A Wave of Bullish Signals
Mining Economics, Trends and Insights
As the biggest Bitcoin event of the year—Bitcoin 2025 in Las Vegas—is happening, the market is buzzing with momentum. New all-time highs, record-breaking hashrate, corporate buying, and strong ETF inflows are fuelling optimism. Hashprice is rebounding, and transaction fees are on the rise. Across the board, the Bitcoin ecosystem is showing clear signs of resilience and renewed acceleration.
Bitcoin Enjoying All-Time High Briefly
#5 Asset by Market Cap
Continued Inflows and Record AUM Bitcoin ETFs
2025 Hashrate Growth Mirrors Previous Two Years
Rising Transaction Fees Indicate Uptick in Market Activity
Hashprice Rebounds
Premium Members Only:
The Financialization of Bitcoin Mining
Pow.re Acquisition of Block Green
Hashrate as a Commodity
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Bitcoin Enjoying All-Time High Briefly
On May 21, Bitcoin surged past its previous all-time high of approximately $109,500, originally set on January 20. The rally topped out just above $112,000 before experiencing a pullback, dipping slightly below the earlier peak. This movement came amid a broader risk-off response to renewed tensions in the US trade war—this time targeting the European Union. Markets reacted swiftly, with Bitcoin and other risk assets posting daily losses of up to 4% following comments from U.S. President Donald Trump regarding new tariffs on the EU. BTC is currently around $110,000 and seems on its way to make another attempt to break the highs.
#5 Asset by Market Cap
At the end of Q1 2025, Bitcoin ranked 9th among the world’s top ten assets by market cap, at $1.6 trillion. A recent surge in price propelled Bitcoin past silver and corporate giants like Google and Amazon, reaching 5th place with a market cap of over $2.2 trillion.
Continued Inflows and Record AUM Bitcoin ETFs
A major catalyst behind Bitcoin’s recent surge has been the robust net inflows into spot Bitcoin ETFs. Spot Bitcoin ETFs now manage a record-setting $133.34 billion in assets under management (AUM), surpassing the prior high of $125.67 billion recorded in January 2025.
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2025 Hashrate Growth Mirrors Previous Two Years
Following a sharp decline at the end of April, the network hashrate saw a strong V-shaped recovery, surging to a new all-time high of 935 EH/s by May 7, a jump of 118 EH/s in just two weeks. Since then, hashrate growth has cooled slightly, but is is moving towards the highs again, with the current level at 905 EH/s.
Comparing hashrate growth to previous years, 2025 appears to be on track for a pace similar to 2023 or 2024. In 2023, the average monthly growth rate was 20.8 EH/s, while in 2024 it was 24.3 EH/s. For 2025, the monthly average growth rate is 25.6 EH/s when using the all-time high as a reference point, or 19.6 EH/s when using the current hashrate level.
Rising Transaction Fees Indicate Uptick in Market Activity
Following a slow start to the year, Bitcoin transaction fees saw a sharp increase in the latter half of May, an early indicator that market engagement is picking up. As competition for block space intensifies, users begin offering higher fees to ensure their transactions are confirmed quickly. Elevated fees are a strong signal of a more active and competitive network and often align with growing optimism and momentum across the broader market.
Hashprice Rebounds
Hashprice rose alongside the recent price surge, reaching nearly $60/PH/day on May 21. Like Bitcoin's price, it has since cooled slightly. However, the downward trend that began in mid-December 2024 and pushed hashprice as low as $40/PH/day has clearly reversed. Miners are now hoping to see hashprice remain above $60/PH/day for a sustained period. The upcoming difficulty adjustment, estimated at around 3% and projected for May 31, could pose a slight hurdle.
The following content is exclusively for our Premium Members:
The Financialization of Bitcoin Mining
Pow.re Acquisition of Block Green
Hashrate as a Commodity
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MARA Deploys 500 BTC for Yield Strategy with Two Prime
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