Crypto Daily Report 12.29: Bitcoin Continues Sideways Pressure, ETF Capital Outflows Intensify, Mining Hashrate Hits New Highs but Profitability Under Pressure

1. Bitcoin Market Dynamics and Short-term Sentiment
Bitcoin has recently been trading sideways between $83,800 and $94,600, with low trading volume and hesitant market sentiment. There is a possibility of a "dead cat bounce," driven by leverage rather than spot demand, with further price declines still at risk.
Centralized exchanges (CEX) Bitcoin deposit sentiment persists, with a net inflow of 2,593.63 BTC over the past 24 hours. KK, Bn, and Gate are the main inflow platforms, while Cb Pro shows net outflow.
The daily net outflow of Bitcoin spot ETFs is $2.76 billion, with BlackRock IBIT net outflows of $1.93 billion, Fidelity FBTC net outflows of $74.37 million, and ETF net assets ratio reaching 6.49%.
Bitcoin has realized daily losses of approximately $300 million. The loss-making selling behavior of high-position buyers has not significantly decreased, and short-term selling pressure remains.
2. Comparison of Bitcoin with Other Assets and Long-term Outlook
Since 2015, Bitcoin has gained approximately 27,701%, significantly outperforming silver (405%) and gold (283%) during the same period, and is regarded as a "top-tier asset," though some hold different views on its correlation with gold and silver.
Bitwise CIO believes Bitcoin will maintain stable returns over the next decade, with limited gains and lower volatility, experiencing fluctuations rather than large annual increases.
3. Annual Performance of the Bitcoin Mining Industry
By 2025, Bitcoin mining has reached Zetta Hash (ZH/s), a 37% increase from 801 EH/s at the beginning of the year. Network security has significantly improved, with controlling over half of the hashrate requiring hundreds of billions of dollars in investment. In 2025, the cost per PH hashrate in mining economics declined from about $54.45 per day to mid-$30s from January to December, putting profitability under pressure. Industry consolidation accelerates, with efficient operators surviving and inefficient ones being eliminated.
In 2025, the distribution of Bitcoin mining pools shows that Foundry USA, Antpool, ViaBTC, and F2pool control about two-thirds of block production, indicating increased industrialization and scale importance.
4. Michael Saylor’s Company Updates and Bitcoin Purchase Expectations
Michael Saylor’s Strategy company held 671,268 BTC as of December 15, with a total book value of approximately $58.9 billion. The company's mNAV (market net asset value) has fallen to near or slightly below the 1x range, approaching Bitcoin's fair value.
Analyst Adam Livingston predicts a large-scale Bitcoin purchase is imminent, with expected returns for Bitcoin in 2025 around 25%. The 1x mNAV "floor price" has risen to $148.40 per share.