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  • Norway’s $1.6 trillion wealth fund boosts indirect Bitcoin exposure by 192% in Q2 2025

    Norway’s $1.6 trillion wealth fund boosts indirect Bitcoin exposure by 192% in Q2 2025

    Norway’s $1.6 trillion wealth fund boosts Bitcoin exposure by 83% in Q2 2025

    • NBIM now holds the equivalent of 7,161 BTC through listed equities.
    • Institutional interest in Bitcoin grows through ETFs and corporate holdings.
    • The move may signal early stages of sovereign-backed Bitcoin adoption.

    Norway’s sovereign wealth fund, the largest in the world, has taken a significant step into the cryptocurrency market, increasing its Bitcoin (BTC) exposure by 192% during the second quarter of 2025.

    Norges Bank Investment Management (NBIM), which manages the country’s $1.6 trillion oil-funded portfolio, expanded its holdings from the equivalent of 2,446 BTC from the June quarter in 2024 to 7,161 BTC.

    The move underscores a broader shift among institutional investors who are using publicly listed equities and ETFs to gain exposure to the cryptocurrency market without holding digital assets directly.

    Bitcoin exposure rises through equities and ETFs

    NBIM’s largest Bitcoin exposure comes via its stake in MicroStrategy (MSTR), the biggest corporate holder of the cryptocurrency. The fund also initiated a smaller position equivalent to 200 BTC in Japan-based Metaplanet.

    These holdings are reflected in the fund’s Q2 2025 13F filings, which track institutional investments in US-listed companies.

    The data, compiled by analysts, highlights NBIM’s increased allocation to Bitcoin-linked equities during a period of growing global interest in the asset class.

    Sovereign wealth funds are typically known for their conservative, long-term investment strategies, making this level of exposure notable.

    Institutional participation strengthens

    The move by NBIM comes amid rising institutional adoption of Bitcoin, driven in part by strong inflows into Bitcoin ETFs and increased corporate interest.

    These products have made it easier for large investors to gain exposure without managing the complexities of digital asset custody.

    Industry analysts note that sovereign wealth funds and large pension managers are beginning to explore Bitcoin as part of diversified long-term portfolios.

    While NBIM has not publicly commented on its decision, the timing aligns with Bitcoin’s steady price gains over the past quarter, supported by favourable macroeconomic conditions and increased demand.

    Strategic hedge potential

    For NBIM, the Bitcoin allocation remains a small portion of its total assets, but it may serve as a hedge against currency debasement and geopolitical risks.

    Such positioning reflects a growing recognition among large investors that Bitcoin could play a role in risk-adjusted portfolio diversification.

    The increase also follows a global trend where state-backed investment vehicles cautiously test exposure to emerging asset classes, particularly those viewed as potential stores of value.

    If this allocation pattern continues, the participation of sovereign funds could have a meaningful impact on Bitcoin’s market liquidity and institutional legitimacy.

    Broader implications for sovereign-backed Bitcoin adoption

    The developments at NBIM may signal the early stages of more widespread sovereign-backed Bitcoin adoption.

    Although the current exposure is small relative to the size of the fund, the scale of sovereign wealth fund capital means even incremental moves can influence market dynamics.

    As other funds monitor NBIM’s strategy, institutional activity in Bitcoin-linked assets could increase further.

    For the cryptocurrency market, these flows represent a structural change in the investor base, moving beyond retail speculation to long-term, strategic capital from the world’s largest pools of wealth.

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  • Bitcoin at $1M forecast gains ground as money supply heads for $200 trillion

    Bitcoin at $1M forecast gains ground as money supply heads for $200 trillion

    Bitcoin $1 million forecast gains ground as money supply heads for $200 trillion

    • The ratio of global M2 money supply to Bitcoin in circulation has reached a record level.
    • Only 21 million BTC exist, boosting scarcity appeal.
    • The psychological framing of Bitcoin reaching $500,000—or even $1 million—is now gaining traction in both retail and institutional circles.

    As the world’s money supply expands at an unprecedented pace, a growing number of market participants believe Bitcoin could eventually hit $1 million per coin.

    The belief isn’t based on speculation alone—it stems from hard numbers.

    Central banks are printing more money, governments are spending at record levels, and the global M2 money supply is expected to double from $100 trillion to $200 trillion by 2035.

    With Bitcoin’s supply capped at 21 million, this massive influx of liquidity could create a potent supply-demand imbalance.

    Money supply surge boosts BTC case

    Bitcoin maximalists and macro-focused analysts now frequently cite monetary debasement as a key reason to hold the pioneer cryptocurrency.

    Fred Krueger, a longtime Bitcoin advocate and investor, posted on X that “it will take 1 trillion USD moving into Bitcoin to get to 1 million.”

    He argued that with the global money supply rising rapidly, “zero chance we don’t get there.”

    The scale of monetary expansion is central to this view. Over the last 12 months, global liquidity has surged at one of the fastest rates on record.

    Central banks across the US, UK, Europe, and Asia have continued accommodative policies, with large fiscal deficits becoming the norm.

    These conditions, according to market observers, reduce the purchasing power of fiat currencies and push investors to explore alternatives.

    River, a Bitcoin-focused financial services firm, highlighted that those who held BTC from July 2024 onwards have outperformed against money debasement tenfold.

    This reinforces the narrative of Bitcoin as a hedge against currency dilution and economic instability.

    M2 liquidity per BTC hits record

    The ratio of global M2 money supply to Bitcoin in circulation has reached a record level.

    According to decentralised finance investor Christiaan, there is currently about $5.7 million in global M2 liquidity per single Bitcoin.

    This is the highest ratio in over a decade and is used to illustrate how limited Bitcoin’s supply is compared to the volume of fiat money in the global financial system.

    This ratio, sometimes referred to as the liquidity-to-scarcity index, suggests that even modest capital inflows into Bitcoin—whether from institutional investors or sovereign wealth funds—could drive prices sharply higher.

    Given the fixed 21 million coin limit, with many lost or illiquid, the supply-demand mechanics remain a central argument in favour of long-term price appreciation.

    Retail push and historical trend

    Retail investors are also being targeted with simplified messaging. Davinci Jeremie, a popular Bitcoin influencer, posted a video on social media urging viewers to invest just $1 into Bitcoin.

    His message, “spend a dollar to change your future,” reflects a broader campaign among Bitcoin supporters to increase grassroots participation.

    The psychological framing of Bitcoin reaching $500,000—or even $1 million—is now gaining traction in both retail and institutional circles.

    As inflation fears persist, and as tech stocks become increasingly correlated with macro trends, many see Bitcoin as a standalone asset with unique supply properties.

    While Bitcoin remains volatile in the short term, these macroeconomic dynamics are positioning it as a long-duration hedge.

    The rising M2 supply and systemic debt loads across developed nations continue to lend weight to the idea that digital scarcity may offer long-term protection.

    Historical data also supports the current optimism. Over the past decade, Bitcoin has consistently outpaced fiat currency performance during periods of rapid money printing and inflationary risk.
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  • Pro delivers a $2 trillion BCH, Solana, Litecoin, Mina, Bitcoin price prediction

    Pro delivers a $2 trillion BCH, Solana, Litecoin, Mina, Bitcoin price prediction

    • An analyst at Standard Chartered delivered a strong Bitcoin prediction.

    • He expects BTC price to jump to $120,000 in 2024.

    Bitcoin price has continued wavering in the past few weeks as investors wait for the next important crypto news and US inflation data. The coin was trading at $30,400, where it has been at in the past two weeks. As a result, the fear and greed index has moved to the neutral point of 56.

    Standard Chartered is bullish on Bitcoin

    Bitcoin price has jumped by more than 90% in 2023, meaning it has outperformed popular financial assets like the Dow Jones and the Nasdaq 100 indices. It has also done better than gold and other metals.

    Now, despite the recent consolidation, some analysts believe that Bitcoin price has more upside in the next few months. The two biggest potential catalysts are the potential for a Bitcoin ETF. Analysts believe that the SEC will accept one or all of the recent proposals by companies like Blackrock and Invesco.

    The other potential catalyst for Bitcoin will be the upcoming halving, which will happen in April next year. Historically, Bitcoin tends to rally ahead of the halving event. We can also look at the spectacular performance of Litecoin price since July last year. Litecoin’s halving will happen in August.

    Some analysts are bullish about Bitcoin. The most bullish analyst is from Standard Chartered. Two months ago, the analyst said that Bitcoin could surge to $100,000 by the end of 2024. In a note this week, the analyst said that he believes that BTC price could jump to $120,000. The analyst cited the ongoing miner activity, saying:

    “It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently. Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”

    ‘If Standard Chartered’s Bitcoin prediction is accurate, it means that its market cap could hit over $2.3 trillion by the end of 2024. That’s because BTC has a market cap of over $591 billion.

    Altcoins could jump as well

    If this Bitcoin’s prediction is accurate, it means that other altcoins will do the same. For example, popular proof-of-work coins like Litecoin and Bitcoin Cash could resume their bullish rally. Litecoin has already jumped by over 134% from its 2022 lows. Bitcoin Cash, which is a Bitcoin’s hard fork, has risen by over 100% in the past few weeks.

    These coins are doing well because of their upcoming halving events. Litecoin will go through halving in August while Bitcoin Cash’s will take place in December. These coins will also benefit if the SEC accepts the ETF since more companies will be motivated to launch their ETFs.

    Other cryptocurrencies like Compound, Solana, Mina. and Internet Computer (ICP) could benefit because of the close correlation that exists in the crypto industry.

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  • Bitcoin mining difficulty hits all-time high, above 50 trillion hashes

    Bitcoin mining difficulty hits all-time high, above 50 trillion hashes

    Key Takeaways

    • Bitcoin mining difficulty has surpassed 50 trillion hashes for the first time ever
    • Higher difficulty means more competition and less profit for miners, but also more security for the Bitcoin network
    • Higher mining difficulty means greater energy input required to mine Bitcoin, meaning greater cost for miners
    • Mining stocks have underperformed Bitcoin significantly over the last year

    It has never been so difficult to mine Bitcoin. Literally. Bitcoin mining difficulty continues to rise incessantly, surpassing the 50 trillion hash mark for the first time ever last week.

    What is Bitcoin mining difficulty?

    If it were not for the Bitcoin mining difficulty adjustment, blocks would be appended to the blockchain at an increasing speed as more miners joined the Bitcoin network. In such a way, the Bitcoin mining difficulty adjusts via an automatic algorithm to ensure blocks are appended to the ever-growing blockchain at consistent 10 minute intervals.

    As more miners join the network, difficulty rises. In such a way, blocks do not get discovered quicker as more miners join the network. This difficulty adjustment is thus vital to ensure the supply of Bitcoin is released at a pre-programmed pace, as outlined by the anonymous Satoshi Nakamoto in the Bitcoin whitepaper. 

    This explains how, in the early days, mining could be carried out on a personal laptop, because Bitcoin was so niche and miners were so few and far between – hence the mining difficulty was far lower. This is why you hear stories of miners who find (or lose) stashes of Bitcoin on old hard drives which were close to worthless when they were mined. 

    Today, however, Bitcoin is well and truly in the mainstream, and mining difficulty has risen accordingly. Most mining is carried out by supercomputers, while there are many public companies carrying out the task.  

    What does increasing mining difficulty mean?

    Mining difficulty is increasing because more computational power is being put towards Bitcoin mining. The hash rate is what we refer to as the computational power of the Bitcoin network. Looking at the chart, this is at an all-time high – which makes intuitive sense, given mining difficulty is also at an all-time high. 

    For the Bitcoin network as a whole, this is a good thing. Bitcoin’s hash rate is a crucial indicator of the security of the network. A higher hash rate means Bitcoin is more resistant to an attack by a malevolent actor. This is because the higher the hash rate, the more expensive and implausible it is for an actor (or a group of actors) to seize control of 51% of the network, when Bitcoin could be exposed to what is known as a 51% attack (coins could be double spent and the veracity of the blockchain would be in doubt). 

    However, there are downsides to this, too. I detailed this in depth last week in a report on Bitcoin mining stocks. In summary, more hash power means greater cost for miners, as the increased difficulty means a greater amount of energy is required to power the computers working to validate the transactions on the blockchain. This is why miners margins are getting cut into as more miners join the network (rising electricity costs also do not help). 

    “The rapid decline in the Bitcoin price, down from $68,000 at the peak of the bull market in late 2021, has obviously hurt the mining industry”, says Max Coupland, director of CoinJournal. “However, that is far from the only problem facing miners. The mining difficulty hitting an all-time high means greater amounts of energy are required to mine, at a time when inflation and the Russian war have pushed the price of energy up immensely”. 

    The mining industry is hence extremely volatile, as not only is it sensitive to the volatility of Bitcoin itself, but it also suffers from rising energy costs. The below chart demonstrates how mining stocks have underperformed Bitcoin in recent times. It looks at the Valkyrie Bitcoin Miners ETF, which tracks mining companies and was launched in February 2022. 

    With Bitcoin mining difficulty hitting an all-time high, racing past the 50 trillion hash mark for the first time ever, things won’t get any easier for miners. However, like always, it will ultimately come down to the Bitcoin price. With block rewards and transaction fees recouped in the form of Bitcoin, and the entire industry built upon this asset, mining companies will go as far as the Bitcoin price takes them.

    If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

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  • Trillion dollar coin could be good news for Bitcoin, Cardano, Solana

    Trillion dollar coin could be good news for Bitcoin, Cardano, Solana

    • The US government could be forced to print a $1 trillion coin soon.

    • Democrats and Republicans are yet to reach an agreement on a debt ceiling.

    • Analysts expect that the two sides will ultimately reach an agreement.

    The US government is at a crossroads as divisions in Congress put the country at an elevated risk of a default. In a recent statement, Janet Yellen, the Treasury Secretary warned that the American government could default in June if Democrats and Republicans fail to reach a deal. This is one of the top reasons why gold price has now soared to an all-time high.

    The trillion-dollar coin

    It is still unclear whether the US will default on its obligations if Congress fails to raise the debt ceiling. I believe that the situation will not get to that point because of its impact to the American economy. 

    Analysts believe that a default will lead to higher unemployment and possibly the collapse of the economy as we know it. 

    Therefore, the two sides will likely reach an agreement in the coming days. Signs of potential compromises will happen when Biden will meet Kevin McCarthy on Monday.

    There are several options if the two sides fail to raise the debt limit. A likely solution will be to print a trillion dollar coin. The concept of that coin was mooted in 2011 when the US faced another debt ceiling issue. 

    It would allow the Mint to come up with one platinum coin valued at $1 trillion. These funds would then be distributed to the Federal Reserve, which would then deposit it to the National Treasury. By doing that, the Treasury would then elimiate part of the national debt and postpone the need for raising the debt ceiling. A professor at Willamette University said:

    “At this point, if any of the other solutions, the so-called more serious solutions would work, then they would’ve been used by now. But they keep not actually being strong enough. The coin’s the only one that’s strong enough.”

    Bullish for Bitcoin, Solana, Cardano

    Such a move would be positive for Bitcoin, which is seen as a digital version of gold. Unlike fiat currencies, Bitcoin cannot be printed because its supply of 21 million coins cannot be adjusted. If Bitcoin rises, we could now see altcoins like Solana, Cardano, and Tron rise because of the close correlation that exists.

    The reality is that the American government is at risk of major changes going forward. For one, the total public debt has been in a strong upward trend in the past few years. It has jumped from just $320 million in 1970 to over $31.4 trillion today. 

    And the situation will continue worsening because of the large budget deficits. By 2030, analysts expect that debt will rise to over $44 billion. The CBO believes that the budget deficit will hit 5.9% of GDP by 2040.

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  • Shiba Inu | Almost 25 Trillion SHIB Tokens Moved In The Past 24 Hours

    Shiba Inu | Almost 25 Trillion SHIB Tokens Moved In The Past 24 Hours

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  • 38 Investors Collectively Hold 112.24 Trillion Shiba Inu

    38 Investors Collectively Hold 112.24 Trillion Shiba Inu

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  • Shiba Inu | 27 Trillion Shib Tokens Swapped In Last 24 hours

    Shiba Inu | 27 Trillion Shib Tokens Swapped In Last 24 hours

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  • 73% less Bitcoin millionaires than a year ago, as crypto losses top $2 trillion in torrid 2022

    73% less Bitcoin millionaires than a year ago, as crypto losses top $2 trillion in torrid 2022

    Key Takeaways

    • Cryptocurrency industry was valued close to $3 trillion entering 2022, now it is $800 billion 
    • There are 73% less Bitcoin millionaires after 2022
    • Bitcoin has pulled back 75% from its all-time high fo close to $69,000
    • 25% of the bitcoin supply was in a loss entering the year, now it is over 50%
    • Number of investors holding greater than 1 BTC jumped 20% as the hurdle became much more attainable

        

    Once upon a time, the cryptocurrency market was valued at $3 trillion. To be precise, this was in November 2021, when Bitcoin traded at its all-time high of close to $69,000.

    But then along came 2022. Inflation sparked as a result of the COVID money printing, war in Ukraine and supply chain issues, meaning central banks worldwide were forced to hike rates to curtail a spiralling cost-of-living crisis.

    With the cheap liquidity pulled out from under markets, Bitcoin – and crypto as a whole – felt the pinch. We have seen top 10 cryptocurrencies collapse, one of the top exchanges revealed to be a house of cards and numerous other bankruptcies and scandals. 

    The loss has been greater than $2 trillion, with Bitcoin shedding three-quarters of its value as at the time of writing, trading at $16,800.

    Bitcoin millionaires

    Looking at on-chain data from bitinfocharts.com, Bitcoin millionaires have dropped like flies. Entering 2022, there were 90,000 addresses containing over a million dollars worth of Bitcoin. Today, it is 24,000 – that amounts to a fall of 73%.

    “The on-chain data sums up what is glaringly obvious from looking at a Bitcoin price chart – that the party is over and investors are no longer dreaming of retirement off their Bitcoin holdings, in the near future at least! Nearly three-quarters of Bitcoin millionaires losing that status is perhaps the best piece of data of all to summarise how ugly 2022 was for investors” said Max Coupland, Director at CoinJournal. 

    Percent in supply in loss doubles in 2022

    Bitcoin’s returns before 2022 were astonishing. As a result, the bulk of the supply was in profit, with only 25% of the supply loss-making entering the year. By year-end, this had doubled to over 50% – another stunning statistic when considering that Bitcoin was the best-performing asset class in the world over the prior decade. 

    Addresses holding greater than 1 BTC

    On the flipside, with Bitcoin being so cheap compared to last year, the number of addresses containing one Bitcoin or greater – “whole coiners”, as they are known – is at all-time high, even if the dollar value contained in those addresses is way down. 

    Entering 2022, there were over 814,000 addresses holding more than 1 BTC. By the end of the year, this number was over 978,000 – that is a rise of 20%.

    As can be seen when zooming in on 2022 on the below chart, there were significant jumps when Bitcoin plunged off the back of the three major scandals of 2022 – Luna’s death spiral, Celsius’ insolvency and the revelations of fraud at FTX. 

    Dropping sentiment matching falling prices

    Perhaps the biggest problem emerging from 2022 is related to these scandals. The reputation of crypto has taken a hammer blow, most notably with the shocking downfall of FTX and disgraced former CEO Sam Bankman-Fried. 

    According to a CNBC survey as of November 2022, only 8% of Americans now have a positive view of cryptocurrency. 

    Crypto investors have seen similar percentage declines before, of course, only for the market to bounce back. But this time, crypto is fighting against a pullback in the wider economy for the first time in its history. 

    Until now, it had been zero (or negative) interest rates and a warm money printer. Now, we have transitioned to a new environment, and crypto investors are feeling the pain. They will hope that 2023 can bring a return to prominence and start mending the reputation of the wounded asset class. 

    If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research. 

    Research Methodology

    Address data taken from on-chain. Price data from Yahoo Finance. 

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  • Bitcoin blockchain saw $8.2 trillion in transfers in 2022

    Bitcoin blockchain saw $8.2 trillion in transfers in 2022

    • CoinMetrics data shows the Bitcoin blockchain registered over $8 trillion worth of transfers in 2022.
    • According to the data, the total amount transferred via the blockchain fell off in the second half of the year.
    • Bitcoin also saw an increase in blockchain size and hashrate, with 16% and 56% annual growth rates respectively.

    Bitcoin continues to fluctuate below $17,000 as the cryptocurrency market enters 2023 on the back of continuing uncertainty after a brutal 2022.

    But while prices fell massively throughout the year to see Bitcoin trade nearly 60% down over the past year, data shows the flagship cryptocurrency still saw decent on-chain value transfer.

    Over $8 trillion transferred via Bitcoin blockchain

    According to data recently shared by crypto and blockchain analytics platform CoinMetrics, 2022 saw over $8.2 trillion worth of value transferred via the Bitcoin blockchain. The transactions amounted to value worth $260,000 per second transferred on the network.

    James Lopp, the co-founder and CTO of crypto custody startup Casa, shared the statistic on Twitter.

    Per the data, the most value was transferred in the first half of the year, with the largest chunk of these seen in March to early May. The bear market and the contagion that followed the demise of Terra Luna and several crypto-focused companies marked the beginning of a downturn that persisted throughout the year.

    Blockchain grew 16%, hashrate 56%

    Meanwhile, the Bitcoin blockchain size increased from 383.3 GB to 446 GB, showing an annual growth rate of roughly 16.4%.

    The network hashrate also increased despite the bear market crash that pushed multiple miners into bankruptcy. Data on total network hashrate growth for 2022 showed a 56% jump, from 175 exahashes per second (EH/s) to 274 EH/s.

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