Weekly results: miners dump BTC for AI, neural networks — hackers' new weapon, and searches at "Gorbushka"
The outgoing week was eventful: bitcoin once again tested August lows, public miners are massively converting mined coins into AI infrastructure, and neural networks have finally cemented their place in the arsenal of cybercriminals. There were also the usual events for the Russian jurisdiction — law enforcement officers paid a visit to the legendary "Gorbushka."
Bitcoin pulls back to $63,000, ether stagnates
July's optimism has faded. On August 14, the leading cryptocurrency broke below the $63,000 mark, completely erasing the gains of the previous seven-day period, which closed at $65,200. Notably, at the start of the week, analysts were giving opposite signals: CryptoQuant contributors pointed to resistance in the $67,000 and $72,000 zones, while BlackRock spoke of a shift in investor sentiment.
However, according to Glassnode, the market structure remained "compressed": the price is squeezed between the median realized price ($63,000) and the cost basis of short-term holders ($68,700). The breakout of the lower boundary, which experts had warned about, opened the path to the next target — $58,500. At the time of writing, BTC is consolidating near $63,000, having lost 3.3% over the week.
Ether fell 2.1% to $1,880. The exception to the overall negativity was the HYPE token of the Hyperliquid exchange, which gained nearly 4.7%. Outflows from spot bitcoin ETFs were the largest since early July — $398.7 million, while ether funds lost $2.2 million after an inflow of $244.9 million a week earlier. The fear and greed index froze at 34 points, and the market capitalization shrank from $2.22 trillion to $2.17 trillion.
Miners: a new economy or the end of an era?
This week it became finally clear: miners selling bitcoin is not an anti-crisis measure but a strategic pivot. Four companies announced reinvesting revenue into AI capacity. Former Bitfarms, now Keel Infrastructure, fully decommissioned its U.S. sites for data centers. Riot Platforms signed a record 20-year contract worth $9.1 billion (according to my data, with Anthropic), sold 4,300 BTC, and raised up to $573 million to build an AI campus in Texas.
The scale is impressive: MARA sold 23,093 BTC for $1.6 billion in the first half of the year, explaining it as liquidity management. Hyperscale Data added 685 BTC for $43 million to that. The reason is obvious — mining economics are degrading: fee revenues have fallen to a decade low, and the hashrate of public companies has dropped by 21.2% over three quarters. We are witnessing a tectonic shift: mining as a business is giving way to high-performance computing.
Cybersecurity: AI in the hands of both sides
The situation with the use of neural networks in cyberattacks has reached a new level. Notably, legitimate researchers such as AnchorWatch CEO Rob Hamilton faced restrictions from OpenAI in the Bitcoin Red Team cybersecurity program, while the North Korean group Kimsuky is actively using local AI systems to attack crypto companies. Taiwanese government agencies also revealed details of a hack using AI agents.
The founders of Boltz handed the project over to industry veterans after a series of attacks allegedly carried out by neural networks. Meanwhile, the July campaign against Coldcard hardware wallets has concluded: Galaxy Research estimated the damage at a minimum of 1,778.84 BTC ($112.7 million). Manufacturers are also suffering reputational losses: Trezor reported a data leak of 13,689 customers through a logistics partner, and SafePal reported the compromise of information on about 40,000 users. Of particular note is an Anthropic study that identified trust and collusion issues in multi-agent AI systems.
Russia: pressure on exchangers and bank compliance
Massive searches at the Gorbushka shopping center in a case involving crypto exchangers coincided with tighter banking controls. Large banks have begun requiring legal entities to confirm that counterparties are included in the non-existent registry of the Central Bank's exchange operators. As I note, this is the logic of banks' self-insurance, initiated by Rosfinmonitoring. The law "On Digital Currency" takes effect on September 1, and the State Duma is considering a bill on criminal liability for illegal cryptocurrency circulation. The uncertainty will not last long, but the risks for legitimate business are obvious.
Against this backdrop, institutional players continue to enter the industry: Israel's largest bank, Leumi, is launching cryptocurrency trading with Galaxy Digital, and Norway's sovereign wealth fund disclosed a stake in BitMine worth $81.9 million. However, the legislative track in the U.S. is stalling: the probability of passing the Clarity Act is estimated at only 10%.
My comment: The current correction is not panic but a structural restructuring of the market. Miners are voting with their feet in favor of AI, which creates long-term pressure on BTC but simultaneously confirms the maturity of the infrastructure. Investors should prepare for volatility near $60,000, but not write off bitcoin — institutional interest has not gone anywhere.