Recent data points to significant changes in the Bitcoin market. The Bitcoin Cycle Indicator (IBCI) remains at the 50% level, which may signal the start of a new bullish cycle. Meanwhile, trading volumes are low, and mining costs continue to rise.
IBCI Indicator and Its Significance
The Bitcoin Cycle Indicator (IBCI) has reached a 50% level following a recent correction from its peak in early 2024. CryptoQuant analyst Gaah noted that this neutral zone often occurs between profit-taking and the onset of a new bullish phase. The stable price recovery of Bitcoin and lack of market euphoria reinforce the view that the cycle is being redefined rather than ending.
Low Trading Volumes on Exchanges
Despite Bitcoin being close to all-time highs, trading volumes on exchanges remain muted. Experts link this to increased use of spot ETFs and underwhelming altcoin performance. Currently, most transactions are driven by focused investors rather than speculative traders.
Rising Mining Costs and Their Impact
Bitcoin mining costs are rising rapidly. According to data from TheMinerMag, the average cost per mined Bitcoin has climbed from $52,000 in Q4 2024 to over $70,000 in Q2 2025—a 34% increase. This jump reflects growing network difficulty, higher energy prices, and intense competition among mining firms.
New data about the IBCI indicator, trading volumes, and mining costs indicate a complex but potentially promising period for Bitcoin. Investors are closely monitoring market developments.
