Bitcoin Market Faces Volatility as Mining Expands, Holdings Grow, and Risks Rise

April and early May 2025 have delivered a wave of pivotal developments in the Bitcoin ecosystem, from MARA Holdings’ aggressive mining expansion and Strategy’s record-breaking BTC accumulation to market turbulence triggered by political and monetary policy uncertainty. As Bitcoin’s price hovers near $95,000 and dominance approaches multi-year highs, investors face a landscape shaped by shifting profitability, heightened competition, and even security threats targeting crypto entrepreneurs. This press review distills the most critical headlines and metrics shaping the current state and future trajectory of the crypto market.

MARA Holdings Reports April 2025 Bitcoin Mining Update

MARA Holdings, Inc. (NASDAQ: MARA) released its unaudited bitcoin production update for April 2025, highlighting both operational growth and market headwinds. The company’s energized hash rate increased by 5.5% to reach 57.3 EH/s, despite a 15% month-over-month decrease in blocks won. This decline was attributed to a significant global hashrate surge—the second largest monthly gain on record—and an 8% increase in mining difficulty compared to March.

Operationally, MARA completed a 50-megawatt expansion at its fully owned Ohio data center, doubling its operational capacity to 100 MW, with the site designed to scale up to 200 MW. Over 12,000 S21 Pro miners were installed at this location. Additionally, the company fully energized its 25 MW gas-to-power operations in North Dakota and Texas, which now provide MARA with its lowest cost per BTC mined while also helping to mitigate methane emissions.

As of April 30, 2025, MARA held a total of 48,237 BTC, including loaned and collateralized bitcoin. The company did not sell any BTC during April. Management emphasized their focus on transforming MARA into a vertically integrated digital energy and infrastructure company, aiming for tighter operational control and improved cost-efficiency.

Summary: MARA Holdings expanded its mining capacity and increased its hash rate, but faced a 15% drop in blocks won due to rising global competition and mining difficulty. The company’s BTC holdings reached 48,237, with a strategic focus on cost efficiency and vertical integration. (Source: MARA holdings)

Strategy (formerly Microstrategy) Expands Bitcoin Holdings

Strategy, previously known as Microstrategy, disclosed in a recent SEC filing the purchase of an additional 6,556 Bitcoin between April 28 and May 4, 2025, at an average price of $95,167 per coin. This acquisition brings the company’s total Bitcoin holdings to 555,450 BTC, valued at approximately $38.08 billion, with an average purchase price of $68,550 per BTC.

The purchase was financed through a combination of common and preferred stock sales, raising $128.5 million via its at-the-market (ATM) program and $51.8 million from STRK preferred shares. This transaction exhausted the company’s previous $21 billion ATM offering. Michael Saylor, co-founder of Strategy, reported a year-to-date Bitcoin yield of 14.0% as of May 4, 2025.

Strategy announced plans to double its capital raising capacity, introducing a new $21 billion ATM offering and expanding its debt purchase program to $42 billion. The company’s “42/42 Plan” aims to raise $84 billion over the next two years, split equally between equity and fixed-income instruments for future BTC acquisitions. Despite five consecutive quarterly net losses, Strategy remains the largest corporate holder of BTC, representing nearly 3% of Bitcoin’s maximum supply. At current market prices around $94,000, the company’s bitcoin assets are valued at over $52 billion.

Summary: Strategy continues aggressive BTC accumulation, now holding 555,450 BTC. The company is expanding its capital raising efforts despite recent financial losses, underscoring its commitment to a Bitcoin-centric balance sheet. (Source: TradingView)

Bitcoin Price Dips Below $95,000 Amid Tariff and Fed Uncertainty

Bitcoin experienced a notable drop this week, falling just under the $95,000 mark as two major factors unsettled the market. Former President Donald Trump proposed 100% tariffs on foreign-made movies, signaling a potential return to aggressive trade policies. This announcement, coupled with anticipation over the Federal Reserve’s upcoming interest rate decision, created a climate of uncertainty that impacted both crypto and traditional markets.

Following Trump’s tariff proposal, entertainment stocks such as Disney and Netflix declined, and Bitcoin dropped around 1.8% to $94,000. Altcoins also suffered, with XRP down 2.7% and Solana slipping 0.8%. The Federal Reserve is widely expected to hold rates steady, but the possibility of inflationary pressures from new tariffs has left investors cautious. The market’s reaction highlights the sensitivity of crypto prices to macroeconomic and political developments.

• Bitcoin fell below $95,000 after Trump’s tariff announcement.
• XRP declined 2.7%, Solana dropped 0.8%, and Bitcoin lost 1.8%.
• Investors are awaiting the Fed’s rate decision, with uncertainty fueling volatility.

Summary: Bitcoin’s dip below $95,000 was triggered by Trump’s tariff threats and uncertainty over the Fed’s next move, causing broader declines across the crypto market. (Source: 99Bitcoins)

Bitcoin Dominance Approaches Critical Level Ahead of Fed Decision

Analysts warn that Bitcoin dominance is nearing a “final countdown” before a potential collapse, as the metric hits 65%, its highest since early 2021. According to Rekt Capital, the road to 71% dominance may be reaching its end, with the Federal Reserve’s policy decision looming as a key catalyst. As of the first week of May, Bitcoin is holding at $93,500, coinciding with the Fed’s upcoming meeting on May 7.

Market participants are closely watching Fed Chair Powell’s statements, as even his language could move markets. CME’s FedWatch Tool indicates only a 5.2% chance of a rate cut. Despite brief weekend pressure, Bitcoin maintained support at $93,500, with the largest cluster of ask liquidity near $96,420. Sentiment has shifted from bearish to bullish, with social media users now predicting prices between $100,000 and $159,000. At the time of reporting, Bitcoin was trading at $94,137.

Summary: Bitcoin dominance is at a multi-year high, but analysts warn of a potential reversal as the Fed’s decision approaches. Market sentiment has turned bullish, with key support and resistance levels in focus. (Source: TipRanks)

Kidnappers in France Target Cryptocurrency Entrepreneurs

French police recently rescued the father of a wealthy cryptocurrency entrepreneur in a nighttime raid after he was kidnapped for ransom. The abduction occurred in Paris, and the victim was held in a house in the Essonne region south of the city. The prosecutor’s office reported that the incident was accompanied by a ransom demand, though specific details about the identities involved were not disclosed.

Five suspects were detained—four at or near the house where the victim was held, and a fifth in a vehicle believed to have been used in the abduction. The police are investigating possible charges, including kidnapping “with torture or a barbaric act.” French media reported that the victim’s finger was cut off during the ordeal. This is not the first such incident in France; in January, a co-founder of the crypto-wallet firm Ledger and his wife were also kidnapped for ransom, with police making 10 arrests in that case.

• Victim: Father of a cryptocurrency entrepreneur
• Location: Paris and Essonne region, France
• Suspects detained: 5
• Previous similar incident: Ledger co-founder and wife kidnapped in January

Summary: The targeting of cryptocurrency entrepreneurs for ransom in France is on the rise, with recent high-profile kidnappings and violent tactics reported. (Source: NPR)

88% of Bitcoin Supply in Profit as Investor Expectations Shift

According to Glassnode data, 88% of Bitcoin’s supply is currently in profit below the $95,000 price level, indicating a significant reset in investor expectations. Losses are mainly concentrated among those who bought between $95,000 and $100,000. This high profitability, up from a long-term mean of 75%, suggests that the $75,000–$95,000 range may represent a structural market bottom, similar to conditions observed in Q3 2024.

The Market Value to Realized Value (MVRV) Ratio stands at 1.74, a historical support zone that signals cooling unrealized gains and potential for future growth. The Network Value to Transactions (NVT) ratio is neutral at 0.5 with Bitcoin priced at $94,400, contrasting with its overbought signal at this level in February 2025. Reduced exchange inflows and high profitability indicate diminished selling pressure, supporting a more bullish market structure.

Summary: With 88% of Bitcoin supply in profit and reduced selling pressure, the market shows signs of stability and a potential base for future growth. (Source: Cointelegraph)

Einschätzung der Redaktion

MARA Holdings’ latest operational update demonstrates the company’s resilience and adaptability in a highly competitive mining environment. The expansion of infrastructure and the integration of cost-efficient, methane-mitigating energy sources position MARA to better withstand rising global hashrate and mining difficulty. The decision to retain all mined Bitcoin in April, despite market headwinds, signals a long-term strategic vision and confidence in the asset’s future value. The company’s focus on vertical integration and operational control could provide a competitive edge as the mining sector consolidates and energy costs become increasingly decisive.

• Starke Infrastruktur- und Effizienzmaßnahmen stärken die Wettbewerbsfähigkeit.
• Die konsequente Bitcoin-Haltung unterstreicht einen langfristigen Anlagehorizont.
• Vertikale Integration und Energiekostensenkung sind zentrale Erfolgsfaktoren im aktuellen Marktumfeld.

Infobox: MARA Holdings setzt mit Kapazitätsausbau, Kosteneffizienz und nachhaltigen Energielösungen klare Akzente für die Zukunftsfähigkeit im Bitcoin-Mining.

Sources:

• MARA Announces Bitcoin Production and Mining Operation Updates for April 2025
• Strategy Expands Bitcoin Investments With Latest Purchase, Now Holding 555,450 BTC In Total
• $95K Bitcoin Drop Follows Trump Tariff Talk and Fed Uncertainty
• Bitcoin Enters ‘Final Countdown’ as Dominance Nears Collapse
• Kidnappers in France target cryptocurrency entrepreneurs for ransom
• Bitcoin investors’ expectations evolve as 88% of BTC supply is in profit