One important movers in 2025 for BTC is the power-hungry data centers in the US.
Those data centers draw bitcoin miners away. Essentially, the power is so scarce that miners’ power supply is bought out by AI data center guys.
What happens to bitcoin price (and supply & demand)?
When miners drop/quit, bitcoin networks’s hash rate drop. Hash rate positively correlates with BTC price.
Source: https://newhedge.io/bitcoin/hashrate-vs-price
Meanwhile, as AI eats power, energy prices are higher. Ceteris paribus, miners’ operating cost rises and thus they will need to sell more bitcoins into the market.