Record High Mining Difficulty, Quiet Google Trends – Is This a ‘Mature’ Bitcoin Bull Market?

Bitcoin (BTC) has been consistently setting new all-time highs (ATH) in recent times. Along with this growth, Bitcoin mining difficulty has also reached record levels, indicating that the network is growing.

Taken together, BTC's ATH, increased mining difficulty, and the actions of long-term holders (LTH) paint a positive picture, although risks are still present.

ATH Price, ATH Mining Difficulty

According to Blockchain.com, Bitcoin mining difficulty has increased by 7.96% to reach 126.27 terabytes (T), while the network's average hashrate for the week was 908.82 EH/s. This is a sign of increased computing power among miners, especially considering that Bitcoin's price recently reached $122,000.

If this trend continues, it could lead to a decrease in miners' efficiency, especially given the disappointing mining results in June.

Bitcoin Network Difficulty. Source: Blockchain

However, an important expected change will be the next Bitcoin mining difficulty adjustment, which is projected to decrease by 6.69% on July 27, 2025. This could be a positive sign for miners, optimizing their operational efficiency.

Additionally, the Glassnode chart posted by NekoZ on X provides deep insight into the behavior of long-term holders (LTH). Their realized profits have risen to $108,400, with a return rate of 357% in July 2025. Their average underlying value remains significantly lower than the current price.

Long-Term Holders (LTH) Behavior Source: NekoZ

This indicates that most LTHs are not planning to sell off their assets even if BTC peaks. From 2022 to the present, the chart shows that high-gain phases (e.g. 296% in mid-2024) are often followed by steady price increases. This supports the view that the current market has not yet reached saturation.

However, Google's low interest in Bitcoin, which remains muted and has not shown significant improvement over previous bull markets, raises questions. It may indicate the maturity of investors who are moving away from the fear of missing out (FOMO) to long-term strategies rather than short-term speculation.

Overall, the synergy between Bitcoin's ATH, high mining difficulty, and LTH holders' behavior creates an encouraging, yet risky outlook. With global liquidity increasing (as M2 in the US, China, and Europe also reached ATH), Bitcoin has significant short-term potential.

Global Liquidity. Source: Rekt Fencer

However, investors should closely monitor key metrics such as hashrate, Bitcoin mining difficulty adjustments, and market sentiment to minimize the risks associated with a possible price correction.

Source: cryptonews.net