#Gate广场四月发帖挑战 Crypto Daily(04.05)：Bitcoin consolidates under pressure, mining companies accelerate AI transformation, institutionalization deepens but quantum security concerns emerge

I. Bitcoin Market Trends and Price Analysis
1. Currently, Bitcoin price remains volatile within the $60k–$70k range, with dense positions locked in at $80k–$126k. Approximately 8.4 million BTC are in loss, and long-term holders continue to sell off, with no sufficient catalysts in the short term to break the consolidation.
2. Market supply and demand show structural divergence: institutions continue to buy Bitcoin via ETFs and corporate treasuries, but whales (holding 1,000–10,000 BTC) and retail investors are collectively selling, resulting in a net negative demand. The selling pressure temporarily offsets institutional buying, and market sentiment is in extreme fear.
3. The US-Iran conflict leading to the blockade of the Strait of Hormuz has temporarily driven up energy prices and tightened liquidity, putting downward pressure on Bitcoin; in the long term, Bitcoin’s decentralized nature becomes more prominent. After global shocks, its performance often surpasses gold, stocks, and other traditional assets, highlighting its safe-haven value.
4. Currently, short positions in derivatives markets are at historic highs. If Bitcoin rises to $72,000, about $2.5 billion in short positions will be liquidated, potentially triggering a short squeeze and pushing prices higher.
II. Collective Selling by Mining Companies and AI Transition
1. Since the end of 2025, listed Bitcoin miners have initiated a wave of reduction, with leading miner MARA selling 15,133 BTC in three weeks, cashing out over $1 billion. Bitdeer has achieved zero Bitcoin holdings, and several miners have collectively reduced holdings by over ten thousand BTC.
2. The main reasons for this round of selling are: the current average cost of Bitcoin mining exceeds market prices, causing most miners to incur losses and sell BTC to sustain operations; AI data center business offers more stable income and higher profit margins, and miners are leveraging existing power and infrastructure to transition with support from tech giants like Google and Microsoft; some miners are selling BTC at a discount to buy back bonds, optimizing their balance sheets.
3. Miner transformation follows three paths: holding onto mining equipment while waiting for a cycle reversal, dual-track deployment of mining and AI to diversify risk, and full transition to AI infrastructure operators. The future price trend of BTC will determine the outcome of these paths, with market concerns that large-scale miner exit could impact Bitcoin network security investments.
III. Institutionalization and Mainstream Adoption of Bitcoin
1. Bloomberg analysts predict that the asset management scale of spot Bitcoin ETFs will surpass that of gold ETFs. Currently, the US market shows a trend of gold ETF outflows and spot Bitcoin ETF inflows, reflecting increasing investor demand for Bitcoin allocation.
2. Traditional brokerage giant Charles Schwab plans to launch spot Bitcoin and Ethereum trading in the first half of 2026, with a waiting list open for clients. With its $11.9 trillion in client assets, it is expected to further promote Bitcoin’s mainstream adoption.
3. Bitcoin has integrated into the traditional financial system, with the issuance of the first Moody’s-rated Bitcoin-backed municipal bonds and Bitcoin-backed loans compliant with US regulations, becoming a regulated collateral asset and entering mainstream public and housing finance sectors.
IV. Bitcoin Industry Ecosystem Developments
1. Jack Dorsey’s Block announced the relaunch of a Bitcoin faucet after 16 years, with a total distribution pool of BTC equivalent to $1 million, aiming to lower barriers for newcomers and promote industry adoption.
2. Quasi Quaten, former UK Chancellor, has been appointed Chairman of the UK Bitcoin Treasury Company Stack BTC, publicly bullish on Bitcoin, refuting claims that Bitcoin is a Ponzi scheme, and advocating for a more open attitude toward digital assets in the UK.
V. Quantum Computing Threats to Bitcoin Security
1. Google’s latest research shows that quantum computers can derive a private key from a public key within 9 minutes. About 6.9 million exposed public keys in early wallets face potential quantum attack risks.
2. The industry has begun developing quantum-resistant solutions, but upgrading the security of Bitcoin’s over $1 trillion market cap and its decade-long network is extremely challenging. Currently, these solutions are still in experimental stages, and a comprehensive network upgrade plan has yet to be finalized.