The Bitcoin Waltz: Three Steps Forward, Two Steps Back

Another week, another bout of BTC price gymnastics between \(103K-\)109K. The June 14-20 period saw:

• June 16’s Bullish Flirtation: A cheeky rally to $108,845 before gravity kicked in (thanks, Fed hawkishness)
• Whale Lockdown Mode: CryptoQuant data shows 2K+ addresses holding >$10M in BTC - that’s 9.43% of supply playing HODL simulator
• ETF Dominance: Spot ETFs now command 25% of BTC volumes, sucking liquidity from traditional exchanges like a Wall Street Dyson

Miner Misery Loves Company

Behind the price action, the real drama unfolded in mining:

1. The Great Hashrate Yo-Yo Network hashrate swung wildly from 710 EH/s to 993 EH/s as marginal miners tap-danced around energy costs. Pro tip: When your ASICs start coughing black smoke, it’s time to unplug.

2. Profitability Paradox Despite hitting 946 EH/s all-time highs, hashprice slid to $52.73/PH/s/day. Translation? More work for less satoshis – the cruel math of Bitcoin’s difficulty algorithm.

3. Texas-Sized Headaches TheMinerMag reports Q2 mining costs ballooned 9.4% to $70K/BTC. Meanwhile in Russia, authorities found 95 rigs illegally mining in a Kamaz truck (because nothing says ‘discreet’ like a diesel-powered data center).

Policy Potpourri

• Saylor’s World Tour: MicroStrategy’s CEO now advises Pakistan on BTC reserves (next stop: teaching Venezuelan officials about hyperinflation hedges)
• Texas Standoff: SB21 bitcoin reserve bill may auto-pass if Gov. Abbott blinks
• French Snub: Parliament rejected using nuclear surplus for mining – mon dieu, the missed opportunity!

Chart Note: That MACD histogram isn’t just bearish – it’s the technical analysis equivalent of my morning espresso face.

Bottom Line

The market’s playing chicken: Will ETF demand offset miner sell pressure? Is $103K support stronger than British teeth? One thing’s clear – when even BBVA private banks recommend 3-7% BTC allocations, we’ve entered the ‘digest institutional adoption’ phase of this cycle.