Important takeouts:
Bitcoin’s performance in the current bull market and a new cohort of buyers reflects the growing mature market and adoption.
A 50% increase in hashrate and a 63% jump in cap realized highlights investors’ trust in Bitcoin.
A recent report from Fidelity Digital Assets examined how the current Bitcoin market cycle reflects a shift towards mature markets with deeper adoption rates and growing.
With block height of 892,500 (a 25% advance to the current half epoch), Vitocoin traded between $82,500 and $85,000, representing a 31% increase on April 19, 2024, with the fourth half reducing block rewards to 3.125 BTC.
Senior Fidelity research analyst Daniel Gray highlighted the resilience of Bitcoin’s network, noting a 50% surge in hashrates since half. This increase shows the commitment of a strong miner despite reduced rewards. Unlike previous cycles characterized by post-harving gatherings, the 2024-2025 stage is characterized by more stable, more measured growth.
The Puer multiple, an indicator of miners’ revenues compared to Bitcoin prices, is stable, suggesting that the market is being adjusted to reduce issuance without significant volatility. The report explains,
“The more muted returns of Bitcoin may reflect a market that is digesting some exogenous tailwinds and headwinds.
Historically, this mid-epoch phase has coincided with the new all-time high, an event that took place this week. Fidelity noted that this growth could expand in the second quarter of 2025 and redefine Bitcoin’s position as a reliable asset class in modern portfolios.
The Bitcoin realization cap is a key indicator of this evolution, measuring cumulative net capital inflows. Since half of 2024, the cap metrics realized have skyrocketed 63%, rising from $561 billion to $915 billion, highlighting the size of capital entering the market.
This trend fits into Bitcoin’s long-term trajectory. There, the realized cap has risen in half, indicating mature assets with substantial growth progression.
The main drivers behind this Bitcoin Bull Market
The current bull market cycle is also distinguished by record levels of institutional and corporate level participation. The approval of the Spot Bitcoin Exchange-Traded Funds (ETF) in the US in January 2024 saw an increase in inflows of $134 billion, but monthly trading volumes on platforms such as Binance skyrocketed in March 2024, exceeding $1 trillion.
The strategic accumulation of Bitcoin in public companies, the most notable strategy, currently holding 576,230 BTC, setting a new industry blueprint. Companies such as Metaplanet Inc., Bitcoin Group SE and Semler Scientific have since examined the role of Bitcoin as a corporate financial asset in this cycle.
Thus, Gray argues that Bitcoin’s fundamentals and global perception is “more than ever”, indicating a cycle of growth, institutional anchors and market resilience.
Related: Bitcoin’s new all-time best trader is overheating BTC prices of 111k?
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
