Bitcoin trades sideways despite bullish catalysts: Who’s selling and why?

Despite several bullish signals, such as record spot Bitcoin ETF inflows, growing stablecoin market caps, and a favorable U.S. regulatory landscape. Bitcoin’s price remains range-bound. For 42 consecutive days, the cryptocurrency has fluctuated between $100,000 and $110,000 without a clear breakout. The question now is: who is selling enough BTC to offset the steady inflows from ETFs?

According to Alexander Blume, managing partner at Two Prime, Bitcoin is undergoing a shift in ownership dynamics. Short-term speculative traders appear to be exiting the market amid global geopolitical uncertainty, while new long-term investors are taking advantage of price dips. This balance has led to a temporary equilibrium, with neither group currently dominating market action.

Blockchain analytics from Glassnode show a surge in realized profits by wallets that have held BTC for less than a year. On Monday alone, these wallets accounted for 83% of the total profits realized across the Bitcoin network. Notably, wallets in the 6-to-12-month category were responsible for $904 million in realized gains, making it the second-highest day for this cohort in 2025.

This behavior follows an earlier profit-taking spree by long-term holders (holding BTC for more than a year), who sold a peak of $1.2 billion in BTC last month. Although this cohort slowed down last week, realizing “only” $324 million, their activity continues to contribute to sell-side pressure.

According to Markus Thielen, head of 10x Research, long-term holders are absorbing ETF inflows by gradually selling into demand. This has led to a tightening in volatility, but he notes that a breakout, either up or down, is “inevitable.”

Data from IntoTheBlock reveals that Bitcoin miners have also been offloading coins. Since late May, the balance in miner-held wallets has declined by about 30,000 BTC, from 1.94 million to 1.91 million, indicating steady selling pressure.

Philippe Bekhazi, CEO of crypto firm XBTO, suggests that while miners and long-term holders sell to manage USD liabilities, the real issue is not selling itself but whether these actions occur at high volumes. “High-volume selling or buying tends to move the market,” he noted, adding that speculative flows can reverse quickly.

Interestingly, miners’ contribution to total trading volume is now at its lowest since 2022, making them a smaller influence overall.

During Bitcoin’s rally from $75,000 to six-figure territory, both large (“whale”) and small investors were aggressively accumulating. However, that trend has cooled since BTC broke above $100,000. Benjamin Lilly of Jarvis Labs notes that many investors have shifted to alternative strategies like delta-neutral arbitrage, which offers stable returns of 15–30% APY by exploiting futures/spot price differences.

Jimmy Yang of Orbit Markets believes Bitcoin’s maturation means less explosive upside. Some long-term holders are now diversifying into equities, gold, or private placements.

In the short term, Bitcoin is expected to follow equity markets, which are also near record highs. Summer trading volumes tend to decline, suggesting subdued volatility. Thielen marks $102,000 and $106,000 as key levels to watch for a breakout in either direction.

Source: Coindesk

Trump urges rapid House approval of the GENIUS Act

President Donald Trump has called on the House of Representatives to swiftly pass the Senate‑approved GENIUS Act — short for Guiding and Establishing National Innovation for U.S. Stablecoins — before his term ends. He took to Truth Social, describing the legislation as “pure GENIUS” and emphasizing it would cement U.S. leadership in digital assets, urging the House to act “lightning fast,” without amendments or delays, so it can reach his desk “ASAP”.

What the GENIUS Act entails

• Bipartisan Senate Passage: The bill cleared through the Senate with comfortable margins (68–30 or 63–30), backed by a coalition of Republicans and moderate Democrats. Its primary aim is to establish a federal regulatory framework for stablecoins, digital currencies pegged to the U.S. dollar.
• Core Provisions:
• Every stablecoin must be fully backed (1:1) by liquid assets — such as U.S. Treasury bills or cash — with reserves regularly disclosed.
• Large issuers (market caps above $50 billion) must submit annual audits.
• Holder protections are mandated in cases of issuer bankruptcy.
• Issuers will be held to bank-level standards, following anti‑money‑laundering and sanctions rules.
• Lawmakers and executive officials are barred from issuing stablecoins — though this restriction notably excludes the President and his family.

Political debates and concerns

• Mixed Democratic Support: While moderate Democrats joined Republicans in backing the bill, progressives like Senator Elizabeth Warren remain opposed, citing insufficient protections and conflict‑of‑interest loopholes — especially given Trump’s family involvement in crypto.
• Trump’s Crypto Ties: Trump’s family holds stake in World Liberty Financial’s USD1 stablecoin; he reportedly earned over $57 million from crypto ventures in 2024. The bill does not currently block the President or his family from personal gain.
• Fence‑sitting House Republicans: Some members, like Rep. French Hill, are debating whether to pass the Senate bill “clean” or to bundle it with broader crypto regulations. Trump’s comment “no add‑ons” aims to keep the bill streamlined.

Industry perspective & next steps

• Crypto‑Industry View: Backers — including Circle, Coinbase, Visa, Walmart, and Meta — see this as essential for legitimizing stablecoins and keeping blockchain innovation in the U.S.
• Regulatory Outlook: Following Senate approval, the legislation now heads to the House. Trump wants it finalized before the August recess so he can sign it into law
• Economic Implications: Analysts suggest widespread issuance backed by Treasuries may shift capital demand and liquidity in financial markets. Meanwhile, a robust regime may reinforce the dollar’s digital dominance .

Trump is making a final push to get the GENIUS Act through the House before the August break. He sees it as a pivotal opportunity for U.S. ascendancy in digital currency. If enacted “clean” and promptly, stablecoins will gain a strong federal footprint — with industry support — but debates around safeguards, ties to the President, and jurisdiction remain unresolved.

Source: The Block

How to mine Bitcoin at home in 2025

Bitcoin home mining in 2025 is still attainable, thanks to four main approaches, each suiting different budgets, tech skills, and risk tolerance.

1. Lottery mining (USB devices)
A cost‑effective, hobbyist entry point uses small USB ASICs — like the Bitaxe HEX (~3 TH/s, ~$600) or GekkoScience R909 (~1.5 TH/s). These setups replicate a gamble: most produce negligible returns, but rare successes — such as a miner hitting a block and earning BTC reward — do occur. Benefits include supporting network decentralization and gaining firsthand experience; downsides are ultra‑low odds and inconsistent income.

2. Solo ASIC mining
Moving up, standalone ASIC rigs (e.g. Antminer S21 Hydro at ~400 TH/s) offer far‑greater performance. Yet, even at this scale, the chance of finding a block solo is tiny — around one in 8.6 billion per day — since the global network runs at roughly 500 EH/s. ASIC prices have dramatically dropped (about $16 per TH in 2025 vs $80 in 2022), making them more accessible — but profitability hinges on scale and electricity costs.

3. Pool mining (most practical)
The majority of home miners join pools like Foundry USA, Antpool, ViaBTC, or F2Pool. Pooling means consistent, proportional payouts based on contributed hash power, rather than waiting years (or never) finding a block solo. Some use Full Pay Per Share (FPPS) models, which pay for submitted work, not just successful blocks, making income steady and predictable.

4. Cloud mining (low effort, poor return)
Cloud mining leases hash power from remote facilities. It’s hands‑off but often cost‑inefficient due to fees and sometimes unfavorable contract terms.

What you need
Hardware: Depending on your method — from USB ASICs to high‑power ASIC units (400 TH/s+).
Software: Pool mining uses software like CGMiner or EasyMiner. Solo mining requires Bitcoin Core (full node) to broadcast blocks .
Wallet: Use a non‑custodial wallet (e.g., Electrum or hardware wallets) for pool rewards; solo miners need Bitcoin Core or hardware wallets .
Setup: Reliable internet (Ethernet), proper power supply, and effective cooling — ASICs generate lots of heat .

Key considerations

• Energy Costs & Efficiency: Modern machines like the Antminer S21 Pro (~234 TH/s at ~15 J/TH) are far more efficient than GPUs, making ASICs the economical choice.
• Gaming PCs? A No‑Go: Even top-tier GPUs (e.g., RTX 4090) are dramatically outclassed by ASICs — gp‑ mining Bitcoin is highly unprofitable.
• Scale & Profitability: ASICs are essential to make meaningful income. Pools offer consistency; solo is risky but rewarding.
• DIY vs. Convenience: USB rigs are ideal for learning, cloud mining is simplest but least profitable, and solo mining is full‑control and high‑risk.

If you’re aiming to dip your toes in, start with lottery-mining USB ASICs. To earn steadily, invest in an ASIC rig and join a pool. Solo mining gives full control but low odds. Cloud mining trades hands‑free access for weak returns. Evaluate your power costs, hardware investment, and risk appetite before choosing.

Source: Cointelegraph