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cooling

Bitcoin
Crypto Trends

Bitcoin HODLer Selling Cooling Off As ETF Inflows Return

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On-chain analytics firm Glassnode has revealed in a report that Bitcoin long-term holder have slowed down distribution after months of selling.

Bitcoin Long-Term Holder Net Position Change Is Now Neutral

In its latest weekly report, Glassnode has talked about how the behavior of the Bitcoin long-term holders has changed recently. The “long-term holders” (LTHs) refer to the BTC investors who have been holding onto their coins since more than 155 days ago.

Statistically, the longer a holder keeps their coins dormant on the blockchain, the less likely they become to sell them at any point. As such, the LTHs with their relatively long holding time are considered to be the diamond hands of the network.

This can make the behavior of this cohort worth keeping an eye on, as shifts in it can have consequences for the cryptocurrency as a whole, considering their standing.

There are many ways to keep track of LTH behavior, with one method being through the Net Position Change metric. This indicator measures, as its name implies, the monthly net change in the Bitcoin supply held by the LTHs as a whole.

Below is the chart for the metric shared by Glassnode that shows the trend in its value over the past year.

Looks like the value of the metric has been negative in recent months | Source: Glassnode’s The Week Onchain – Week 39, 2025

From the graph, it’s visible that the Bitcoin LTH Net Position Change was positive during the first half of 2025, but a shift occurred in July as the indicator flipped into the negative. This implies supply started exiting the cohort.

Something to keep in mind is that while selling from the group can instantly register on the chart, the same isn’t true for buying. When LTH supply rises, it doesn’t mean accumulation is happening in the present, but rather that some buying occurred 155 days ago and those coins have now been held for long enough to become a part of the group.

The LTH distribution continued through August and September, but with the start of October, the Net Position Change has returned back to a neutral value, indicating coins being sold by the group are now being balanced out by tokens maturing past the 155-day cutoff. In other words, their net profit-taking has calmed down.

As the report explains:

This cooling supply pressure suggests that the recent phase of long-term holder profit-taking may be easing, potentially leaving ETFs and new inflows as more decisive drivers of market direction.

The spot exchange-traded funds (ETFs) have also seen a shift recently, as another chart cited by Glassnode shows.

How the netflow related to the US BTC spot ETFs has changed over the last twelve months | Source: Glassnode’s The Week Onchain – Week 39, 2025

As displayed in the graph, the US Bitcoin spot ETFs switched to outflows in late September, but the netflow has once again turned green for these investment vehicles. The analytics firm notes:

Should this renewed demand align with reduced LTH selling, ETFs could provide a stabilizing force, offering a more constructive foundation for price resilience and supporting the conditions needed for a sustainable advance.

BTC Price

At the time of writing, Bitcoin is floating around $119,700, up almost 8% over the last seven days.

The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView

Featured image from Dall-E, Glassnode.com, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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An Acer Predator Helios 300 laptop sat on top of the Klim Mistral laptop cooling pad in front of a pink background.
Product Reviews

Klim Mistral review: this comfortable laptop cooling pad is almost totally lacking in chill

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We spend hours testing every product or service we review, so you can be sure you’re buying the best. Find out more about how we test.

Klim Mistral: review

The Klim Mistral is a mid-market laptop cooling pad that has proven particularly popular on online retailers such as Amazon. While it had an original list price of $86.97 / £74.97, shop around and you can pick it up for less, with even Klim selling it direct for $69.97 / £59.97. This seems a pretty decent outlay, especially given it rocks pretty hardcore 4500rpm fans. But how did it perform in practice?

First off, I was pleasantly surprised by its aesthetics. As I remarked in my Klim Wind review, I wasn’t all that enamored by the look of that cooling pad – I still stand by my assessment that it looks like a “cyber-goth butterfly”. By contrast, the Mistral is more mature-looking, dropping some of that edgy gamer styling for a cleaner silhouette and a five-color LED light strip – although the latter is cheaper-looking than some, clearly just showing 10 separate RGB LEDs.

There are also plenty of design touches that would imply it offers more professional cooling. For example, it comes with a rubber seal around its rim that will create a high-pressure area designed to force cooling air into your laptop’s fans, maximizing their effectiveness. In addition, Klim has supplied heat shields to redirect air flow should your laptop also vent from the rear as well as from beneath; our testing Acer Predator Helios 300 laptop with an Nvidia GeForce RTX 3080 GPU sits firmly in this camp, so I dutifully applied them.

When it comes to ergonomics, the Mistral offers a good range of height settings, offering six in total. The top 29-degree angle is too steep to use the keyboard comfortably, but spot-on if you’re just using the screen, while the lower 19-degree angle felt comfortable for long typing sessions. Conversely, I found the placement of the laptop rests to be a bit uncomfortable – they’re easy to adjust to the height of your laptop, but since they stick up above the lip of the wrist rest, I found they dug into my wrists. However, I find this is a problem with a majority of cooling pads.

So it’s safe to say that after experiencing this mindful design, my expectations of the cooling the Mistral would offer was quietly optimistic – or maybe even loudly optimistic, once I’d seen those two enormous 4500rpm fans built-in. Unfortunately, my hopes were dashed more thoroughly than a college student’s AI-written dissertation.

(Image credit: Future)

As always, I tested the Klim Mistral’s cooling capacity by running a 3DMark Steel Nomad stress test on our testing laptop for 15 minutes with the cooling pad on max power, measuring the device’s temperature before and after. During the test, our laptop rose from 77ºF / 25ºC to 113.9ºF / 45.5ºC, a whopping 36.9ºF / 20.5ºC – for context, we’ve only had one cooling pad perform worse, the $29.99 / £29.77 TopMate C12 Laptop Cooling Pad, which presided over a rise of 41ºF / 22.8ºC. That’s significantly below what I’d expect from a cooling pad at this price.

In fact, I was so baffled that I did something I never do: I gave the Mistral a second chance. I re-ran the test later in the day, in the event that user error had somehow contributed to this poor performance. Ensuring the laptop was sat firmly on top of the seal, I found the results were certainly different – but not in the way I’d hoped. This time, the laptop’s core temperature rose a ludicrous 54.9ºF / 30.5ºC. Given our baseline stress test for our laptop only saw it rise 57.4ºF / 31.9ºC, this would mean the cooling pad shaved off only 2.5ºF / 1.4ºC, which is negligible enough not to be worth the trouble.

Trying to give Klim the benefit of the doubt here, it does warn heavily on its website that only certain types of laptop will work properly with the Mistral. Your computer will need to be between 15 and 17 inches and feature downward ventilation – but our testing laptop did meet both these criteria. I have also seen several online user reviews mention that the design of their laptop meant there were still small gaps around the rubber seal, negating the high-pressure effect intended.

Still, even if the Mistral’s poor performance is down to the fact our laptop isn’t the perfect fit for its design, most of the other cooling pads I’ve tested have functioned regardless of the shape of our testing device. Sure, it’s perfectly possible that the Klim Mistral will send a chill through your laptop more icy and severe than your second-grade teacher – but do you really want to roll the dice on that?

(Image credit: Future)

Another thing that Klim warns about on its site is that its supposedly high-performance design can result in a lot more noise. If I’m honest, it didn’t really strike me as much of an outlier here: measuring the combined noise output of the cooling pad and our laptop 10 minutes into our test, it clocked 61dB from a few inches away and 51dB at my head height. That’s pretty much par for the course for medium to high-end cooling pads, so it wasn’t really a concern. If you’re a bit more noise-sensitive though, you may find your mileage here varies.

Ultimately, I feel like the Klim Mistral’s build and price write checks that its cooling can’t quite cash. Yes, I’ll accept that it might achieve better results if you have the exact design of laptop – but is that something you should really have to take a punt on when spending $69.97 / £59.97? Fundamentally, other options on our list of the best laptop cooling pads offer more predictable performance, whether you’re spending this kind of money or much less.

(Image credit: Future)

Should I buy the Klim Mistral?

Buy it if…

Don’t buy it if…

Klim Mistral review: also consider

(Image credit: Future)

How I tested the Klim Mistral

  • Used it over the course of several days
  • Measured the heat rise of a laptop with the pad on maximum settings
  • Recorded how much noise it made two-thirds of the way through our stress test

To put the Klim Mistral through its paces, I followed TechRadar’s standard testing procedure. Running a 3DMark Steel Nomad stress test for 15 minutes on our Acer Predator Helios 300 laptop with an Nvidia GeForce RTX 3080 GPU, I set the Mistral on its maximum cooling and measured our laptop’s temperature before and after using a thermal camera. I then compared this to the benchmarks recorded from every laptop cooling pad test we’ve run to date.

In addition, I recorded the combined noise output of the cooling pad’s and our testing laptop’s built-in fans. To do this, I used a sound level meter to measure their volume 10 minutes into the test, recording it both from a few inches away and at my head height (21 inches away). This allowed me to get a sense of both an objective volume, as well as the subjective amount of noise you’re likely to experience in use.

Finally, I made sure I used the Klim Mistral in a variety of scenarios to get a sense of its ergonomics and how comfortable it was in use. I did this by using it to play multiple games and by using it for some of my daily work, so I could build up a meaningful impression of how it works in practice. I bring plenty of experience to this table: not only have I been covering gadgets for many years, but I’m also a creative and gamer, which means I have a lot of experience of pushing my laptops to their limits.

  • First reviewed: September 2025
  • Read more about how we test



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An image of an experimental cooling solution developed by Microsoft, that uses microfluidics to get coolant directly into the processor's silicon.
Product Reviews

Microsoft is resorting to laser etching AI-designed cooling channels directly into data center chips to tame their massive heat

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Introducing microfluidic cooling: a breakthrough in chip cooling technology – YouTube

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If you think the power consumption of today’s gaming graphics cards is bad, it’s nothing compared to how energy the massive processors in AI and data systems use. All that power ends up as heat, resulting in chip cooling being a serious challenge. Microsoft reckons it has a great solution, though, and it’s all about getting water into the processors themselves.

The most complex direct-die, liquid cooling loops you’ll see in a gaming PC all involve using a chamber that mounts on top of the CPU. At no point does the coolant ever touch the chip directly. In a recently published blog, Microsoft explains how it has developed a system that does precisely that.

By etching the surface of the processor die with an intricate pattern of tiny channels, water can then be pumped directly into the silicon itself, albeit to a very shallow depth.


Related articles

The keyword to describe this is microfluidics, a technology that’s been around for many decades, and if the history of consumer tech is anything to go by, it’ll be a phrase plastered across every CPU cooler within a couple of years (though not actually do anything).

This might all just seem like Microsoft is cutting a few grooves into the chip and having water to flow through it, but it’s far more complicated than that. For a start, the channels themselves are no wider than a human hair, and they’re not just simple lines either. Microsoft employed the services of Swiss firm Corintis, which used AI to determine the best pattern for maximum heat transfer.

(Image credit: Microsoft)

The end result is a network of microchannels that genuinely look organic, though at first glance, you’d be forgiven for thinking the complex patterns were just manufacturing defects. It certainly looks super cool (pun very much intended).

Microsoft claims the tech is up to three times more effective at removing heat from a massive AI GPU than a traditional cold plate (aka waterblock), citing a 65% reduction in the maximum temperature rise of the silicon.

Since all the coolant transfer apparatus doesn’t need to be right on top of the microchannels, the system can also be applied to stacked chips, with each one etched before mounting. This way, each die within the stack is cooled individually, meaning they can operate closer to their maximum specifications than with a normal cold plate.

Take AMD’s X3D processors, for example. These all have one stacked chip underneath the heatsink: a Core Complex Die (CCD) bonded to a 3D V-Cache die. Each one acts as a thermal barrier to the other, though the CCD does generate much more heat than the cache die. If these could be both cooled via microfluidics, you’d be able to operate them both at higher clock speeds.

Of course, such complex tech isn’t cheap to develop or implement, and the likelihood of it ever appearing at the consumer level is very slim. But I wouldn’t be surprised if somebody takes an RTX 5090, rips off the heatsink, and swaps it for a homebrewed microfluidic cooler.

There again, if ramping up power consumption is the only way AMD, Intel, and Nvidia can keep improving chip performance, perhaps we might see etched processors and direct-die cooling being standard fare in our gaming PCs. After all, it wasn’t that long ago when heatpipes and vapour chambers were phrases never to be uttered by a PC component manufacturer, but now they’re in coolers of every kind.

Best CPU coolers 2025

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Bitcoin Market Structure Strengthens As Cooling Z-Score Replaces Overheating Peaks
GameFi Guides

Bitcoin Market Structure Strengthens As Cooling Z-Score Replaces Overheating Peaks

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Bitcoin is facing critical resistance as it struggles to break above the $118,000 level, even after a strong market reaction to the Federal Reserve’s recent 25 basis point interest rate cut. The decision injected optimism across financial markets, and Bitcoin responded with upward momentum, reinforcing its role as a hedge in a shifting monetary landscape. Analysts largely interpret the Fed’s move as a bullish catalyst, with many projecting Bitcoin could push toward the $125,000 mark in the coming weeks if buying pressure persists.

Top analyst Axel Adler highlighted that Bitcoin’s market structure remains supportive of a healthy continuation. According to Adler, the consolidation just below resistance reflects strength rather than weakness, as bulls defend higher lows and liquidity builds at critical levels. This behavior often precedes decisive breakouts when momentum aligns with broader macro conditions.

Still, uncertainty remains. While the Fed’s rate cut has set a constructive backdrop, the absence of a clear breakout above $118K keeps volatility elevated. Traders are closely watching whether Bitcoin can maintain its upward bias and extend its rally, or if another consolidation phase will unfold before testing higher supply zones. The coming sessions may prove decisive.

Bitcoin Z-Score Signals Cooling, Not Weakness

Axel Adler explains that the Z-Score (LTH MVRV, 365d) falling below zero has been widely misunderstood. A negative reading does not mean long-term holders (LTH) are sitting at a loss. In fact, with Bitcoin trading near $117,000 and the LTH Realized Price (RP) around $35,000, the aggregate LTH MVRV ratio stands at 3.3. Since values above 1 indicate profit, it is clear that LTH remain in solid gains. The only difference is that the current profit margin is slightly below the 1-year average, creating a signal of cooling rather than overheating.

Bitcoin Long-Term Holder MVRV Dashboard | Source: Axel Adler

This cooling effect is important because it reflects a healthier market structure. As Adler highlights, the decline in the Z-Score is consistent with fresh demand absorbing older supply, a dynamic that has supported Bitcoin’s trend since it broke above $70,000. Coins purchased at higher prices earlier in the year are now maturing into the LTH cohort, pulling the realized price upward and compressing excess profits. This prevents speculative excess from overheating the market too early.

Historically, sharp Z-Score spikes have coincided with cycle tops, as they reflected aggressive LTH distribution and selling pressure. Now, however, the pattern is changing. Peaks are more diffuse, smaller, and shorter-lived, while new demand entering the market offsets their impact. This suggests a structural evolution where Bitcoin can sustain higher prices without triggering the same overheating conditions as in prior cycles.

In other words, the current Z-Score trend is not a warning signal but rather a sign of resilience. The combination of sustained LTH profits, controlled risk levels, and ongoing new demand points to a supportive backdrop for further continuation, keeping the long-term bullish outlook intact.

Price Analysis: Resistance at $118K Still Intact

Bitcoin (BTC) is currently trading around $116,500 after testing the $117,100–$117,300 area, but it continues to face resistance below the $118K mark. The chart shows that BTC has been in an uptrend since early September, reclaiming the 50-day SMA (blue) and pushing firmly above the 100-day SMA (green), which is now acting as support. The 200-day SMA (red), trending upward, further underlines the medium-term bullish structure.

BTC holds key demand levels | Source: BTCUSDT chart on TradingView

However, the yellow horizontal line at $123,217 highlights the key resistance zone, where Bitcoin has been rejected multiple times since July. The market is consolidating just below this level, suggesting that bulls need stronger momentum to break through. A sustained move above $118K would likely pave the way toward a retest of the $123K–$124K region, and if breached, could open the path toward new all-time highs.

On the downside, initial support lies at $115,300 (200-day SMA on this timeframe), followed by the stronger zone around $113,000. Holding above these levels would preserve the bullish structure.

Featured image from Dall-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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‘People Are So Proud of This’: How River and Lake Water Is Cooling Buildings
Gaming Gear

‘People Are So Proud of This’: How River and Lake Water Is Cooling Buildings

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“In the old days, it was more like a luxury project,” says Deo de Klerk, team lead for heating and cooling solutions at the Dutch energy firm Eneco. Today, his company’s clients increasingly ask for district cooling as well as district heating systems. Eneco has 33 heating and cooling projects under construction. In Rotterdam, Netherlands, one of the company’s installations helps to cool buildings, including apartment blocks, police offices, a theater and restaurants, using water from the River Meuse.

It’s not hard to see why cooling technologies are getting more popular. A few years ago, Nayral moved out of Paris. She remembers the heat waves. “My routine during the weekend was to go to the parks,” she says. Nayral would sit there well into the evening—reading Les Misérables, no less—waiting for her apartment to cool down. Recently, she has increasingly found herself spending time in shopping malls, where air-conditioning is plentiful, in order to make it through searing hot French summers. This year, unprecedented heat waves hit France and other countries in Europe.

The city of Paris is now desperate to help its denizens find cool refuges during spells of extreme heat. A key component of Parisian climate adaptation plans is the river-supplied cooling network, the pipes for which currently cover a distance of 100 kilometers, though this is due to expand to 245 km by 2042. While around 800 buildings are served by the network today, those in charge aim to supply 3,000 buildings by that future date.

Systems such as Paris’ do not pump river water around properties. Rather, a loop of pipework brings river water into facilities where it soaks up warmth from a separate, closed loop of water that connects to buildings. That heat transfer is possible thanks to devices called heat exchangers. When cooled water in the separate loop later arrives at buildings, more heat exchangers allow it to cool down fluid in pipes that feed air-conditioning devices in individual rooms. Essentially, heat from, say, a packed conference room or tourist-filled art gallery is gradually transferred—pipe by pipe—to a river or lake.

The efficiency of Paris’ system varies throughout the year, but even at the height of summer, when the Seine is warm, the coefficient of performance (COP)—how many kilowatt-hours of cooling energy you get for every kilowatt-hour of electricity consumed by the system—does not dip much below 4. In the winter, when offices, museums, and hospitals still require some air-conditioning, the COP can be as high as 15, much higher than conventional air-conditioning systems. “It is absolutely magnificent,” boasts Nayral.

But those summer temperatures are increasingly a concern. This summer, the Seine briefly exceeded 27 degrees Celsius (81 degrees Fahrenheit), says Nayral. How can that cool anything? The answer is chiller devices, which help to provide additional cooling for the water that circulates around buildings. Instead of blowing out hot air, those devices can expel their heat into the Seine via the river loop. The opportunity to keep doing this is narrowing, though—because Fraîcheur de Paris is not allowed to return water to the Seine at temperatures above 30 degrees Celsius, for environmental reasons. At present, that means the river can accommodate only a few additional degrees of heat on the hottest days. Future, stronger heat waves could evaporate more of that overhead.



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The Best Cooling Sheets (2025): Brooklinen, Slumber Cloud, Buffy
Product Reviews

The Best Cooling Sheets (2025): Brooklinen, Slumber Cloud, Buffy

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There’s a lot of terminology thrown around in the world of cooling sheets and cooling mattresses. Temperature regulating! Airflow! Moisture wicking! Phase-change material! Most of the time, these features come back to how breathable the sheets are. Breathability means moisture can better evaporate, and “temperature-regulating” usually means the sheets are breathable enough to release the heat and moisture from your body.

What makes sheets breathable? Cotton, flax linen, and bamboo have great breathability, but not all sheets are made equally, so material alone isn’t a guarantee. Weave, as in percale’s one-over-one threads versus sateen’s three-over-one, and weight (including thread count) of the bedding comes into play. Higher thread counts are less breathable, and tighter weaves will be less breathable too. The yarn within the fabric is also important, as well as how twisted it is—a higher twist makes for a smoother, cooler feel to the fabric, while a loose twist isn’t as smooth and can trap heat.

Some companies treat sheets with something called phase-change materials, or PCMs, which are substances that absorb and release energy to either heat or cool an area. “PCMs create a microclimate,” says Karen Leonas, a professor of textile sciences at the Wilson College of Textiles at North Carolina State University. Excess body heat is absorbed by these materials and then released to the body when it’s cool.

These treatments can raise the price of cooling sheets, but they’re not super popular yet, and it’s hard to determine how well incorporated it is into the fabric. “PCMs go through thermal cyclic testing and have shown to last a long time,” Leonas says. “If this is a surface treatment, there is the possibility that some of the microcapsules will be lost due to abrasion.” Parima Ijaz, CEO of Pure Parima, agrees and says these treatments sometimes only last up to 10 washes. There are only a handful of sheets on the market that tout their use of PCMs, and our guide focuses on breathable materials and weaves rather than these treatments. It’s worth noting that PCMs will last much longer on a foam mattress, according to Leonas. If you’re still sweating at night after switching to cooling sheets, try a cooling mattress.



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