Author & Editor: Georgia Jansen
Bitcoin Price Trends (2025/09/13–2025/09/19)
In the past week, Bitcoin’s trend exhibited a rhythm of “sideways consolidation → pullback and rebound → attempt to break through after the Fed’s meeting.” The core driving force came from the market’s changing expectations regarding the Fed’s policy and the actual 25 basis point rate cut on September 18, along with news of ETF fund flows and improved risk appetite. The main operating range for the week was roughly between $114,400 and $117,910. Key points occurred on September 16, when the price briefly dipped to $114,801 before quickly rebounding; and on September 18, after the Fed announced the rate cut, Bitcoin surged to around the weekly high of $117,910.
• September 13: Highest $116,292.4, Lowest $115,207.3, Closing at $115,924.9
• September 14: Highest $116,165.6, Lowest $115,158.3, Closing at $115,314.6
• September 15: Highest $116,723.2, Lowest $114,412.2, Closing at $115,362.1
On September 13, the price oscillated narrowly around the mid-$115,000 range, roughly operating between $115,207 and $116,292, closing near $115,925. On September 14, the fluctuation range further narrowed, with the low of $115,158 being supported by buying, while the high near $116,166 encountered resistance. On September 15, the market briefly dipped below the previous range to $114,412 but quickly surged to an intraday high of $116,723, ultimately closing at a level close to the previous two days. Overall, the trading volume during these three days was relatively light, consistent with the typical “wait-and-see” pattern before the FOMC.
On September 16, Bitcoin briefly fell below the support of the previous few days to $114,801, as traders reduced positions ahead of the policy event. However, the dip was quickly met with strong buying, and the price rebounded to the mid-$116,000 range, reaching a daily high of $116,970. Compared to the beginning of the week, trading volume significantly increased that day, indicating substantial two-way trading at lower levels.
On September 17, volatility increased, with prices oscillating between $114,783 and $117,284, repeatedly testing the upper and lower bounds of the range. Trading volume remained high, closing back at the mid-$116,000 range, with a neutral but poised market structure.
On September 18, after the Fed cut rates by 25 basis points as expected, risk appetite improved significantly, and Bitcoin broke through the $117,000 mark, reaching a weekly high near $117,910, closing at $117,277. Trading volume was above the weekly average, indicating fund follow-up driven by the event.
Overall, Bitcoin’s performance this week began with sideways observation, followed by a brief mid-term dip and rapid rebound, oscillating in anticipation before the interest rate decision, and attempting a breakout afterward. It ultimately operated within the range of $114,400 to $117,910, with the market’s focus gradually shifting upward. The decision and improvement in risk appetite were the dominant factors, while ETF fund flows, despite fluctuations, did not disrupt the overall trend. By the weekend, the market leaned bullish.
This week, Bitcoin spot ETFs maintained a net inflow pattern, with 4 out of 5 trading days recording net inflows and 1 day showing a slight net outflow. According to Farside Investors’ Bitcoin ETF fund flow tracker, the total net inflow over the five days was approximately $1.186 billion. The trend indicates that institutional allocation demand remained stable around the interest rate decision week, only briefly slowing in the mid-term:
September 15: +$259.9 million
September 16: +$292.3 million
September 17: -$51.3 million
September 18: +$42.5 million
ETF Fund Inflow/Outflow Data Chart
Supported by four days of net inflows and one relatively small net outflow, spot ETFs continued to serve as the primary channel for institutions and traditional investors to allocate Bitcoin. The large net inflow from September 12 to 16 indicated that there remained sustained buying interest around the $115,000 range; while the small net outflow on September 17 likely reflected investors hedging risks ahead of the Fed’s decision, rather than a trend reversal. The return to net inflows on September 18 indicated that demand remained robust after the policy was implemented, keeping the overall capital flow positive this week.
On September 13, CryptoOnchain pointed out that the realized Bitcoin miner inflow to trading platforms reached a historical peak of $18.7 billion, marking the largest scale of miner coin transfers ever. Possible reasons include:
This move highlights supply-side pressure, which may limit Bitcoin’s short-term upside potential and increase market volatility risk.
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CryptoQuant CEO Ki Young Ju noted that the total on-chain capital inflow for Bitcoin in the past year and a half has reached $625 billion, surpassing the cumulative $435 billion from 2009 to 2024, indicating a significant acceleration in capital scale.
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On September 17, CryptoQuant data showed that Bitcoin recorded the second-largest single-day increase in 2025: a total of 29,685 BTC (approximately $3.4 billion) flowed into long-term holder addresses through over-the-counter transactions, indicating that large funds are still positioning on dips.
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On September 18, crypto analyst The DeFi Investor pointed out that Bitcoin balances on centralized exchanges have dropped to a 7-year low, indicating that institutional funds continue to flow into the spot market, concentrating holdings in long-term wallets.
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According to Bitbo data, as of September 19, 2025, Bitcoin’s 14-day RSI was 69.99, with a price of $117,222.79. This level is just below the traditional overbought threshold of 70, indicating that short-term momentum remains strong, and the market is approaching the overbought range but has not yet officially closed above it.
In the past week, the RSI showed an upward trend, ultimately closing near the high close to 70, clearly indicating that as the price approached the weekly high, bullish pressure significantly increased. If the RSI can consistently close above 70, it typically confirms an overbought state and increases the probability of short-term consolidation or pullback. Conversely, if the RSI falls back to the 50-55 range while the price remains stable, it indicates a healthy repair of momentum rather than a trend disruption.
Bitcoin 14-Day RSI Data Chart
• MA5 (5-Day Moving Average): $116,793
• MA20 (20-Day Moving Average): $113,812
• MA50 (50-Day Moving Average): $116,645
• MA100 (100-Day Moving Average): $112,035
• MA200 (200-Day Moving Average): $105,008
• Current Price (as of September 19, 2025 reference value): $117,222.79
MA5, MA20, MA50, MA100, MA200 Data Chart
The reference price of $117,222.79 is above all moving averages (MA5, MA20, MA50, MA100, MA200). The short-term moving average combination shows positive performance, with MA5 ($116,793) slightly above MA50 ($116,645), and both are well above MA20 ($113,812).
This structure indicates that short-term momentum remains strong, and traders view the $116,645-$116,793 range as the first support zone. The mid-term trend is also robust, with MA50 above MA100 ($112,035) and MA200 ($105,008). As long as the price continues to hold above MA200, the long-term trend remains firmly bullish.
If the price can maintain above MA50, the market remains positively inclined; if the daily closes below MA5 and MA50, it indicates that short-term momentum may pause and could potentially retest near MA20 at $113,812.
Support Levels: After the pullback in the middle of the week, buying repeatedly defended the $114,500-$116,000 range. On September 16, the price briefly dipped to $114,801, then quickly rebounded; during September 13-15, multiple pullbacks to around $115,200 were supported, confirming sustained buying interest in that range. Subsequently, after the FOMC meeting, the market surged, forming new support around $116,000, with prices repeatedly rebounding when falling to the $116,000-$116,200 range on September 17-18, indicating that previous resistance has turned into short-term support.
Resistance Levels: The first resistance above is at $117,300, where the price encountered resistance on September 17. After the Fed’s decision on September 18, the price surged to the weekly high of $117,910 but failed to hold above that level, confirming the $117,900-$118,000 range as the main resistance band for the week. If it can effectively close above $118,000, it would open up space for momentum continuation; if it fails to break through, the market will remain range-bound, with $116,000 as the pivot and $114,800-$115,200 as the key lower defense line.
Overall, this week, Bitcoin’s short-term structure still aligns with the pattern of “support gradually moving up, resistance gradually tightening,” but the top has slightly elevated. Bottom buying remains resilient, with the first defense zone falling in the MA50-MA5 range ($116,645-$116,793), and secondary support at recent lows of $114,800-$115,200. Supply above is concentrated at $117,300 and $117,900-$118,000. The 14-day RSI is at 69.99, indicating strong momentum but nearing overbought territory, with the market in a phase of range convergence; whether it can continue depends more on volume breakout rather than a single spike.
If the bulls can consistently hold around $116,600 and convert $117,300 into daily support, they are likely to challenge $117,900-$118,000, or even briefly break through. If it can effectively stabilize above $118,000, it is expected to initiate a new round of increases, while the RSI retreating from the overbought zone to a mid-high level (60-65) would also release space for trend continuation. Conversely, if it repeatedly encounters resistance at $117,900-$118,000 while the RSI remains around 70, a pullback to the MA range ($116,645-$116,793) is likely; only in cases of liquidity deterioration or negative fund flows could a deeper retest of $114,800-$115,200 occur. Overall, the market still leans towards a volatile upward trend, but whether a breakout can be confirmed depends on whether trading volume can continue to expand and whether ETF and exchange fund flows continue to absorb profit-taking pressure.
As of September 19, the Crypto Fear & Greed Index was at 52 (neutral range). It was 51 yesterday, 50 last week, and 53 last month, indicating a slight improvement in sentiment month-on-month, but still in a balanced state rather than exuberant.
In the week from September 13 to September 19, the sentiment index on the CMC chart remained stable overall, still in the neutral range, even as prices tested the upper bound of the range, it did not enter the greed zone. This aligns with the technical perspective: prices approaching the $117,900-$118,000 resistance zone while the RSI rises to 69.99, but the sentiment index did not spike into greed or extreme greed. In other words, momentum has improved, but market sentiment remains rational.
Looking ahead, if Bitcoin can stabilize above $118,000 on a daily basis, accompanied by increased spot trading volume and continued net inflows into ETFs, the sentiment index is expected to rise to moderate greed (55-60 range). If the breakout is obstructed and prices fall back to the MA50-MA5 range ($116,645-$116,793), the index may retreat to the high 40s to low 50s. Currently, market sentiment remains constructive but restrained, a state that is typically conducive to trend continuation while avoiding short-term peak risks.
Fear & Greed Index Data Image
The Federal Reserve announced a 25 basis point rate cut at the September meeting, setting the target range for the federal funds rate at 4.00%-4.25%, marking the first rate cut since December of last year. The statement mentioned that U.S. economic growth is slowing, job growth is decelerating, inflation has rebounded but “remains at relatively high levels,” and explicitly pointed out that the downside risks to the labor market are increasing.
Lower policy rates reduce the funding threshold for risk assets, typically leading to a more accommodative financial environment unless offset by overly hawkish guidance. The tone of this meeting was “cautiously accommodative”: the rate cut supported risk appetite, but the Fed avoided committing to a rapid easing path. For Bitcoin, this typically means:
• Interest Rates and Dollar Transmission: If front-end U.S. Treasury yields fall and the dollar weakens, Bitcoin’s risk premium improves; conversely, if yields rebound due to a “cautious” tone, even with a rate cut, it may limit Bitcoin’s upside potential.
• Liquidity and Fund Flows: Lower financing costs and improved risk sentiment help drive net inflows into spot ETFs and stablecoin “dry powder” flowing into Bitcoin. Whether any breakout trend can be sustained depends on whether these fund flows can accelerate again after the FOMC.
• Volatility Path: As the Fed has clearly stated it will rely on data, future employment and inflation data will directly impact market expectations. If subsequent unemployment claims/NFP data is weak or inflation cools, the likelihood of an additional 25 basis point rate cut increases (some institutions, such as Nomura, have predicted more rate cuts this year), and such expectations have historically supported crypto market performance in the fourth quarter.
Fed Chair Powell’s Press Conference Transcript Chart
For the week ending September 13, 2025, initial jobless claims in the U.S. fell by 33,000 to a seasonally adjusted 231,000, reversing the previous week’s surge to 264,000, marking the largest single-week decline in nearly four years. The four-week moving average dropped to about 240,000, and the number of continuing claims fell to about 1.92 million. This decline was better than most forecasts, partially offsetting the previous unusual spike related to suspected fraud in Texas.
Combined with only 22,000 non-farm jobs added in August and a 4.3% unemployment rate, the overall U.S. labor market is still marginally weakening rather than re-accelerating.
This decline in initial claims alleviates recent recession concerns but does not change the trend of a gradually softening job market. In practical terms, maintaining initial claims in the 200,000 to 250,000 range supports the Fed’s initiation of easing while maintaining a cautious tone.
• PPI Data: The final demand producer price index fell 0.1% month-on-month in August (July was +0.7%). Among them, the service sector fell 0.2% month-on-month, while goods rose 0.1%. Year-on-year, PPI increased by 2.6%.
• CPI Data: The consumer price index rose 0.4% month-on-month in August (July was +0.2%). Overall CPI increased by 2.9% year-on-year; core CPI (excluding food and energy) rose 3.1% year-on-year and 0.3% month-on-month.
Overall, the weakening PPI and the still robust CPI create a “mixed” inflation picture. The easing of wholesale price pressures in August was primarily driven by declines in the service sector, but consumer-side inflation remains strong, with core CPI year-on-year holding at 3.1% and a month-on-month increase of 0.3%.
From an operational perspective, this pattern supports the Fed’s initiation of rate cuts but also prompts it to remain cautious about future rate cut rhythms. For the market and Bitcoin, the short-term implication is: if production-side pressures continue to ease and front-end U.S. Treasury yields fall, real interest rates are expected to decline, benefiting risk assets; however, if CPI does not significantly cool, it may limit the Fed’s dovish space.
Spot gold reached a historical high at the beginning of the week but retreated after the Fed’s 25 basis point rate cut and cautious guidance, leading to a stronger dollar and rising U.S. Treasury yields. On Wednesday, spot gold hit a historical high of $3,707.40 per ounce, then fell nearly 1%, closing at $3,658.25. It retreated to $3,655.10 on Thursday and hovered around $3,646.23 on Friday. U.S. December gold futures were roughly reported in the $3,678-$3,690 range over the weekend. SPDR Gold Trust holdings fell by 0.44%, indicating some capital outflow.
The Fed positioned this rate cut as a preventive measure and avoided signaling aggressive easing, which strengthened the dollar and overall increased U.S. Treasury yields. This combination typically suppresses the upside potential of non-yielding assets (like gold), thus entering a consolidation phase after reaching record highs.
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After the Fed’s 25 basis point rate cut and emphasis on “risk management,” U.S. Treasury yields generally rose. By Thursday, the 10-year Treasury yield was around 4.10%, and the 2-year yield was about 3.57%, indicating that the market is pricing in a slower and more conditional easing path, with a mild bear steepening of the yield curve.
The moderate rise in yields typically suppresses Bitcoin’s upward momentum in the short term, as higher discount rates support the dollar while increasing the financing costs for risk assets. This pressure is particularly evident when the 10-year yield remains above 4%.
The dollar index showed weakness at the beginning of the week, dipping to 96.636 on September 16, as the market bet on a more dovish easing path from the Fed. However, after the decision was announced, the dollar rebounded: although the Fed cut rates by 25 basis points, it did not imply rapid easing; subsequently, the data showing a decline in initial jobless claims further supported the dollar’s strength. On September 18, the dollar index rose to about 97.37, with the euro falling to $1.1785 and the yen depreciating to about 147.95 yen per dollar.
This trend exhibited a typical “roller coaster” pattern: earlier expectations of aggressive easing depressed the dollar, but cautious policy guidance and more robust data helped the dollar rebound. A stronger dollar and rising U.S. Treasury yields typically limit Bitcoin’s upward space near resistance levels, as both tighten the global financial environment and raise the discount rate for risk assets.
In the past seven days, the Bitcoin network exhibited a typical “midweek surge, weekend pullback, then rebound” pattern. Overall hashrate fluctuated mainly between 0.9 ZH/s and 1.2 ZH/s, indicating that the security budget remains high, even as miners flexibly adjust their operating times based on difficulty adjustment windows.
Starting September 14, miners gradually resumed operations, and the hashrate curve turned upward, with the network rising back to around 1.0 ZH/s, touching the 1.05-1.10 ZH/s range multiple times on September 15 and 16. This aligns with miners redeploying capacity ahead of the next difficulty adjustment.
On September 17, the hashrate accelerated rapidly, reaching a weekly high close to 1.2 ZH/s. This level typically corresponds to the full online presence of major mining pools and the concentrated release of hydroelectric or low-cost base-load power. This peak indicates that more efficient mining machines are continuously coming online, and cross-regional capacity supply is ample. By September 18, the hashrate fell back to around 0.86-0.90 ZH/s during the day but then rebounded to about 1.1 ZH/s. As of September 19 (at the time of writing), according to Bitinfocharts’ daily average estimate, the network hashrate is approximately 1.05 ZH/s; while CoinWarz’s real-time estimate shows the hashrate at about 1.11 ZH/s, with network difficulty maintained at around 142-143 T. Such daily fluctuations are common during difficulty adjustment periods or significant changes in electricity prices, typically not posing substantial risks to network security but may squeeze the profit margins of less efficient miners.
Overall, this week, the network maintained a high-level platform, first surging to around 1.2 ZH/s midweek, then briefly retreating to around 0.9 ZH/s before recovering. This pattern indicates that miners are continuously increasing or optimizing new-generation hardware, while short-term electricity factors still drive daily fluctuations. For the network, security remains solid; for miners, the rising average hashrate keeps competitive pressure high, with profit margins increasingly reliant on Bitcoin prices and fee levels.
Weekly Bitcoin Network Hashrate Data
As of September 18, miner revenue rose from $46 million on September 12 to $60.57 million, showing a clear upward trend, generally in line with the strengthening Bitcoin price and stable transaction fees. According to YCharts data, Bitcoin miners’ daily total revenue (including block rewards and transaction fees) fluctuated between $46 million and $60.57 million over the past week, as follows:
• September 12: $46 million
• September 13: $56.62 million
• September 14: $58.59 million
• September 15: $60.08 million
• September 16: $59.24 million
• September 17: $58.80 million
• September 18: $60.57 million
Bitcoin Miners Daily Revenue Data
The daily fluctuations after September 14 were relatively mild, indicating that even with hashrate oscillations, the volatility of prices and fees remained suppressed. The 7-day view from the Hashrate Index shows that hash prices (daily dollar earnings per unit hashrate, USD/PH/s/day) generally maintained in the $53-$55 per PH/s/day range during most of September 12-18; on the morning of September 18, it briefly spiked to the mid-$54 range, then quickly fell back to around $52 per PH/s/day around 11:00 UTC on September 19. This trend aligns with the midweek surge in Bitcoin prices, followed by a momentum pullback against a backdrop of high hashrate and difficulty. Overall, miner total revenue improved month-on-month, but unit economics remain tight; under conditions where hash prices hover just above the $50 mark and network difficulty approaches historical highs, operators equipped with new-generation mining machines and competitive electricity costs are in a relatively advantageous position, while less efficient mining rigs are more sensitive to Bitcoin price pullbacks.
Hash Price Data
This week, significant changes occurred in mining machine efficiency and energy cost pressures, particularly for miners deploying new-generation machines and successfully negotiating favorable electricity contracts. A key event was on September 16, 2025, when BTC Digital announced the activation of “new-generation mining machines” to enhance energy efficiency in hashrate operations. These devices aim to improve hashrate output per watt, enabling the company to mine more Bitcoin with lower electricity expenses. Currently, Bitcoin’s mining difficulty stands at 142.34 T (block height 915,379), with a 1.47% increase in mining difficulty over the past 24 hours.
BTC Difficulty Data
Additionally, Macromicro’s data on “average Bitcoin mining costs” shows that as of September 16, 2025, the average cost to produce one Bitcoin has risen to $115,122, up from about $101,205 just two days prior (around September 14). This jump reflects rising energy prices or operational input costs, particularly impacting miners using outdated or inefficient machines. From a cost dynamic perspective, the Mining Cost-to-Price Ratio is approximately 0.98 (based on an average mining cost of $115,122 and a spot price of about $117,200). This indicates that miners are still in a slight profit zone but have limited profit buffers; if energy costs rise or Bitcoin prices fall, profitability will quickly be squeezed.
Overall, efficiency is becoming a core differentiator in the mining industry. Miners adopting low-power/high-efficiency new models and securing cheap or renewable energy are gaining cost advantages; meanwhile, operators relying on outdated equipment are facing greater pressure. As energy prices or electricity costs per kilowatt hour rise, this disadvantage will further amplify.
For Bitcoin itself, this dynamic brings multiple impacts: at current price levels, rising production costs may limit miners’ willingness to sell, thereby alleviating downward price pressure; but on the other hand, if costs rise too quickly without a corresponding increase in Bitcoin prices or fees, the risk of miners surrendering or reducing operational time will also increase, potentially impacting hashrate stability.
BTC Puell Multiple Data
In the past week, Bitcoin’s Puell Multiple oscillated between approximately 1.05 and 1.34, showing a steady increase in miner income relative to its one-year average issuance value, then experiencing a midweek pullback before recovering again.
• On September 12, this indicator was around 1.21, reflecting low miner income, at the lower end of the neutral range.
• From September 13 to 15, the indicator steadily rose, reaching around 1.34 on September 15, as daily average miner income improved while Bitcoin prices remained stable around $115,000.
• On September 16, the indicator held around 1.32, indicating that miner profitability levels remained above the benchmark issuance trend.
• On September 17, the indicator sharply dropped to around 1.05, indicating a temporary weakening of miner income momentum, possibly related to that day’s hashrate fluctuations and transaction fee adjustments.
• On September 18-19, the indicator rebounded to around 1.31, corresponding with Bitcoin prices stabilizing in the $115,680 to $117,000 range.
Overall, this week’s Puell Multiple indicates a neutral to slightly positive miner environment, contributing to network stability, while if Bitcoin prices continue to rise, there remains room for further improvement.
On September 15, Coinbase requested the U.S. Department of Justice to limit state-level “blue sky law” enforcement actions through federal-level market structure legislation. If national-level prioritization can be achieved, it would reduce the legal fragmentation and compliance burden faced by U.S. trading platforms, helping to improve Bitcoin’s liquidity and price transparency.
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The committee’s communications emphasize the urgency of reforming the U.S. crypto market structure in the context of MiCA (EU Crypto Asset Market Regulation Framework). Ongoing legislative attention increases the likelihood of introducing more supportive regulatory rules, thereby improving regulatory transparency and supporting Bitcoin’s investability.
On September 17, the U.S. Securities and Exchange Commission (SEC) voted to allow NYSE Arca, Nasdaq, and Cboe to use “universal” standards for listing spot commodity ETPs (including crypto assets) without the need for case-by-case submission of 19b-4 filings. This order also approved the listing of Grayscale’s Digital Large Cap Fund and options products on the Cboe Bitcoin ETF index.
The significance for Bitcoin is that this reduces friction for launching new crypto ETPs and broadens distribution channels, potentially expanding market demand in the long term. (Source: SEC Official Press Release)
On September 17, Reuters reported that the UK’s Financial Conduct Authority (FCA) proposed to impose stricter operational risk controls on crypto companies while exempting them from some old regulatory principles (in the context of a major exchange hacking incident). The FCA also opened a public consultation period until November 12.
The significance of this move is that a more targeted UK crypto regulatory framework may reduce compliance friction while enhancing industry resilience; a clearer UK regulatory environment typically encourages institutional investor participation in the Bitcoin market.
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On September 15, the French Financial Markets Authority (AMF), the Italian Securities and Exchange Commission (Consob), and the Austrian Financial Markets Authority (FMA) jointly called for direct regulation by the European Securities and Markets Authority (ESMA) and stricter rules for non-EU platforms.
The potential impact is to reduce “regulatory arbitrage,” achieve more consistent regulatory oversight, thereby lowering risk premiums for trading platforms, and supporting the healthy development of the institutionalized Bitcoin market in Europe.
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On September 15, French authorities warned that they might attempt to prevent some licensed firms from operating in France to promote tighter regulatory consistency. This policy friction increases uncertainty regarding market access in the EU in the short term but may accelerate the establishment of a unified regulatory framework centered around ESMA in the long run.
On September 16, a Swiss bank completed its first legally effective payment using a public chain. The increasing acceptance of public chain settlements by official institutions indicates a growing trust in blockchain infrastructure at the institutional level, a trend likely to spill over into Bitcoin’s market access and custody business.
On September 17, DL Holdings (Hong Kong Stock Code: 1709) announced it would acquire 2,200 Bitmain S21XP HYD miners through a $21.85 million zero-interest convertible bond transaction, expected to add approximately 1.04 EH/s of hashrate and produce about 200 BTC annually in the initial phase. The company plans to build a reserve of over 4,000 BTC within two years.
For Bitcoin, this increase in institutional deployment from Asia signifies a continuous growth in network hashrate, raising the competitive threshold for miners. In the absence of simultaneous increases in spot prices or fees, this may exert pressure on hash prices.
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On September 15, CoinDesk cited a report from Jefferies stating that U.S.-listed mining companies saw a decline in profitability of about 5% in August due to increased network competition. This group mined a total of 3,573 BTC in August, slightly down from 3,598 BTC in July, with MARA having the highest output and maintaining the largest online hashrate. Entering this week, this backdrop explains why some miners are diversifying their income or accelerating efficiency upgrades. For Bitcoin, tightening miner profit margins will increase their sensitivity to prices and fees, potentially amplifying supply-side reactions during downturns.
Between September 14-15, CoinDesk reported that Core Scientific, Hut 8, and TeraWulf are accelerating AI business hosting, as the unit power return rate (earnings per kilowatt hour) of AI data centers far exceeds that of SHA-256 mining. This week’s AI narrative highlights why some miners have reduced Bitcoin sales and sought more stable contracts. For Bitcoin, if this transformation is successful, it could reduce forced selling during crypto market downturns, indirectly alleviating supply pressure on the miner side.
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On September 18, CoinDesk reported that as Bitcoin prices approached $117,800, stocks of pure Bitcoin mining companies like MARA and CLSK rebounded, sparking market discussions about whether these mining companies will be repriced closer to their AI/HPC peers. The strengthening stock prices enhance miners’ financing options; for Bitcoin, well-capitalized miners can maintain hashrate growth, pushing difficulty upward and exerting pressure on hash prices when price momentum is insufficient.
On September 15, The Miner Mag reported that after a significant rebound in mining company stock prices, the total market capitalization of listed mining companies approached $50 billion, with several companies reaching 52-week highs. The improved equity financing environment reduces the risk of mining company bankruptcies and supports the continuous upgrade of mining rigs. For Bitcoin, the ongoing enhancement of miners’ financing capabilities typically means a stable increase in hashrate and a higher security budget for the network.
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Monitoring data this week indicates that the Bitcoin network will face another upward adjustment in the difficulty adjustment window around September 18, consistent with the trend of increasing hashrate. Real-time difficulty panels show that the network difficulty in the latter part of the week is in the 140T-143T range. The increase in difficulty enhances network security, but in the absence of rising Bitcoin prices, it compresses miner profit margins, a dynamic that may prompt weaker operators to increase selling pressure during price rebounds.
On September 19, CryptoRank summarized that several mining company stocks (including Bitfarms and Cipher) recorded gains in September that significantly outpaced Bitcoin. The outperformance of mining company equities broadens their financing channels for hardware and infrastructure. For Bitcoin, stronger mining company balance sheets typically indicate a continued upward trend in difficulty, which helps enhance network security; however, if there is no simultaneous growth in Bitcoin prices or fee income, it may exert pressure on hash prices.
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1. Strategy (formerly MicroStrategy) Adds 525 BTC
On September 15, 2025, Strategy disclosed the purchase of 525 Bitcoin during the period from September 8 to 14, totaling approximately $60.2 million, with an average price of about $114,700. This was the company’s smallest increase in the past month, raising its total holdings to approximately 638,9xx BTC (data varies slightly by source). This indicates that the company continues to maintain a steady demand for Bitcoin even as prices oscillate around the $115,000 range.
2. American Bitcoin Corp Discloses Holding 2,443 BTC for the First Time
In reports from September 17-18, the company disclosed that it held 2,443 Bitcoin (valued at approximately $285 million) upon its listing through a merger with Gryphon Digital Mining on September 3. Although this is not a new purchase, the disclosure of its holdings as a newly listed company increases transparency and highlights the expanding cohort of U.S. publicly traded companies holding Bitcoin.
3. Hyperscale Data Launches $100 Million Bitcoin Reserve Strategy and Updates Holdings
On September 15, 2025, Hyperscale Data announced a $100 million Bitcoin reserve strategy. A follow-up announcement on September 16 stated that the company’s Bitcoin holdings had increased to approximately $7 million. This adds a new source of corporate demand to the market for this quarter, expected to continue buying in phases in Q4.
4. China’s Next Technology Holding Plans Up to $500 Million Stock Financing to Support BTC Strategy
On September 16, 2025 (reported three days prior), China’s largest publicly traded company holding Bitcoin assets, Next Technology Holding, announced plans to raise $500 million through a common stock issuance, with the funds allocated to operations and Bitcoin-related strategies. Although this is not an immediate on-chain increase, the financing plan indicates that Asian companies continue to view Bitcoin as a reserve asset.
5. Public Bitcoin Holdings: Slowdown in August, New Additions in September
On September 14, 2025 (reported four days prior), CoinDesk reported that publicly listed companies purchased a total of 47,718 Bitcoin (approximately $5.2 billion) in August, less than half of July’s pace. However, overall corporate holdings have surpassed 1 million Bitcoin for the first time. Entering September, the new additions are smaller in scale (such as Strategy’s +525 BTC) but are still ongoing, indicating stable but more selective demand.
6. Traditional Large Institutions’ Allocation Attitude: Large Asset Managers Focus on Bitcoin
This week (four days prior), The Wall Street Journal reported on Capital Group’s investment portfolio activities, with investment manager Mark Casey expressing a positive attitude towards Bitcoin, managing billions of dollars in Bitcoin and related company stocks. Although this is not a direct increase in holdings, it reflects the ongoing recognition of institutions, likely supporting further corporate allocation in the future.
7. CDT Equity Purchases 8.65 BTC
On September 17, 2025, CDT Equity Inc. announced the purchase of 8.65252366 Bitcoin for $1,000,000, with an average cost of about $115,285. The company stated that this is the first step in its crypto reserve strategy. Even small-scale allocations from publicly listed companies add stable buying demand to the market.
8. GSTechnologies Allocates $2 Million to Establish Bitcoin Reserves
On September 17, 2025, GSTechnologies disclosed that it has allocated $2 million to purchase Bitcoin and plans to continue accumulating in the future “strategic range.” This adds another UK-listed company to the corporate buying camp.
9. Hyperscale Data Increases Allocation to $7 Million in Bitcoin Reserves
On September 16, 2025, Hyperscale Data stated that it has allocated $5 million for recent open market purchases, raising its Bitcoin holdings to approximately $7 million as of September 14. The company committed to providing weekly updates during the execution of its $100 million plan.
10. Hyperscale Data’s Holdings Rise Again to $8 Million, Accounting for 34% of Market Value
On September 18, 2025, Hyperscale Data updated that its Bitcoin holdings have reached $8 million, accounting for about 34% of the company’s market value. The increase comes from new purchases and self-mined Bitcoin. Frequent updates highlight its role as a programmatic buyer in the spot market.
11. American Bitcoin Corp Holds 2,443 BTC at Listing
On September 17-18, Barron’s reported that the newly listed American Bitcoin Corp disclosed holding 2,443 BTC, valued at approximately $285 million. The company plans to further expand its mining operations and reserve holdings, adding a large corporate holder to the market.
12. ProCap BTC Reports Over $60 Million in Unrealized Gains
On September 18-19, ProCap BTC stated that it previously accumulated approximately 4,950 BTC at a weighted average cost of about $104,334. As Bitcoin rose to $117,620 on September 17, its holdings showed an unrealized gain of over $60 million. This disclosure reinforces the sensitivity of corporate reserves to spot price fluctuations.
13. Japan’s Metaplanet to Complete Large-Scale Financing to Increase Bitcoin Holdings
On September 17, 2025, Bitcoin Magazine reported that Japan’s listed company Metaplanet will complete a large financing round in September-October, with funds directed towards Bitcoin while expanding its mining operations. This week’s guidance indicates that corporate reserve demand from non-U.S. entities will continue to increase in the near future.
14. A Quarter of Public Bitcoin Holding Companies’ Stock Prices Below Their BTC Holdings’ Value
Currently, about 25% of publicly listed companies holding Bitcoin have stock prices below the market value of their Bitcoin holdings, highlighting a divergence in equity valuations. This finding is significant for Bitcoin, as discounted trading may trigger capital operations or mergers, altering corporate holding patterns.
15. Bitcoin Treasury Corporation Upgraded to OTCQX Trading Tier
On September 18, 2025, OTC Markets announced that Bitcoin Treasury Corporation has officially entered the OTCQX trading tier. Although this is an exchange-level action rather than an increase in holdings, improved market access is expected to expand investor participation in Bitcoin reserve companies, indirectly promoting future holding growth.
16. Amazing AI PLC Updates Reserve Policy and Begins Bitcoin Purchases This Month
On September 18, 2025, Amazing AI PLC updated its crypto reserve policy, adding BTC and ETH allocations, and stated it would begin purchasing this month, funded by its accelerated book-building issuance completed on September 11. This week’s policy update indicates another company planning to actively enter the Bitcoin market.
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Coinbase CEO Brian Armstrong ended speculation on September 19 regarding NBA superstar Kevin Durant’s locked Bitcoin account, confirming that the player has successfully regained access. Durant initially opened his Coinbase account nearly a decade ago and began purchasing Bitcoin in 2016 when the price was around $650. Now, with Bitcoin priced around $117,000, even a small early investment has grown to millions of dollars in value.
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On September 19, 2025, BTC Inc. and Strategy Inc. (formerly MicroStrategy) announced the renewal of their five-year strategic partnership to launch the “Bitcoin for Corporations” (BFC) program. BFC currently brings together 38 member companies, controlling approximately 69% of corporate Bitcoin holdings, making it the world’s leading corporate Bitcoin asset management platform. This renewal aims to strengthen BFC’s role as a trusted network for CFOs, service providers, and capital allocators integrating Bitcoin into corporate finance.
Michael Saylor, co-founder of Strategy (formerly MicroStrategy), stated this week that Bitcoin has entered an “ossification phase,” and any modifications to the protocol should be viewed as a survival threat rather than innovation. He emphasized that stability and immutability are the most important assets of Bitcoin today, positioning it to become a monetary standard. In his view, attempts to modify Bitcoin would undermine its trust and adoption, and the long-term value of the Bitcoin network stems from its resistance to changes.
This week, Bitcoin prices declined, partly due to unusual news from Washington D.C.: the unveiling of a Donald Trump statue holding a Bitcoin sign. This move attracted media attention but also coincided with broader market tensions. Meanwhile, NBA superstar Kevin Durant regained access to his Coinbase account from nearly a decade ago, which contains assets he purchased when Bitcoin was around $650. Although Durant’s experience highlights the significant gains from long-term holding, traders reacted more strongly to political events, resulting in short-term price volatility for Bitcoin.
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PayPal announced the launch of a new feature called PayPal Links, allowing users to send Bitcoin (BTC), Ethereum (ETH), and its stablecoin PYUSD via shareable URLs. Recipients can accept payments without exposing their bank information, and links can be sent through messaging apps or email. The service will initially roll out in the U.S. and expand to international markets later this month. By integrating direct transfers of BTC and ETH, PayPal continues to promote cryptocurrency interoperability, currently boasting over 400 million users.
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