Insights by Monkey, Market Analyst
1. Bitcoin Price Movements: A Weekly Overview
Analyzing Bitcoin’s performance from July 26th to August 1st, 2025, reveals a period of fluctuating fortunes. Here’s a breakdown:
July 26th: Bitcoin experienced a notable recovery. Starting the day at $115,844, the price climbed steadily. After reaching $117,768 around midday, a slight dip occurred before another ascent, peaking at an intraday high of $118,257 during the evening. Afterwards, it stabilized around $118,000, signaling a potential strengthening of the bullish trend.
July 27th: The bullish momentum continued. After an initial dip to $117,903, strong buying interest emerged. Buyers progressively increased their influence, pushing the price to $118,365. Although a subsequent decline to $117,905 occurred, the sellers’ impact was limited. As evening approached, the buyers mounted a stronger surge, elevating the price to $119,009 by close, marking a new high for the observed period and fostering a positive market outlook.
July 28th: Buyers retained control, quickly surpassing the previous peak upon opening, reaching $119,501. Despite a couple of minor pullbacks throughout the day, the upward direction remained unchanged, with a new intraday high of $119,788 being established. However, the upward drive waned, and a profit-taking phase commenced, causing a drop to $118,814. Attempts to hold this level proved unsuccessful, and a further decline to $118,008 in the evening indicated a possible end to the short-term upward trend.
July 29th: Bitcoin initially found a support level around $118,000. After a brief rally at the start, the trend weakened, falling to $117,441. A swift recovery followed, bringing the price back above $118,000, and exhibiting a high-level oscillation. Pressure from sellers briefly resurfaced, driving the price to $117,490, before buyers responded with a surge to $118,739. The price continued its upward trajectory to $119,083. While the price corrected in the evening, it still closed at $117,369, forming a “high rebound” pattern.
July 30th: Continuing the weakness from the previous day’s close, Bitcoin faced downward pressure immediately after opening, hitting a low of $117,187, where short-term support emerged. Buyers attempted a recovery, and after a period of oscillation, the market gradually stabilized. A distinct upward channel formed, with consistently higher lows, reaching a daytime peak of $118,467. Pressure from sellers reappeared, triggering a fall to $117,472. Buyers and sellers battled intensely around $118,000, and a brief recovery to $118,613 failed to hold, causing a retreat to around $117,700. This performance reflected a range-bound oscillation pattern, making the future direction uncertain.
July 31st: Bitcoin experienced significant price swings throughout the day. Following the opening, a sharp decline occurred, rapidly falling from $117,790 to a low of $116,000. Buyers quickly intervened, pushing the price back up to $117,218. The market then entered a phase of gradual ascent, briefly touching $118,872 during the day. However, pressure from sellers re-emerged, causing a dip to $117,855 before rebounding, indicative of a tug-of-war between buyers and sellers at key price points. Ultimately, the coin closed at $118,283, recouping nearly all intraday losses, exhibiting a “sharp drop and rapid rise, high-level oscillation” V-shaped trend.
August 1st: Bitcoin’s oscillation pattern intensified. After a brief rise to an intraday high of $118,764 after opening, the coin encountered strong resistance, quickly leading to a seller-dominated environment and a series of downward movements. The price dropped from the high to $117,557, then to $116,482, and finally to $116,049, failing to find sustained support. The bearish sentiment continued, and Bitcoin temporarily halted its descent around $115,296, recording the day’s largest decline. At the time of this report, the Bitcoin price was $115,516, reflecting a maximum intraday decrease of 2.73% (based on the high of $118,764). Overall, the market shifted toward correction after repeated oscillations at elevated levels, suggesting further downside risks in the near term. Monitoring the $115,000 support level is crucial.
Summary
Over the week, Bitcoin’s market exhibited a pattern of “high-level oscillation combined with a double-dip drop,” particularly evident on July 31st and August 1st. This signifies market strain at high price points, a rapid increase in short-term risk perception, and a transition from oscillation to a correction phase.
During the first half of the week (July 26th to 28th), Bitcoin sustained its upward momentum from the prior weekend, oscillating upwards from $115,844 to a peak of $119,788, reaching a new high and indicating positive sentiment. However, beginning on July 28th, signs of profit-taking at higher levels emerged, prompting Bitcoin to enter a cycle of “high-level oscillation – pullback – re-high – re-pullback.” From July 28th to 31st, Bitcoin gradually retreated to $117,441, then $117,187, and eventually $116,000, forming a slow downward progression. However, buyers maintained the ability to instigate recoveries, keeping the price within a consolidation range above $118,000, oscillating narrowly between $118,000 and $119,000. From July 31st to August 1st, market sentiment underwent a dramatic shift, as concentrated selling forces triggered two sharp declines, establishing a “high-level double kill” pattern and disrupting the prior balance.
In the short term, bullish and bearish sentiments have become significantly polarized. The $118,000 price point represents strong resistance, while $115,000 has become a key support area. Failure to maintain $115,000 could lead Bitcoin to seek lower support levels, potentially entering an extended consolidation period. Investors should vigilantly observe changes in trading volume and the performance of crucial technical levels to identify potential directional breakouts.
Bitcoin Price Trend (2025/07/26-2025/08/01)
2. Market Influences and the Broader Economic Context
Capital Flow
1. Rebalancing by Major Holders and Whale Actions
Data from Glassnode reveals that significant wallets (holding over 1,000 BTC) reduced their holdings by roughly 13,800 BTC from July 26th to 29th, primarily selling in increments as Bitcoin approached $118,000.
During the same timeframe, funds flowing into exchanges exceeded outflows for the first time, implying that some capital may have been converted to stablecoins or other assets in anticipation of future opportunities. Decreases in both new addresses and daily active users indicate a cooling in enthusiasm among retail investors (active users dropping below 850,000).
2. Successful Absorption of Large Sell-offs, Mitigating Price Volatility
Galaxy Digital representatives executed the sale of approximately 80,000 BTC (valued at around $900 million) between July 17th and 25th. This transaction, of historical magnitude, had minimal impact on the market. The price briefly touched $116,000 but quickly rebounded above $119,000. This shows the increasing maturity of the Bitcoin market, where institutions and their execution capabilities are able to manage substantial transactions without generating significant price disruptions.
3. Declining Supply Ratio of Long-Term Bitcoin Holders
On July 30th, Glassnode data indicated that the supply ratio of long-term holders relative to short-term holders (LTH/STH) decreased by 11% over the preceding 30 days, suggesting a continuous shift of funds towards the circulating market. Concurrently, the market share of Ethereum futures open interest climbed to nearly 40%, reaching its highest level since April 2023. This suggests that investor focus is moving from Bitcoin towards Ethereum, and this metric is now in the top 5% historically.
4. Derivatives Market: Sustained High Trading Volume in ETH and Altcoins
Structural changes are apparent in the derivatives market’s capital flows. By the end of July, Ethereum futures open interest reached almost 40% of the market share, marking a new high since April 2023 and placing it in the top 5% historically. This implies that both capital and speculative interest are migrating from Bitcoin to Ethereum.
According to CryptoQuant data, ETH has recently surged by 170%, and is approximately 23% away from its all-time high. SharpLink’s announced purchase of 438,190 ETH for $1.3 billion served as one of the catalysts driving this increase. Meanwhile, trading activity in ETH and altcoin contracts continues to heat up.
Data reveals that as of July 31st, the combined trading volume of Ethereum and altcoin futures contracts reached $22.36 billion, achieving a new high in nearly five months. Centralized exchanges accounted for 83% of this total, while Bitcoin futures only represented 17%. The market structure is progressively moving from “Bitcoin dominance” towards a “multi-asset resonance.”
5. Steady Inflow of ETF Funds
Daily ETF inflow/outflow figures for this week:
July 28: +$157.1 million
July 29: +$80 million
July 30: +$47.1 million
July 31: -$133.4 million
ETF Inflow/Outflow Data Image
ETF products continue to attract capital investment, highlighting a clear trend of institutional allocation. Despite a slight net outflow on July 31st, the overall weekly trend demonstrates a net inflow.
Nate Geraci, president of The ETF Store, noted that as of 2025, companies have raised nearly $86 billion through ETFs for the purpose of purchasing Bitcoin and other crypto assets. This is more than double the total funds raised in US IPOs in 2025, underscoring Wall Street’s increasing focus on crypto assets and ETFs’ rising importance as a channel for mainstream crypto adoption.
Technical Indicator Analysis
1. Relative Strength Index (RSI 14)
Investing.com data indicates that, as of August 1st, 2025, Bitcoin’s 14-day Relative Strength Index (RSI) was 27.573, falling significantly below the technical threshold of 30 and indicating an “oversold” condition. The current RSI represents an extremely low level, typically associated with pessimistic market sentiment and substantial selling pressure. Short-term price downward momentum is approaching its limit. Historically, such situations often precede short-term technical recoveries or stabilization. Despite entering the oversold zone, clear reversal signals (such as RSI divergence or notable rebounds) have yet to appear. If the RSI remains between 25-30 in the near future and the price stabilizes or oscillates at low levels, a bottom divergence structure may form, presenting potential bottoming or rebound opportunities. However, if the RSI drops further below 25 or even lower, it will trigger extreme panic signals and amplify concerns about Bitcoin exploring lower support levels.
2. Moving Average (MA) Analysis
5-day Moving Average (MA5): $117,499
20-day Moving Average (MA20): $117,366
50-day Moving Average (MA50): $112,037
100-day Moving Average (MA100): $102,271
Current Market Price: $115,091
MA5, MA20, MA50, MA100 Data Image
Short-term analysis: The current price falling below both MA5 and MA20 signals a clear weakening in the short-term trend, with sellers in control. The formation of a death cross between MA5 and MA20 implies a continued downward trajectory in the immediate term.
Medium- to long-term analysis: Despite the price remaining above MA50 and MA100, the gap between the price and MA50 is narrowing. Further declines could result in a medium-term death cross, amplifying both the depth and duration of the correction. Overall, the moving average system suggests a flattening peak and a gradual downward turn, indicating a shift in market momentum following a prolonged period of high-level oscillation.
Technical Conclusion: The arrangement of MAs (short-term bearish, medium-term critical, long-term still bullish) suggests the market is in the initial phase of a correction evolving towards a mid-term pullback. A subsequent break below MA50 ($112,037) would constitute a technical breakdown, potentially triggering deeper pullbacks. The support levels in the $110,000 to $105,000 range should be closely monitored.
3. Moving Average Convergence Divergence (MACD) Analysis
Investing.com data indicates that, as of August 1st, the MACD fast line was -631, with the histogram remaining negative and expanding. The MACD currently shows a distinct bearish divergence pattern, with the fast line persistently probing downwards below the zero axis and the histogram gaining momentum. This indicates a strengthening bearish trend, with market sentiment still subject to strong selling pressure. A significant divergence between the MACD and price trends has yet to emerge, meaning the current downward trend has not shown definitive signs of waning momentum. The MACD maintains a bearish trajectory, issuing a mid-term “Sell” signal. Shortening of the histogram and the formation of a golden cross could signal a trend reversal; however, it’s essential to remain cautious of a “continuation of the drop” pattern, in which a short-term rebound is followed by another test of the bottom.
4. Key Support and Resistance Levels
Support Levels: Short-term key support levels for Bitcoin are sequentially positioned at $115,000, $116,000, and $117,000. Over the past week, the effectiveness of the support within this zone has been repeatedly validated, demonstrating relatively robust buying strength. Around July 26th, the BTC price twice dipped to around $115,000, swiftly encountering support and exhibiting substantial rebounds, indicating concentrated capital intervention below this range. In the significant correction on August 1st, $115,000 again served as a support level, halting the decline and further solidifying its importance. On July 30th, the price fell to around $117,000 twice and found support, forming a short-term support level. Despite a brief rapid decline on July 31st, the BTC price rebounded strongly from $116,000 to $117,000. After a period of consolidation, it maintained upward momentum, breaking above $118,000, indicating that buyers still maintain the upper hand within this range. In sum, the $115,000-$117,000 band represents the core support zone for the current market. Sustained trading above this area will further solidify the short-term bullish structure. However, a break below $115,000 requires attention to the secondary support levels below.
Resistance Levels: The immediate resistance structure for Bitcoin is relatively well-defined. The initial resistance is in the $118,000-$119,000 range, with the $120,000 round number above. On July 28th, the BTC price briefly exceeded $119,000 but failed to stabilize due to insufficient momentum and selling pressure above. Subsequently, Bitcoin encountered robust resistance at the $119,000 level during breakout attempts on July 29th and 31st, indicating that this position has become a core obstacle for short-term advances. The area around $118,000 is a technical zone with frequent clashes between buyers and sellers, serving as a barometer for gauging market strength. As for $120,000, it is not only a prior high but also has psychological importance as a round number, making a breakout a significant challenge without substantial positive news or a surge in trading volume. Currently, the $118,000-$120,000 range represents the main resistance zone for Bitcoin in the short term. A breakout with volume and stabilization above $120,000 is necessary to pave the way for further upward movement.
Comprehensive Assessment
Bitcoin is currently in a “high-level oscillation + double kill drop” structure, most notably with the significant declines on July 31st and August 1st. These events reflect market sentiment fluctuations and a loosening of positions following pressure at high levels, leading the trend to shift from a prior state of strong oscillation towards a short-term adjustment phase. The present market reflects significant divergence between bullish and bearish sentiment, with clear resistance above $118,000 and $115,000 serving as a critical defensive line. Failure of the price to stabilize above this support could lead Bitcoin into a renewed phase of consolidation or price discovery at lower levels. Conversely, consistent trading above the support zone could rebuild the short-term bullish structure, potentially opening the door for renewed upward momentum. Investors should closely monitor the $115,000-$120,000 range, paying attention to volume changes and macro sentiment indicators to inform risk management and trading decisions.
Market Sentiment Analysis
1. Sentiment Overview
Over the past week, the Bitcoin market exhibited a dynamic evolution in sentiment, characterized by optimism early in the week and a more cautious approach later. Prices continued to fluctuate within a high range, exhibiting significantly increased volatility, which indicates that the market is in a sensitive phase of directional choice. At the beginning of the week, prices tested the recent high, increasing market risk appetite, stimulating relatively active capital flows, and resulting in buyer dominance. However, as prices approached technical resistance, market expectations gradually diverged and sentiment became more cautious, resulting in an increase in the wait-and-see sentiment. As the week advanced, the market experienced two rapid corrections, triggering significant short-term shakeouts and violent fluctuations in sentiment. Overall, market sentiment has evolved from optimism to caution, then to volatility, and is trending towards a wait-and-see stance, with notable psychological changes among investors.
Specifically, prices initiated a short-term upward trend from around $115,000 on July 26th, reaching a high of $119,788 on July 28th, accumulating a nearly 4% gain in the short term. This significantly boosted bullish sentiment, with FOMO (fear of missing out) gradually spreading, increasing market activity. However, starting in the evening of July 28th, Bitcoin’s trend shifted to a wide, high-level oscillation pattern, and from July 29th to 31st, it underwent a pullback correction. The pullback lows gradually declined, indicating that bullish momentum began to weaken, and sentiment declined accordingly, with some investors adopting conservative strategies. By July 31st and August 1st, the market experienced two consecutive days of sharp declines, intensifying short-term trading sentiment and reflecting that the market has entered an unstable oscillation zone, with increased volatility and short-term uncertainty.
2. Key Sentiment Indicators (Fear and Greed Index)
As of August 1st, the Fear and Greed Index registered at 57, positioned at the lower end of the “Greed” zone. This indicates that while market risk appetite remains, it has shifted from exuberance to a more cautious state, reflecting investors’ heightened awareness of risk management at current high levels.
Reviewing the week (July 26th to July 31st), the daily values of the Fear and Greed Index were: 64 (Greed), 64 (Greed), 67 (Greed), 63 (Greed), 63 (Greed), 62 (Greed). The index maintained values between 62 and 67 throughout the week, showing limited overall volatility and remaining within the “Greed” zone. This suggests that overall investor confidence is still present, but sentiment has cooled slightly. Structurally, the index peaked on July 28th, coinciding with Bitcoin’s high for the week, and then gradually declined. This reflects that the market experienced emotional pullbacks after failing to reach new highs, with some funds beginning to reduce positions to mitigate risk, leading the market into a phase of contention and divergence.
Furthermore, a degree of divergence exists between the sentiment indicator and price trends. Although prices remain in a high range, the Fear and Greed Index has not concurrently reached new highs but has instead continued to decline. This indicates that the current market has entered a high-level contention state, where potentially insufficient emotional support is exerting pressure on prices. From the perspective of investor behavior, medium- to short-term traders have generally begun to reduce their risk exposure, tending to wait for clearer market directional signals.
Fear and Greed Index Data Image
Macroeconomic Background
1. Federal Reserve and Powell Dynamics
On July 30th, the FOMC meeting decided to hold interest rates steady in the 4.25%-4.50% range, but two committee members dissented (voted against it). This marks the first such instance since 1993 and weakens market expectations for a rate cut before September. Overall, the market anticipates that the Federal Reserve will not easily loosen monetary policy. Bitcoin, as a risk asset, has reacted cautiously and experienced periods of weakening. Some believe that a more “dovish” signal from the Federal Reserve would benefit Bitcoin, but this meeting did not offer any such hints.
2. Trump, Policies, and Regulatory Trends
The White House released a digital asset report titled “Strengthening American Leadership in Digital Financial Technology,” emphasizing promotion of the Genius Act and Clarity Act and clearly opposing the issuance of a central bank digital currency in the U.S. It also proposed maintaining a policy concept of “strategic Bitcoin reserves” (though the report lacked specifics on new purchases).
Trump continues to pressure Powell, criticizing him for not being aggressive enough in cutting rates and even considering replacing the Fed chair, which raises concerns about the independence of the central bank and increases inflation expectations, putting pressure on the dollar.
3. Macroeconomic Liquidity and ETF Dynamics
A Citi report highlighted that Bitcoin’s recent rise is primarily fueled by ETF fund inflows and wider institutional adoption, while the influence of traditional miner costs and the stock-to-flow model is diminishing. Last week, Bitcoin ETFs experienced net inflows of approximately $72 million, marking the seventh consecutive week of net inflows and signaling persistent institutional demand. Ethereum ETFs performed even more strongly, with a single-week net inflow of $1.8 billion, reflecting a trend of capital flowing towards Ethereum. The M2 money supply in 2025 has cumulatively grown by 2.3%, with monthly growth of 0.63% in May and June, bolstering bullish sentiment towards Bitcoin.
4. Strong Dollar Rebound, Global Markets Under Pressure
The dollar’s strong rebound has exerted pressure on global markets. Contrary to prior expectations that Trump’s tariffs and fiscal policies would weaken the dollar and the U.S. market, positive economic data, AI-driven stock market gains, and reduced concerns about the U.S. outlook have shifted these views. The dollar is expected to see its first monthly increase in 2025, while Europe and emerging markets, which previously benefited from anti-dollar sentiment, now face pressure. A strong dollar typically suppresses the appeal of non-dollar assets like Bitcoin, potentially leading to short-term capital outflows from the crypto market and putting downward pressure on Bitcoin prices. However, in the long term, a dollar oscillating at high levels may still encourage investors to view Bitcoin as an inflation hedge.
5. Indian Economy: Trump Tariffs Impact Growth Expectations
Trump announced a 25% tariff on Indian goods, expected to reduce India’s economic growth by approximately 40 basis points in the 2025-26 fiscal year. Economists warn that further tariffs could drag down India’s economy even further. As an emerging market economy, India’s slowdown may weaken local demand for crypto asset investments, but existing restrictions in the traditional financial system are expected to sustain strong demand for cryptocurrencies related to asset diversification and cross-border capital transfers.
6. Global Economic Outlook: IMF Lowers Growth Expectations
The International Monetary Fund (IMF) indicated in its July 2025 World Economic Outlook Update that the global economy faces downside risks. The global growth rate for 2025 is projected at 3.0%, a downward revision of 0.2 percentage points from previous expectations. The trade environment remains fragile, and tariffs may be raised again after the “pause” period, leading to a potential 0.3% decline in global output in 2026. Slower global economic growth and escalating trade tensions may prompt more investors to view Bitcoin as “digital gold” for asset hedging, increasing Bitcoin demand. However, economic uncertainty may also increase market volatility.
3. Changes in Bitcoin Network Hash Rate
From July 26th to August 1st, 2025, the Bitcoin network hash rate exhibited fluctuating behavior. Specific details are as follows:
On July 26th, the overall network hash rate experienced slight variations, gradually declining from 1.0345 ZH/s to 951.31 EH/s during the day, before slightly rebounding to 1.0011 ZH/s in the evening. It then fell back to 961.34 EH/s by the end of the day, a bit below the day’s peak. On July 27th, the hash rate showed an overall downward trend, continuously decreasing from 974.62 EH/s to 885.01 EH/s and then 840.79 EH/s, closing the day slightly higher at 851.42 EH/s. This indicated a reduction in miners’ computing power release. On July 28th, the hash rate underwent substantial fluctuations, rapidly climbing from 847.64 EH/s to 1.0792 ZH/s, reaching a new high for the period, but then significantly retreating to close at 863.24 EH/s. The day exhibited considerable volatility, signaling increased network computing power instability. On July 29th, the hash rate continued its decline, quickly dropping to a low of 687.43 EH/s. Although a brief rebound to 732.71 EH/s occurred, it fell again to 684.61 EH/s, closing at 715.03 EH/s. This suggests that some miners temporarily went offline or migrated their computing power. On July 30th, the hash rate recovered somewhat, rebounding from the low to 878.97 EH/s. Despite a brief dip in between, it maintained an overall upward trajectory, peaking at 913.66 EH/s during the day, before slightly declining to 840.51 EH/s at the close. This reflected a slight recovery in miner activity, though not yet fully stable. On July 31st, the hash rate continued to increase, gradually climbing from 835.58 EH/s to 1.0521 ZH/s, essentially recovering to the level at the start of the week. This suggested a regrouping of network computing power and increased miner activity.
Overall, the Bitcoin network hash rate exhibited strong volatility from July 26th to August 1st. From the 26th to the 27th, the hash rate continuously declined, which reflects some miners temporarily going offline or reducing computing power due to factors such as electricity prices, climate, or maintenance. From the 28th to the 29th, the hash rate underwent dramatic oscillations, experiencing rapid increases and sharp declines, with a fluctuation range of nearly 400 EH/s, which substantially disturbed network stability. From the 30th to the 1st, the hash rate entered a repair phase, gradually recovering to the 1 ZH/s level, signaling the return of some miners and increased network activity.
The sharp rises and falls in hash rate during this period reflect the considerable uncertainty in the current distribution of network computing power, potentially influenced by external variables like climate, electricity costs, and equipment operational status. Despite the recovery towards the end of the week, the network has yet to display a consistently upward trend, requiring ongoing monitoring of how changes in computing power may affect subsequent block intervals, confirmation times, and mining difficulty adjustments.
Weekly Bitcoin Network Hash Rate Data
Reviewing the data from the past six months, the Bitcoin network hash rate has shown a consistent upward trend. Although there have been occasional short-term fluctuations, the overall trend reflects miners’ long-term optimism for the Bitcoin network and the support of continuously deployed, efficient mining machines. Since the beginning of 2025, the hash rate has consistently risen from the 700-800 EH/s range and currently stabilized at the 800-1000 EH/s level, occasionally breaking through 1 ZH/s, marking a new cycle of computing power expansion.
Six-Month Bitcoin Network Hash Rate Data
From an annual perspective, the growth of the hash rate is even more pronounced. The hash rate of the Bitcoin network during the same period in 2024 was around 550-700 EH/s, while the current level is nearly double. This trend indicates that despite market fluctuations, changes in electricity environments, and other multiple variables, the Bitcoin network continues to demonstrate strong resilience, reflecting the accelerated entry of industrial capital and the ongoing optimization of mining infrastructure globally.
Annual Bitcoin Network Hash Rate Data
4. Bitcoin Mining Revenue Analysis
YCharts data reveals the following daily total revenue for Bitcoin miners (including block rewards and transaction fees) this week: July 26: $57.61 million; July 27: $52.74 million; July 28: $57.40 million; July 29: $44.26 million; July 30: $52.50 million. Overall, miners’ daily revenue this week fluctuated roughly between $52 million and $58 million, maintaining a stable trend with slight oscillations compared to the previous week. Notably, miner revenue saw an abnormal drop on July 29, recording only $44.26 million, which marks the week’s low. On-chain data indicates that the number of confirmed transactions on the Bitcoin blockchain on July 29 was significantly lower than on other dates, reflecting a temporary decline in transaction activity. This reduction in transaction volume directly compressed total transaction fees for that day, reducing overall miner revenue. This phenomenon underscores the important role that frequency of on-chain interactions plays in miners’ fee income. Such a decline in transaction activity may be related to price consolidation, increased wait-and-see sentiment among investors, or adjustments to network congestion mechanisms.
Examining daily earnings per unit of computing power (Hashprice), Hashrate Index data indicates that, as of August 1st, Hashprice was reported at $57.41 per PH/s per day, slightly down from the same period last week, reflecting some pressure on miners’ unit earnings. On July 31st, Hashprice dropped to a weekly low of $57.97, and on August 1st, it continued to decline, falling from an intraday high of $58.90 to $57.17, highlighting the market’s sensitivity to multiple factors such as Bitcoin price declines, reduced transaction fees, and fluctuations in overall network computing power.
From a longer-term perspective, Hashprice is currently in a mid-low range on a monthly basis, signifying a relatively balanced state among current Bitcoin prices, network difficulty, and fee levels. Quarterly trends show that Hashprice remains at a relatively mid-high level, indicating that miners are still maintaining a reasonable level of profitability in the current market environment. It is important to note that if Bitcoin prices continue to fall, on-chain activity does not recover significantly, and overall network computing power continues to grow, unit earnings could face further compression. Monitoring subsequent difficulty adjustments, changes in on-chain fees, and their effects on Hashprice will be crucial for assessing marginal changes in