Following the latest #Bitcoin difficulty adjustment, the estimated number of hashes required to mine a block has reached an ATH of 209 zettahashes (10^21).
Thus, the difficulty to mine a block continues to increase as more hashpower is deployed to the network.
With the strong opening to 2023, the aggregate market has confidently transitioned out of a regime of unrealized loss, towards one of unrealized profit, shown by the sharp divergence between supply held in profit vs loss. As this takes place, the incentive to take profits grows.