Key takeaways:
Bitcoin’s performance in the current bull market and a new cohort of buyers reflect a maturing market and widening adoption.
A 50% rise in hashrate and a 63% jump in Realized Cap highlight investors’ confidence in Bitcoin.
A recent report from Fidelity Digital Assets explored how the current Bitcoin market cycle reflects a shift toward a maturing market where the rate of adoption deepens and expands.
At block height 892,500—marking 25% progress into the current halving epoch—Bitcoin traded between $82,500 and $85,000, representing a 31% increase from its value on April 19, 2024, when the fourth halving reduced block rewards to 3.125 BTC.
Bitcoin: halving cycles compared. Source: Fidelity Digital Assets
Fidelity’s senior research analyst Daniel Gray emphasized Bitcoin’s network resilience, noting a 50% surge in hashrate since the halving. This increase signals strong miner commitment despite reduced rewards. Unlike previous cycles marked by post-halving rallies, the 2024–2025 phase has been characterized by steadier,