From Mempool to Mayhem: Entire Markets Shakeup but Bitcoin Miners & Governments Do Not Give a F*** 🍆

👀 TLDR 🪟

Bitcoin mempool clears for the first time in 2 years, however the network sees $850B in net inflows while network hashrate hits 833 EH/s.
TARIFFS cause chaos! Bitcoin drops to $92K and rebounds to $100K after U.S. tariff pause, with $2B liquidated and market cap shrinking by $500B.
Mining stocks fall due to tariffs (MARA -7%, Riot -8%, others -5–8%) as ETFs see $235M outflow.
Spot Bitcoin ETFs bought $5.3B in Bitcoin, miners mined $1.4B.
Russia plans a crypto mining registry; Bitdeer buys a 101MW site in Canada; Stronghold fined $1.4M; BlockFusion seeks permit; Nebraska proposes $0.025/kWh mining tax.
India reviews crypto policy despite a 70% tax on undisclosed gains; El Salvador adds 11 BTC; U.S. states push Bitcoin bills—Ohio, New Mexico, Iowa, Missouri, Kentucky, and Oklahoma propose reserves, investments, and crypto payments. Utah could be the first state to pass a Bitcoin reserve bill!
Coinbase leads UK crypto registrations; Hong Kong pushes pro-crypto policies; Blockstream expands in Japan; Czech exempts long-term crypto gains.
Semler Scientific buys 871 BTC, total 3,192 BTC; Matador adds 3.46 BTC, now 68.14 BTC; Neptune Digital buys 1M DOGE, $2M BTC, total 327 BTC; Grayscale’s Bitcoin Mini Trust reaches $4B AUM with lowest ETF fees at 0.15%.
Visa teams up with Fold for Bitcoin rewards; BlackRock introduces Bitcoin ETP; Rainforest Foundation aims to raise 100 BTC; SEC reduces crypto enforcement; HashKey approved by SFC; CME crypto ADV jumps 180%;
Trump signs executive order to create a sovereign wealth fund; Trump Media & Technology Group (TMTG) plans to launch a Bitcoin Plus ETF.
Ark Invest’s report predicts Bitcoin could hit $1.5M by 2030; MicroStrategy, rebranded as “Strategy,” paused Bitcoin buys after 12 weeks!
Gold shines bright, hitting a new all-time high of $2,829!

How will Bitcoin navigate the storm of tariffs, regulatory changes, and reserve bills?

For this week’s Hash & Cash Index, BTC price decreases to $99,104, marking a slight 5.23% dip from last week. Market cap stays as above the $1T, settling at $ 1.849B (-4.74% WoW). Hashprice sit at $58.64 USD/PH/day, a 4.77% decrease. The global hashrate increases by 6.53% to reach 829.63 EH/s. The current epoch’s difficulty is locked at 108.11 T. We’re at block 1736 of 2016 for this epoch. Block rewards remain steady at an average of 3.16 BTC per block, with no change (0.00%). Fees in blocks settles to 1.13% showing an increase of 2.72%. The average block time has decrease to 9 minutes and 31 seconds. Source: Hashrate Index, Mempool, ONMINE.

🪄 Pool Power Tools 🎱

This week’s Pool reward index settles to 106.35%, an increase from last week 6.88% with 21 active pools chipping away 1072 blocks. The total miner reward over the last 144 blocks contracted to 454.75 BTC down 0.03% from last week , the dollar valuation of this rewards dip to $45M (-4.57% WoW). Average block fees are equal to 0.0330BTC/block down 2.94% Wow and estimated to be $3,295 per block. Transaction fee per Network transaction equate to 1.17k sats per transaction, costing around $1.17 per transaction on the Bitcoin network over the last 144 block. Source: Mempool, ONMINE

In this week’s 1008 block mining pool race, Foundry USA remains at the forefront, with a total reported hashrate of 257.94 EH/S, clinching 336 blocks. ANTPOOL continues to challenge, harvesting 223 blocks with 171.19 EH/S. F2Pool and ViaBTC are neck and neck in the hashrate hustle, grabbing 122 and 158 blocks, respectively. Luxor staying in the top ranks, with a hashrate of 19.96 EH/S and manages to secure 26 blocks over the last week. Source: Mempool, ONMINE.

🤯 The Bitcoin mempool is empty for the first time in 2 years!

🧰 Hard-Ware & Hosting Index ⚙

📑 Russia’s deputy energy minister proposes a centralized registry to better regulate Bitcoin and crypto mining in prohibited regions.

🇨🇦 Bitdeer acquires a 101MW site in Alberta, Canada for $21.7M to boost Bitcoin mining.

💰 Stronghold Digital to pay over $1.4 million in penalties and refunds after violating energy market rules to prioritize Bitcoin mining.

⛏️ BlockFusion renews high-energy use permit request in Niagara Falls after 20-month Bitcoin mining delay.

⚡ Nebraska bill proposes crypto mining tax—$0.025 tax for miners using over 1,000 kWh.

💻 Bit Digital rebranded its HPC unit as WhiteFiber, combining GPU cloud services and Enovum to diversify beyond Bitcoin mining.

🔽 Most Bitcoin miners, including Hut 8, Mara, and Bitfarms, saw a drop in production in January due to rising network difficulty. Mara and Bitfarms experienced a 13% and 4.7% decrease, respectively. However, Riot Platforms bucked the trend with a 2.1% increase.

🚀 The top five public miners (MARA, CleanSpark, Cango, Iris Energy, Riot) mined 21.07% of BTC block rewards in Jan 2025, up from 11.4% in Jan 2024.

MARA dropped to the low 40 EH/s range in January, while CleanSpark, Cango, Riot, and Iris Energy competed closely in the 30 EH/s range.

📉 Bitcoin mining stocks dropped significantly on Monday due to a broader Nasdaq sell-off after President Trump imposed new tariffs: 25% on imports from Canada and Mexico and 10% on Chinese goods. Marathon (MARA) fell 7%, Riot Platforms (RIOT) dropped 8%, and other mining stocks declined by 5-8%.

🌟 If you are interested in hosting or purchasing ASICs please use this link to see how much more BTC you can mine and less USD to spend. Fill out this survey so we can beat the halving together or email [email protected].

🔆 Join more than 1,000 miners and upgrade your Bitcoin Mining Game here:

GET ONMINE

🏦 Bitcoin Products 🔍

🇺🇸 President Trump’s Crypto Czar David Sacks says they’re evaluating a national Bitcoin reserve.

🇮🇳 India reviews crypto policy amid growing global adoption, signaling a shift despite imposing a 70% tax on undisclosed crypto gains.

🇸🇻 El Salvador adds 11 BTC, boosting holdings to 6,067 BTC worth $606M.

🇺🇸 Senator Bill Hagerty proposes GENIUS Act to regulate stablecoins and boost innovation.

🇺🇸 Ohio lawmaker introduces second bill (Senate Bill 57) to allow the state to invest in Bitcoin and establish an Ohio Bitcoin Reserve Fund

🇺🇸 New Mexico Bitcoin Reserve Bill: SB57 allows the state to invest 5% of public funds into Bitcoin.

🇺🇸 Iowa’s HF 246 bill proposes investing 5% of public funds in digital assets with a $750B+ market cap, like Bitcoin.

🇺🇸 Missouri introduces HB 1217, requiring the government to accept crypto payments, implement a 5-year HODL, and remove investment caps.

🇺🇸 Kentucky introduces HB376 Bitcoin reserve bill, allowing up to 10% state fund investment in digital assets with $750B+ market cap.

🇺🇸 Oklahoma’s SB 315 allows state employees and residents to receive Bitcoin payments, now in committee.

🇺🇸 SEC transferred Jorge Tenreiro to IT and reassigned Natasha Guinan to an unknown role, who helped draft SAB 121.

🇬🇧 Coinbase secures VASP registration in the UK, becoming the country’s largest registered crypto exchange.

🇭🇰 Hong Kong legislator Johnny Ng urges regulators to speed up pro-crypto initiatives in the region.

🇯🇵 Blockstream enters Japan, teaming up with Diamond Hands & Fulgur Ventures to advance Bitcoin Layer-2, self-custody, and RWA tokenization.

🇨🇿 Czech President signs tax-exempt law for long-term crypto gains, while the central bank considers BTC reserves.

The Bitcoin Treasury Index for this week steady reflecting a stable grip on holdings, with 75 companies increasing their trove to precisely 2,932,548.51 BTC. Government also join the bitcoin standard with 7 countries holding 529,192.0 BTC. The value locked in these treasuries for Companies and Government tells a different story swelling to a robust $283.25B and $51.11B, respectively. A total of 13.965% all Bitcoins are held in corporate treasuries, while government holds 2.520 % of all Bitcoins, reinforcing the sentiment of a consolidating market among institutional & Government participants. Source: NewHedge, ONMINE.

🚨 Trump Media & Technology Group (TMTG) plans to launch a Bitcoin Plus ETF.

🔒 Senator Lummis reaffirmed support for a Bitcoin reserve bill to acquire 1M BTC over five years without raising taxes.

🔔 Newly appointed Treasury Secretary Scott Bessent will also serve as acting CFPB director after Trump fired Rohit Chopra.

🏦 The FDIC released 790 pages showing banks’ crypto service requests faced delays, with the agency reevaluating its approach.

💬 Anthony Scaramucci suggests US lawmakers will propose crypto legislation by November.

🚀 SEC launches Crypto Task Force website for crypto law clarity.

💰 Semler Scientific buys 871 BTC for $88.5M, increasing total holdings to 3,192 BTC with a 152.2% yield.

⚡ Matador acquired 3.46 BTC for CAD$500K, total now 68.14 BTC.

💸 Neptune Digital Assets bought 1M DOGE and $2M in Bitcoin, raising its BTC holdings to 327.

💰 Grayscale’s Bitcoin Mini Trust hit $4B AUM in six months, offering the lowest spot BTC ETF fees at 0.15%.

💳 Visa teams up with Fold for Bitcoin rewards cards, with V stock up 30%.

🌍 BlackRock is launching a Bitcoin ETP in Europe after its U.S. ETF reached $60 billion.

🌳 Rainforest Foundation US aims to raise 100 BTC for its “Treasury for the Trees” initiative.

⚖️ The SEC is scaling back its 50-person crypto enforcement unit amid leadership changes and a new strategy.

💼 HashKey Capital gains SFC approval to offer virtual assets management to professional investors in Hong Kong.

🚀 CME sees 180% rise in crypto ADV in January, with micro Bitcoin futures up 255% and micro Ether futures up 223%.

👩‍💼 Sen. Warren aims to collaborate with Trump and Senate Republicans to tackle the debanking of crypto firms.

👤 Eric Trump says it’s a great time to invest in Bitcoin (BTC) and tags World Liberty Financial.

🔥 COSTCO now sells Bitcoin with ATMs being installed across America.

🇯🇵 Japan’s FSA asked Apple & Google to block downloads of Bybit, MEXC, LBank, KuCoin, and Bitget for regulatory non-compliance.

🎬 End Notes 🎤

🥇Utah could be the first US state to pass a Bitcoin reserve bill as it moves to the Senate for approval.

As of February 6, 24 US states have introduced bills related to Bitcoin and digital assets. Source: Bitcoin Laws

📊 Ark Invest’s report revealed 74 public companies now hold Bitcoin, with corporate holdings rising from $11B to $55B. The firm predicts Bitcoin could reach $1.5M by 2030, with price targets of $300K in the bear case and $700K in the base case.

Source: ARK Investment Management LLC, 2025. This ARK analysis is based on a range of external sources as of December 31, 2024, which may be provided upon request. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Past performance is not indicative of future results. Forecasts are inherently limited and cannot be relied upon.

🚀 MicroStrategy, now rebranded as “Strategy“,paused Bitcoin purchases after 12 weeks, holding 471,107 BTC ($30.4B). It reported a Q4 loss of $3.03 per share, with revenue down 3% to $120.7M. The company plans to buy $42B more BTC over three years and raised $563.4M through an 8% STRK preferred stock offering.

Strategy₿ has outperformed all major assets and S&P 500 stocks because of Bitcoin.

🚀 Bitcoin hashrate hits a new all-time high at 833 EH/s, marking a 9% increase from 767 EH/s in the past few days.

🇺🇸 Spot Bitcoin ETFs bought $5.3 billion worth of Bitcoin, while miners only mined $1.4 billion worth of new Bitcoin.

📈 U.S.-listed spot Bitcoin ETFs saw a 175% year-over-year increase in the first three weeks of 2025, with net inflows of $4.4 billion, compared to $1.6 billion in the same period in 2024.

🪙 The Bitcoin-Gold ratio has hit a 12-week low since Nov. 14, while gold reaches a new all-time high of $2,829.

The ratio between Bitcoin’s USD price and gold’s per ounce price has dropped to 34, the lowest since Nov. 14, nearly testing the March 2024 peak. It’s down 15.4% from mid-December, when it surpassed 40.

Gold reaches new all-time high of $2,829

📉In January, Bitcoin’s network saw an 11-month low in transactions processed, marking a third cons ding to The Block’s data dashboard. Monthly transactions are down more than 43% from the all-time high set in October 2024.

Daily transactions spiked in the days leading up to President Trump’s second-term inauguration, but have since declined. The seven-day moving average of daily transactions is now at its lowest level since February 2024.

🪙 Bitcoin proves itself as a store of value, with $850B in net capital inflows, while also serving as a medium of exchange, processing nearly $9B in daily economic volume.

🚨 Tariffs shook Bitcoin! The new 25% tariffs on imports from Mexico and Canada, plus 10% on goods from China, sent BTC below $92,000 due to inflation fears. But, after the U.S. hit pause on tariffs for a month with Mexico and Canada, following border security deals, Bitcoin bounced back and soared to $100,000 as the pressure eased!

Bitcoin dropped below $92,000 on February 3rd after new tariff fears shook the market.

BTC dominance surges above 60% on Feb. 2, amid a crypto market downturn following Trump’s tariffs.

Over $2 billion was liquidated from the crypto markets in just 24 hours on Feb. 3.

On Feb. 3, spot Bitcoin ETFs saw a $235M outflow after a $1B inflow streak, following Bitcoin’s drop to $92,000

Crypto market cap shrinks by $500 billion, dropping from $3.6 trillion to $3.1 trillion. Source: CoinMarketCap

🤑 Top Tea 🫖

South Korea’s Bitcoin Kimchi premium hits 3-year high – CryptoSlate
Bybit CEO says total liquidations could be much as $10 billion – CryptoSlate
Ohio: Bitcoin Mining’s Hidden Gem – The Mining Pod
The lesson of El Salvador’s failed Bitcoin experiment – Cointelegraph
Bitcoin dominance back above 60% as altcoins slow-bleed – Cointelegraph
Crypto market liquidations likely reached $10B — Bybit CEO – Cointelegraph
Bitcoin falls to $96.8K as Trump tariffs spook markets: OM, XMR, MNT, GT show promise- Cointelegraph
Will Trump’s trade war bring an early end to the Bitcoin bull market? – Cointelegraph
US-China tariffs cost Bitcoin $100K mark as analyst eyes all-time high – Cointelegraph
Nasdaq futures plunge 2.7% as Trump’s trade war rattles markets – Cointelegraph
Bitcoin Unconfirmed Transactions Count at 3-Year Low – BitcoinNews
Bitcoin Miners from Wall Street Pivot to AI as Bitcoin Operations Face Headwinds in 2025 – Finance Magnates
Elon Musk teases a DOGE audit of the IRS – SAN
Trump agrees to pause tariffs on Canada and Mexico but not on China – BBC
China retaliates with additional tariffs of up to 15% on select U.S. imports starting Feb. 10 – CNBC
Bitcoin’s Hashrate Holds Steady Near Record Highs as Network Prepares for Difficulty Adjustment – Bitcoin News
Tiger21 Founder Michael Sonnenfeldt Says Ultra-Rich are Bullish on BTC – Coindesk
Trump’s FDIC Chief Rethinks Crypto Guidance as U.S. Senators Probe Debanking – Coindesk
Robinhood halts Super Bowl bets a day after launch on CFTC request – Cointelegraph
Public Citizen Files Complaint Over Trump’s Meme Coin, Cites Foreign Payment Risks – Decrypt
Standard Chartered Provides 5-Year Bitcoin Forecast: See the Target – Watcher Guru
Researchers Flag Crypto-Stealing Malware in Google and Apple Apps – Decrypt
Trump’s SEC Crypto Task Force Reveals Plan to Get Out of Regulatory ‘Mess’ – Decrypt
2025 Is the Year of the AI/HPC Miner w/ Kevin Dede – The Mining Pod
Exclusive: A sit down with MicroBT CEO Dr. Yang – Blockspace
What Germany’s election means for Bitcoin and the super rich – Reuters

💉 Dopamine Hit 🕺🏻

Thanks for reading Bitcoin Paperboy’s weekly exclusive release! Subscribe for free to receive the best insight and support the journey of the Bitcoin Paperboy.

Share the Post:

Bitcoin Whales Bought $11B of BTC in Two Weeks as Confidence Grew, Glassnode Says

While macroeconomic uncertainty and technical indicators raise doubts about bitcoin’s (BTC) recent gains, purchasing activity by some of the largest investors indicates a more optimistic outlook.
Since March 11, so-called bitcoin whales have snapped up over 129,000 BTC, worth $11.2 billion at the market price of $87,500, according to data tracked by blockchain analytics firm Glassnode.

Story continues
Don’t miss another story.Subscribe to the Crypto for Advisors Newsletter today. See all newsletters

Sign me up

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

That’s the most significant accumulation rate since August 2024, indicating growing confidence in the largest cryptocurrency among the biggest market participants, Glassnode commented on X.
BTC has regained some poise, since reaching lows under $78K roughly two weeks ago. The recovery has been led by dovish comments from Federal Reserve and optimism that impending Trump tariffs on April 2 will be more measured than expected.

Glassnode’s analysis revealed that crypto whale addresses with over 10,000 BTC compensating for continued selling by small holders.

Bitcoin: Whale position change (30D) (Glassnode)
Other indicators, such as the “Bitcoin 1Y+ HOLD wave,” tracked by Bitbo Charts show a renewed upswing, indicating a shift to a holding strategy, as Wednesday’s edition of the Crypto Daybook Americas noted.

Trump SEC Pick Paul Atkins’ Crypto Ties Draw Sen. Warren’s Ire Ahead of Confirmation Hearing

Ahead of his confirmation hearing in front of the U.S. Senate Banking Committee tomorrow, Paul Atkins — President Donald Trump’s pick to lead the U.S. Securities and Exchange Commission (SEC) — disclosed having up to $6 million in crypto-related assets, prompting Sen. Elizabeth Warren (D-Mass.) to cry foul.

Story continues

In a Sunday letter to Atkins, Warren stressed that the former SEC commissioner’s background as a consultant and lobbyist for the financial industry could create “significant conflicts of interest” if he is confirmed.
“You also have served as an expert witness hired by Wall Street firms accused of engaging in Ponzi schemes and other misconduct that you would now be responsible for investigating as SEC Chair. Furthermore, you have served as a Board Advisor to the Digital Chamber, a registered lobbying group for the crypto industry. In these roles, you and your firm were paid by the same companies that you would now be responsible for regulating,” Warren wrote. “This will raise serious concerns about your impartiality and commitment to serving the public interest if you are confirmed to serve as the next SEC Chair.”

Warren urged Atkins to consider mitigating these potential conflicts of interest by recusing himself from any SEC matters involving his former clients, and agreeing not to do any lobbying, consulting or other work for any companies in the industry regulated by the SEC for at least four years after his departure from the agency. Her letter requests a written response from Atkins by Thursday.
Another letter, also dated Sunday, asked Atkins a series of questions about how he believed the cryptocurrency industry should be regulated, alongside other matters before the SEC’s purview.
Atkins’ recent financial disclosures revealed a $328 million family fortune, according to Reuters, largely stemming from his wife’s family ties to roofing supply giant TAMKO Building Products. His risk consultancy firm, Patomak Global Partners — though which Atkins has done consulting for a range of companies, both crypto and traditional finance, and from which he has promised to divest if confirmed — was valued at between $25 and $50 million, Reuters reported.
Atkins’ crypto-related assets were valued at up to $6 million, according to a report from Fortune, and include a combined $1 million in equity in crypto custodian Anchorage Digital and tokenization firm Securitize (Atkins held a board seat at Securitize until February). Atkins reported having up to a $5 million stake in the crypto investment firm Off the Chain Capital, where he is a limited partner. Off the Chain’s investments include private shares in big crypto companies like Digital Currency Group (DCG) and Kraken, as well as Mt. Gox bankruptcy claims.

In a Tuesday filing with the Office of Government Ethics, Atkins pledged to divest from Off the Chain Capital within 120 days of his confirmation. He has also resigned from his position on the board of the Digital Chamber of Commerce and the Token Alliance of the Chamber of Digital Commerce according to the same filing.
Atkins crypto ties are a stark contrast to his predecessor, former SEC Chair Gary Gensler, who was known for his so-called “regulation by enforcement” approach to crypto regulation. Ahead of Atkins’ confirmation, the SEC’s current leadership, spearheaded by Acting Chair Mark Uyeda and Commissioner Hester Peirce, have been overhauling the agency’s crypto regulation strategy, inviting industry players to roundtable discussions at the SEC’s headquarters in Washington, D.C. and backing down a considerable number of investigations and open litigation against crypto companies.
However, not everyone that the SEC went after under Gensler is off the hook — the agency has not yet shut its probes into Unicoin or Crypto.com, both of which received Wells notices (a heads up of forthcoming enforcement charges) from the SEC last year.
The SEC has shut down investigations into companies including Immutable, OpenSea and Yuga Labs, and ended litigation against companies like Coinbase, Kraken and Ripple since Uyeda took over the agency as acting chair.