In the Crypto Assets market, the repeatability of historical patterns often attracts the attention of investors. Recently, an interesting observation has sparked thoughts on the evolution of Bitcoin cycles.

By analyzing the hash rate indicators, we can see a potential cyclical pattern forming. This pattern includes several key stages: a new cycle high, followed by a long-term mass reduction in miners (often referred to as 'miner capitulation'), a bottom touching the 350-day moving average, a short-term small-scale reduction in miners before the new high, and finally reaching a new cycle high again.

This pattern was validated in the two new highs of March and November 2024. Interestingly, after the new high in May 2025, we observed once again the phenomenon of 'mass surrender of miners after a new high'. This raises a key question: will this cyclical pattern continue to repeat?

It is noteworthy that market behavior is influenced by various factors, and a single indicator is insufficient to predict future trends. However, the emergence of this pattern does provide us with a valuable perspective that helps to understand the behavior patterns of market participants, especially miners.

As time goes on, we will continue to follow whether this pattern will persist and the potential impact it may have on the entire Crypto Assets ecosystem. In any case, this observation provides a new perspective for market analysis, emphasizing the importance of continuous learning and adapting to market changes.