Strategic pivot by miners and AI attacks: key events of the week in the crypto market
The past week was rich in events that will determine the direction of the industry's development for months to come. From a massive sell-off of bitcoin by public miners to the active use of neural networks in cyberattacks, the market is undergoing tectonic shifts.
Bitcoin pulled back to August lows
July's optimism faded: on August 14, the first cryptocurrency broke through the $63,000 level, returning to early-month values. At the time of writing this analysis, the asset is trading near this mark, showing a decline of 3.3% over seven days. Notably, at the start of the week, CryptoQuant analysts pointed to resistance in the $67,000 and $72,000 zones, while BlackRock spoke of a shift in investor sentiment. However, reality turned out to be more mundane: the market "squeezed" between the median realized price of $63,000 and the cost basis of short-term holders at $68,700, as Glassnode correctly noted. A break below the lower boundary opens a direct path to $58,500.
Ether also failed to hold, losing 2.1% and dropping to $1,880. The only exception among top cryptocurrencies was Hyperliquid's HYPE token, which gained nearly 4.7%. Investors are voting with their feet: spot bitcoin ETFs recorded their largest weekly outflow since early July at $398.7 million, while ether funds lost $2.2 million. The fear and greed index froze at 34, remaining in the "fear" zone. The total market capitalization fell from $2.22 trillion to $2.17 trillion.
Miners: a new survival strategy
A real tectonic shift occurred in the mining segment. Selling bitcoin is no longer an anti-crisis measure—it is a deliberate strategy of transitioning to AI infrastructure. Over the week, four companies immediately directed the proceeds toward building data centers for artificial intelligence. Former Bitfarms, now Keel Infrastructure, completely decommissioned all mining capacity in the United States. Riot Platforms went through the entire cycle in a few days: signed a 20-year contract worth $9.1 billion with Anthropic, sold 4,300 BTC, and raised up to $573 million to build an AI campus in Texas. MARA sold 23,093 BTC over six months for approximately $1.6 billion. This is explained by economics: miners' revenue from fees fell to a ten-year low, and the hashrate of public companies dropped by 21.2% over three quarters.
AI at the service of attackers
Neural networks have become a working tool on both sides of the barricades. Notably, while AnchorWatch CEO Rob Hamilton lost access to OpenAI for checking bitcoin infrastructure, attack groups continue to actively use local AI systems. South Korean analysts linked the Kimsuky group to the use of AI for attacks on crypto companies, while Taiwan revealed details of a hack on government institutions using AI agents. The Boltz project was handed over to "bitcoin veterans" after a series of attacks, presumably carried out using neural networks. The July campaign against Coldcard ended with damages of at least 1,778.84 BTC ($112.7 million).
Regulatory pressure in Russia
Moscow security forces conducted mass searches at "Gorbushka" in a case involving crypto exchangers, coinciding with stricter banking compliance. Major banks began requesting explanations from corporate clients regarding USDT transactions, demanding confirmation that the counterparty is included in a non-existent Central Bank registry. This is the logic of banks' self-insurance, not a direct instruction from the regulator. The law "On Digital Currency and Digital Rights" comes into force on September 1, and the State Duma is considering a bill on criminal liability for illegal cryptocurrency circulation.
My verdict: the miners' pivot to AI is not panic but a pragmatic calculation. However, the massive sell-off of reserves creates additional downward pressure on the price in the medium term. Investors should closely monitor the $58,500–$63,000 levels, where the fate of the nearest trend is currently being decided.