According to Michaël van de Poppe (@CryptoMichNL), BTC’s rally to $125K occurred just days before a government shutdown and was followed by a substantial market decline, yet the current drawdown remains comparable to prior bull market corrections (source: @CryptoMichNL on X, Nov 16, 2025). According to Michaël van de Poppe, approximately $60B of fresh ETF-driven liquidity helped propel a new all-time high before the halving, causing this cycle’s time-based performance to diverge from previous cycles (source: @CryptoMichNL on X, Nov 16, 2025). According to Michaël van de Poppe, the supply-demand setup is shifting as annual new supply declines to roughly 150K BTC post-halving while miners sell some coins for expenses and hold a portion, and about 60K BTC has been accumulated by Bitcoin ETFs over the past 18 months (source: @CryptoMichNL on X, Nov 16, 2025). According to Michaël van de Poppe, it is short-sighted to assume a finished 4-year cycle top purely on halving-timing models because market participants, institutional demand, and macro conditions are evolving, with Bitcoin still trading around $100K in a difficult risk-on environment (source: @CryptoMichNL on X, Nov 16, 2025). According to Michaël van de Poppe, traders should track ETF net flows, miner selling pressure, and macro risk appetite to judge whether this remains a standard bull-market correction rather than a confirmed cycle peak (source: @CryptoMichNL on X, Nov 16, 2025).

According to Ki Young Ju, Bitcoin has entered the zetahash era, indicating the network hashrate has reached the 1 ZH/s range (source: X post by Ki Young Ju dated Oct 22, 2025). The milestone was also highlighted by Documenting Bitcoin in the post referenced by Ju (source: X post by Documenting Bitcoin linked in Ju’s announcement). At zettahash levels, protocol rules imply a higher mining difficulty at the next retarget to maintain ~10-minute blocks, a dynamic traders track for miner-margin pressure (source: Bitcoin.org Developer Guide on Difficulty). For positioning, monitor the estimated difficulty adjustment countdown and miner outflows to exchanges as gauges of potential supply from mining entities (sources: Bitcoin.org Developer Guide for adjustment mechanics; CryptoQuant metrics for miner flows).

According to the source, BTC network hashrate was reported at a record 1.2T while mining difficulty fell by 2.7%, a setup that can materially shift miner economics and near-term order flow. Source: the source. A downward difficulty adjustment increases expected block production rate at a given hashrate until the next retarget, which can temporarily lift on-chain throughput and fee dynamics. Source: Bitcoin.org Developer Guide. Lower difficulty raises USD-denominated hashprice and improves miner gross margins at an unchanged BTC price, historically supportive for higher-cost operators. Source: Luxor Hashrate Index. Improved margins tend to reduce forced BTC selling from stressed miners, influencing exchange-side supply pressure and short-term liquidity. Source: Glassnode Insights. For trading confirmation and risk management, cross-check real-time hashrate and the latest difficulty epoch data rather than relying on secondary reports. Source: Blockchain.com Charts; BTC.com Difficulty. Monitor miner reserve balances and miner-to-exchange flows for potential shifts in sell pressure that can affect BTC price action and funding dynamics. Source: Glassnode Studio.