Bitcoin (BTC) performance in the current bull market reflects a maturing market and widening adoption

Bitcoin’s performance in the current bull market and a new cohort of buyers reflect a maturing market and widening adoption.

Bitcoin's performance in the current bull market and a new cohort of buyers reflect a maturing market and widening adoption, according to a recent report by Fidelity Digital Assets.

A 50% rise in hashrate and a 63% jump in Realized Cap highlight investors' confidence in Bitcoin.

At block height 892,500—marking 25% progress into the current halving epoch—Bitcoin traded between $82,500 and $85,000. This represents a 31% increase from its value on April 19, 2024, when the fourth halving reduced block rewards to 3.125 BTC.

From the halving in March 2024 until June 2024, there was a steady increase in hashrate, reaching 440 exahash per second (EH/s) from 290 EH/s. This signals strong miner commitment despite reduced rewards. Unlike previous cycles that saw a sharp rally post-halving, 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,

"This mid-epoch phase has typically coincided with new all-time highs, an event that occurred this week as BTC hit a new all-time high of $111,000."

According to Fidelity, this growth could extend into Q2 2025, potentially redefining Bitcoin's position as a credible asset class in modern portfolios.

Bitcoin's Realized Cap is a significant indicator of this evolution, which measures cumulative net capital inflows. Since the 2024 halving, the Realized Cap metric has surged 63%, climbing to $915 billion from $561 billion, underscoring the scale of capital entering the market.

This trend fits within Bitcoin's long-term trajectory, where Realized Cap has risen with each halving, indicating a maturing asset with substantial growth progression.

Key drivers behind this Bitcoin bull market

The current bull market cycle is also distinguished by record-breaking levels of institutional investor and corporate-level participation. The approval of spot Bitcoin exchange-traded funds (ETFs) in the US in January 2024 has ushered in $134 billion in inflows. Meanwhile, monthly trading volumes on platforms like Binance soared past $1 trillion in March 2024—a massive leap from just $11 billion in January 2018.

Public companies' strategic accumulation of Bitcoin, most notably Strategy, now holding 576,230 BTC, also sets a new industry blueprint. Firms like Metaplanet Inc., Bitcoin Group SE, and Semler Scientific have since followed suit, validating Bitcoin's role as a corporate treasury asset this cycle.

Thus, Gray asserts that Bitcoin's fundamentals and global recognition are “stronger than ever,” signaling a cycle of growth, institutional anchoring, and market resilience.