Weekly results: miners are massively shifting to AI, bitcoin tests support, and neural networks are becoming hackers' weapons.
The outgoing week proved to be a turning point for the market: bitcoin lost all of its July optimism, miners finally shifted from mining to AI infrastructure, and artificial intelligence became a full-fledged tool for both attacks and defense. Plus — high-profile searches in Moscow and new rounds of regulation.
Bitcoin retreated to August lows
Despite the positive signals at the start of the week, the market turned downward. On August 14, the leading cryptocurrency fell below the $63,000 mark, wiping out the gains of the previous seven days, when the asset closed at $65,200. Analysts noted that the market was in a "compressed" state, squeezed between the median realized price of $63,000 and the cost basis of short-term holders at $68,700. A break below the lower boundary, as I warned earlier, opens a direct path to $58,500. At the time of writing this review, bitcoin is consolidating near the $63,000 level, having lost 3.3% over the week.
Ether also failed to hold, dropping 2.1% to $1,880. Against this backdrop, only the HYPE token from the Hyperliquid exchange stood out, gaining nearly 4.7%. Outflows from spot bitcoin ETFs became the largest since early July, totaling $398.7 million. The fear and greed index froze in the "fear" zone at 34 points, and the total market capitalization shrank from $2.22 trillion to $2.17 trillion.
Miners finance the AI race
The key trend of the week is the structural transformation of mining. Selling bitcoin is no longer an anti-crisis measure but is becoming a deliberate strategy for transitioning into high-performance computing. Former Bitfarms, now Keel Infrastructure, has fully decommissioned its mining sites in the US, preparing them for AI data centers. Riot Platforms signed a 20-year contract worth $9.1 billion with a leading AI lab within days, sold 4,300 BTC, and raised up to $573 million to build a campus in Texas. MARA sold 23,093 BTC over six months for approximately $1.6 billion, citing the financing of growth as the reason.
The economics of mining have indeed become unbearable: fee revenues have fallen to a ten-year low, and public companies have reduced their hashrate by 21.2% over three quarters. This is not just adaptation — it is a change in the business model of an entire industry.
AI on the battlefield: attacks and defense
Neural networks are becoming the primary weapon of cybercriminals. South Korean analysts have recorded that the North Korean group Kimsuky is actively using local AI systems to attack crypto companies. Taiwanese government agencies have also revealed details of a hack using AI agents. Against this backdrop, the team behind the bitcoin service Boltz handed the project over to a group of "veterans" after a series of attacks allegedly carried out using neural networks.
It is telling that defenders face limitations: the CEO of AnchorWatch described how he lost access to OpenAI as part of a cybersecurity program, and the team had to return to Chinese models. Meanwhile, no one is stopping AI from attacking. At the same time, Galaxy Research calculated that at least 1,778.84 BTC ($112.7 million) has been stolen from vulnerable Coldcard wallets. Additionally, Trezor and SafePal reported data leaks affecting tens of thousands of users through compromised logistics partners.
Russia: searches and new compliance
On the evening of August 13, mass searches were conducted at the Gorbushka shopping center in Moscow in connection with a case involving crypto exchangers. This coincided with stricter banking compliance: major banks began requiring legal entities to confirm that their counterparties are included in the Central Bank's registry of digital currency exchange operators, which... does not yet exist. Crypto experts link this to the logic of banks self-insuring and an initiative by Rosfinmonitoring. The situation will become clearer after September 1, when the law "On Digital Currency" comes into force, while the State Duma is simultaneously considering a bill on criminal liability for the illegal circulation of cryptocurrencies with confiscation.
Institutions and legislation
Israel's largest bank announced a partnership with Galaxy Digital to launch trading in bitcoin, Ethereum, and Solana. Norway's sovereign wealth fund disclosed a stake in BitMine worth $81.9 million. However, analysts estimate the chances of the Clarity Act passing in the US at only 10% after the Senate vote was postponed to September 15.
My comment: The current week has clearly marked a dividing line. Miners are voting with their feet, moving into AI, which in the medium term could reduce selling pressure on the market, but for now it intensifies it. Regulatory pressure in Russia and uncertainty in the US create ideal conditions for high volatility. Investors should prepare for a retest of $58,500 if the $63,000 level does not hold.