Even as Bitcoin prices face pressure, mining operations are telling a different story. There's persistent strong demand for mining capacity right now, suggesting the market is pricing in a bullish outlook beyond current price weakness. This divergence is telling—miners aren't pulling back, and the capital flowing into mining infrastructure signals real conviction about Bitcoin's trajectory into the next cycle. When hardware demand stays robust in a soft price environment, it typically indicates institutional players and serious operators see value down the road. That kind of underlying strength, independent of short-term price action, tends to fuel positive momentum heading into next year.