A recent report from Fidelity Digital Assets explored how the current $BTC 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—$BTC 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 .

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.