen below 900 EH/s again while hashprice is climbing back toward the $50/PH/Day mark. A weaker U.S. dollar has boosted the Euro’s buying power and U.S.-based mining operations are emerging as especially attractive plays in the current environment. For Premium Members, we also provide a detailed update on new tariffs impacting Bitcoin miners, as well as insights into Antalpha’s IPO filing — a major strategic move by Bitmain’s financial arm as it seeks a stronger foothold in U.S. markets.
Bitcoin’s Bullish Sentiment is Back
ETF Inflows Drive Momentum
The Race to Build the Largest Bitcoin Treasuries
Network Hashrate Back Below 900 EH/s
Hashprice Approaching $50/PH/Day
Prime Time for European Investors
USD weakness has boosted the Euro’s buying power
U.S. Mining Offers a Compelling Investment Window
Premium Members Only:
Tariff Update for Bitcoin Miners
Current Tariff Overview – Effective April 10, 2025
Upcoming Changes – July 9, 2025
Antalpha Files for Nasdaq IPO: Bitmain’s Proxy Pushes into U.S. Markets
Bitcoin’s Bullish Sentiment is Back
Bitcoin has shown remarkable resilience, surging to almost the $96,000 after a 12% gain between April 21 and April 28. The rally has been fuelled by easing trade tensions and strong corporate earnings, which have boosted investor confidence. BTC is now trading above its 200-day moving average, which sits around $90,000. A short-term retest of this level should not come as a surprise.
ETF Inflows Drive Momentum
A major driver behind Bitcoin’s momentum is the surge in spot Bitcoin ETF inflows, which totalled approximately $3.06 billion over six consecutive trading sessions. This marks the strongest week for Bitcoin ETF inflows in 2025 and reflects renewed interest from institutional investors. With record inflows and improving market sentiment, Bitcoin’s strength continues to stand out.
The Race to Build the Largest Bitcoin Treasuries
Michael Saylor’s Strategy added 15,355 Bitcoin (BTC) last week as BTC surged past $90,000. The company spent $1.42 billion at an average price of $92,737 per coin, boosting its total holdings by 3% to 535,555 BTC — now worth over $50 billion. This marks Strategy’s largest purchase since late March, when it acquired 22,048 BTC for $1.92 billion.
A new challenger to Strategy has emerged—Twenty One. Trading under the ticker $CEP (soon to be $XXI), the company is entering the market via a SPAC and is backed by Tether, Cantor Fitzgerald, SoftBank, and Jack Mallers. With this powerhouse lineup, Twenty One could become the most institutionally-backed Bitcoin company to date. Their mission is to maximize Bitcoin per share. By tapping into capital market strategies like convertible bonds and preferred equity, Twenty One plans to steadily grow its BTC holdings, and since the announcement.
Twenty One is expected to go public with over 42,000 Bitcoin, which would make it the eighth-largest Bitcoin treasury globally and the third-largest corporate holder after Strategy and Tether. Among Bitcoin miners, only MARA Digital would hold more BTC than Twenty One.
Network Hashrate Back Below 900 EH/s
After reaching a new record high of 929 EH/s at the beginning of April, the network hashrate declined sharply, hitting a monthly low of 817 EH/s last week. This 12% drop marks the steepest decline the network has experienced in 2025. It is also the third decline of more than 100 EH/s in Bitcoin’s history, with the second one already occurring this year. The first such drop took place in May 2024.
Due to the recent drop in hashrate, the next difficulty adjustment is estimated to be between -6% and -7%. The adjustment is projected to occur on Sunday, May 4th.
Hashprice Approaching $50/PH/Day
Following last week’s bullish price action, hashprice has recovered from its local low of $40/PH/day on April 8 to $48/PH/day at the time of publishing—a solid 22.5% increase. Hashprice is now approaching the $50/PH/day mark. At the current difficulty level, Bitcoin would need to reach $97,000 for hashprice to cross $50.
Prime Time for European Investors
USD weakness has boosted the Euro’s buying power
The recent weakness of the U.S. dollar has significantly boosted the Euro’s buying power, creating a more favourable environment for Euro-based Bitcoin buyers. This currency shift lowers the effective cost of entry into Bitcoin and provides an opportunity to accumulate BTC at a relative discount. Since “Liberation Day” on April 2nd, when Trump announced the tariffs, BTC/USD has risen by over 8%, while BTC/EUR has increased by less than 3%.
U.S. Mining Offers a Compelling Investment Window
The weaker dollar has made U.S.-based mining operations and hosting services more attractive to European investors. Since mining equipment and hosting contracts are typically priced in U.S. dollars, they’ve become more affordable for European buyers due to the favorable exchange rate. This allows European investors to secure mining assets and operational agreements in the U.S. at a lower euro-equivalent cost.
U.S. ASIC hardware distributors have been stockpiling the latest machines in anticipation of upcoming tariff hikes. The supply of the latest-generation hardware not yet affected by these tariffs is limited, and once the stockpile runs out, domestic prices are likely to rise. However, prices for ASIC hardware have remained relatively stable for now, creating a potential window of opportunity. While this environment offers an attractive entry point, investors should be cautious of foreign exchange risk when planning their strategies.
The following content is exclusively for our Premium Members:
The current tariff overview for Bitcoin miners is effective as of April 10, 2025, with upcoming changes set to take effect on July 9, 2025.
Antalpha, Bitmain’s strategic partner, has filed for a Nasdaq IPO, marking its continued push into U.S. markets.
