#Gate广场四月发帖挑战 Crypto Daily(04.05): Bitcoin Stagnates Under Pressure, Miners Accelerate AI Transition, Institutionalization Deepens but Quantum Security Concerns Emerge

1. Bitcoin Market Trends and Price Analysis
1. Currently, Bitcoin prices remain volatile within the $60k-$70k range, with dense positions locked in at $80k-$126k. Approximately 8.4 million BTC are at a loss, and long-term holders continue to sell off, with insufficient 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 run, 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, the derivatives market shows record-high short positions. If Bitcoin rises to $72,000, about $2.5 billion in short positions could be liquidated, potentially triggering a short squeeze and pushing prices higher.

2. Collective Selling by Miners and AI Transition
1. Since the end of 2025, listed Bitcoin miners have initiated a collective sell-off. Leading miner MARA sold 15,133 BTC in three weeks, cashing out over $1 billion. Bitdeer has achieved zero Bitcoin holdings, with several miners reducing their holdings by over 10,000 BTC.
2. The sell-off is driven by three core reasons: current Bitcoin mining costs are higher than market prices, causing many miners to operate at a loss and sell BTC to sustain operations; AI data center revenues are more stable and profitable, 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 transitions fall into three paths: holding onto mining operations awaiting a cycle reversal, dual-strategy of mining and AI diversification to spread risk, and full transition to AI infrastructure providers. The future price trend of BTC will determine the outcome of these paths, with market concerns about large-scale miner exits impacting Bitcoin network security investments.

3. Institutionalization and Mainstream Adoption of Bitcoin
1. Bloomberg analysts predict that the asset management size 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 growing investor demand for Bitcoin exposure.
2. Traditional brokerage giant Charles Schwab plans to launch spot Bitcoin and Ethereum trading in the first half of 2026, with a waiting list for clients. With $11.9 trillion in client assets, this move 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 recognized collateral assets and entering mainstream public and housing finance sectors.

4. 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 $1 million worth of BTC, 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. He publicly expressed optimism about Bitcoin, countering claims that Bitcoin is a Ponzi scheme, and advocates for a more open approach to digital asset development in the UK.

5. 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 from early wallets face potential quantum attack risks.
2. The industry has begun developing quantum-resistant solutions, but upgrading the security of Bitcoin’s over-trillion-dollar market cap and its decade-old network is extremely challenging. Currently, these solutions are in experimental stages, and a comprehensive network upgrade plan has yet to be finalized.