Bitcoin up 12% in 30 days as miners shift to AI and DAT consolidation looms
Bitcoin returned about +12% over the past 30 days as volatility fell and the coin decoupled from equities. Mining activity eased: network difficulty was down ~2% and estimated hash rate dropped ~6%, partly because some miners are powering down rigs to redeploy capacity or service hardware amid rising demand for AI data centers. Exchange-traded product (ETP) inflows resumed, supporting the rally. Separately, Digital Asset Treasuries (DATs) — funds and firms holding crypto on their balance sheets — are trading at market NAV discounts, increasing the likelihood of mergers and acquisitions among undervalued managers. Key themes for traders: renewed ETP inflows, lower short-term volatility, miner capex and operational shifts toward AI workloads, and potential consolidation in DAT providers.
Bullish
The net market signal is bullish. A ~12% 30-day price gain combined with resumed ETP inflows indicates renewed capital rotation into Bitcoin, which supports upward momentum. Lower volatility can attract risk-sensitive institutional flows and reduce liquidation-driven sharp moves. Miner activity declining (difficulty -2%, hash rate -6%) could tighten supply-side selling if miners power down or delay selling while redeploying hardware to AI use cases, which may reduce immediate selling pressure. Finally, DATs trading at NAV discounts make consolidation likely; M&A or strategic deals can concentrate holdings into stronger balance sheets and boost investor confidence. Short-term impact: continued price appreciation with moderated volatility; watch inflows, on-chain transfer patterns from miners, and announcements of DAT M&A. Long-term impact: potential for firmer institutional adoption (ETPs, treasury allocations) and structural supply adjustments if miner economics shift toward AI workloads—both supportive for higher BTC valuation over time. Risks: macro shocks, a reversal in ETP flows, or a sudden recovery in miner selling could negate the bullish case.