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, more measured growth.
The Puell Multiple—an indicator of miner revenue relative to Bitcoin’s price—has stabilized, suggesting that the market is adjusting to lower issuance without significant volatility. The report explains,