The U.S.-Iran agreement now appears to be on hold: Last week brought fresh retaliatory measures and renewed pressure on the Strait of Hormuz. Markets had already priced in a return to normalcy and moved on, but the normalization process is proceeding slowly. While shipping traffic has recovered, it remains well below pre-crisis levels—and the renewed tensions are now jeopardizing this recovery in the short term. As the attached chart shows, heightened geopolitical risks have historically been closely linked to higher inflation, in a remarkably linear relationship. So far, reserves have cushioned the shock, but they are running low, and inflation fears are growing. Paradoxically, the next CPI report could come in negative thanks to the sharp drop in oil prices in June—which will be relevant for the next Fed meeting—but the relief could prove short-lived. The defining feature of this oil shock is not the price level, but its duration, which the market likely underestimates. The Fed faces a dilemma: an AI-driven economy showing signs of overheating, coupled with energy-driven inflation, argues for higher interest rates in the short term. However, oil-driven inflation acts like a tax on consumption, and in an increasingly K-shaped economy, it increases the risk of recession—which argues more for rate cuts than for hikes. Ultimately, this uncertainty typically favors safe-haven assets. Notably, however: $BTC (-1,21%) and $GOLD are among the few assets that have underperformed since the beginning of the year.

You can invest in Bitcoin through the following platform: $BITC (-1,45%)

$BTC (-1,21%)-Mining sounds technical, but at its core, it’s an infrastructure business. Miners operate data centers, secure power and cooling, manage hardware, and provide computing power for the #bitcoinnetwork. Their revenue therefore depends not only on $BTC (-1,21%)-price, but also on electricity costs, network congestion, and what’s known as the “hash price”—the revenue per unit of computing power.

The sector is undergoing significant change. Many publicly traded miners are increasingly using their data centers for AI and high-performance computing. According to recent company statements, by the end of 2026 they could generate up to 70 percent of their revenue from AI, compared to about 30 percent today. This is interesting for investors, but not straightforward: Some pure-play $BTC (-1,21%)miners are evolving into hybrid data center companies.

Mining stocks are therefore not a direct substitute for $BTC (-1,21%). They can be more volatile than $BTC (-1,21%) them: When the price rises, efficient miners often benefit disproportionately. When it falls or costs rise, the leverage effect reverses. It remains a promising but volatile investment. However, not every miner will follow the same path.

Note: Monthly figures reconstructed from the original chart; rounding discrepancies are possible.

Original page: https://coinshares.com/de/insights/research-data/bitcoin-mining-report-q1-2026/

Original image: https://a.storyblok.com/f/176807/1600x1120/8261be7cf5/miners-data-centre-revenue-breakdown.png/m/

You can invest in Bitcoin through the following vehicle: $BITC (-1,45%)

This week’s price action confirmed our forecast from last week: The bottom is holding, but there’s a ceiling on the upside. $BTC (-1,21%) It has risen by about 13 percent since its low of $57,750 on July 1, making this the best month since January. However, it has been trading within a range of $64,000 to $66,800 for three days now, while $ETH (-1,23%) it is trading near $1,920. Inflows into cryptocurrency investment products totaled $716 million for the week—the strongest week since early May. While the regulatory outlook looks encouraging, we see no catalyst for a significant price rally in the short term unless the Federal Reserve signals interest rate cuts—which was not the case this week. The markets are focused on two main questions: Will the Senate pass the Clarity Act, and will the oil tanker conflict escalate? As long as neither of these factors sees a decisive shift, we expect prices to trend sideways within their current range.

$BITC (-1,45%)

$CETH (-1,64%)

The market is showing several signs of overheating. Investors are taking on unprecedented risks, their cash reserves are nearly depleted, and capital is flowing into high-risk, leveraged funds. South Korea’s stock market is experiencing unprecedented volatility. The clearest warning sign, however, comes from the bond market: Demand for tech bonds has collapsed, investors are demanding higher interest rates, and major U.S. banks are reducing their positions. This is crucial—especially given significant financing needs on the horizon. At the same time, the promised AI returns are failing to materialize, as more affordable tools are hot on the heels of the leading systems. Historically, the bond market leads the stock market—especially at this level of risk. Consequently, the signals from the bond and stock markets diverge, as the attached chart shows.

Against this backdrop, renewed pressure on oil prices is a bad sign: Last week’s weak inflation report looked better because oil prices had fallen sharply in June; tensions in the Gulf over the past ten days mean that July will paint a different picture. Higher oil prices act like a tax on everyday life. This combination is bad for risk assets and could slow or even reverse interest rate cuts—a scenario in which central banks will ultimately have to pump fresh money into the system. This is precisely the environment in which $BTC (-1,21%) and $GOLD shine: Both are underperforming this year, and both would have the most to gain if central banks shift to monetary easing.

You can invest in Bitcoin through the following platform: $BITC (-1,45%)

After eight weeks of global outflows totaling $8 billion, sentiment toward crypto investment products has recently stabilized. Declining inflation data has $BTC (-1,21%) helped in the short term, as investors are once again betting more heavily on potential interest rate cuts.

Nevertheless, the picture remains mixed: The bottom #bitcoin is likely close or has already been reached. However, the catalyst for significantly higher prices is still missing. Without a clear shift in interest rate expectations, $BTC (-1,21%) it is likely to trade sideways for the time being. A breakout above $80,000 currently seems unlikely.

(Author: James Butterfill, CoinShares’ Head of Research)

You can invest in Bitcoin through the following vehicle: $BITC (-1,45%)

The Geopolitical Risk Index has just risen sharply—a warning sign. The historical data (since 1985) is clear: the higher the geopolitical risk, the higher the inflation. In the worst-case scenario, we can expect inflation of 5.7 percent. Normally, in times of crisis like these, safe-haven assets such as $GOLD and $BTC (-1,21%) rise significantly. But in 2026, things are different—both assets have significantly underperformed despite rising risks. For investors, this means that traditional crisis-hedging strategies are not currently working reliably.

$BITC (-1,45%)

On the client side, there was considerable interest in whether $BTC (-1,21%)Strategy’s position poses an existential risk to the asset class. It does not. Four percent of the supply is simply not enough to trigger a structural collapse—from a purely mathematical standpoint, this concern does not hold water.

However, the shift in market sentiment is particularly interesting. When Michael Saylor sold 32 #bitcoin —a man who once said he’d rather sell a kidney than his $BTC (-1,21%) —the announcement alone initially triggered a 9.3% drop in the price. Not because of the volume—32 $BTC (-1,21%) is negligible—but because of the signal it sent. Since then, Strategy has quietly sold 3,588 $BTC (-1,21%) . The market seems to be getting used to it. The shock effect of $BTC (-1,21%)Strategy’s sales is fading, and I expect this narrative to become increasingly less significant. The data so far already supports this.

You can invest in Bitcoin through the following vehicle: $BITC (-1,45%)

$BTC (-1,21%) has rebounded following the weak U.S. jobs data—a sign of how strongly the market reacts to interest rate expectations in the short term. More important, however, is what’s happening beneath the surface: Large wallets appear to be accumulating again after months of caution, while ETF outflows are at least stabilizing. This suggests capitulation rather than structural weakness. Nevertheless, a clear catalyst for a new upward move is still missing: The Fed remains hawkish, ETF inflows have yet to be confirmed, and geopolitical risks persist.

Conclusion: #bitcoin It looks more like an early bottoming process—not yet a clear new bull run.

You can invest in Bitcoin through the following vehicle: $BITC (-1,45%)

The crypto market has received little support from capital inflows recently. U.S. spot$BTC (-1,21%)ETFs have now recorded eight consecutive weeks of outflows—the longest streak since their launch—with more than $6.5 billion flowing out since May. In $ETH (-1,23%)-ETFs, inflows have slowed, while Strategy, the Saylor-led #bitcoinTreasury company, sold 3,588 $BTC (-1,21%) to finance dividends on preferred shares. Against the backdrop of these challenging market conditions, $HYPE (+0,87%) continues to trade near its all-time high.

#hyperliquid-ETFs have recorded inflows every week since their launch in May, including approximately $161 million in June, bringing the total assets under management (AUM) of the three U.S. products to about $336 million. The European products have additionally recorded a volume of over 55 million US dollars. While these figures are still small in absolute terms, on a market-capitalization-adjusted basis, this ranks $HYPE (+0,87%) rank among the strongest crypto ETF launches to date. Their relative strength compared to the broader crypto market remains clearly evident.

In our view, this is a strong signal that the tokenomics of $HYPE (+0,87%) are resonating with investors. The allocation of 99% of platform fees toward the systematic buyback of $HYPE (+0,87%) creates a direct link between protocol activity and token demand, thereby giving the asset a value creation mechanism that clearly stands out in the current market.

$BITC (-1,45%)

$LIQD (+0,5%)

$CETH (-1,64%)

Selling by whales—the key trigger for the October sell-off—has cooled off significantly, and that’s important. Based on the four-year $BTC (-1,21%)cycle, we expected sales to taper off six to nine months after they began, and that’s playing out roughly as planned. The caveat, however, is that historically, whales do not re-enter the market as buyers until the next halving, which isn’t due until 2028—so price support from that quarter is not yet in sight.

$BITC (-1,45%)

(Author: James Butterfill, CoinShares’ Head of Research)