# Bitcoin: Network Health Check 

_Re-underwriting the thesis + assessing new risks_

March 11, 2026 • Michael Nadeau

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# Bitcoin: Network Health Check

## Re-underwriting the thesis + assessing new risks

Michael Nadeau
 March 11, 2026

 Hello readers,

 Today’s report is for Pro members. If you’re on the free plan, you can unlock the report [here](https://thedefireport.io/friends?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=bitcoin-network-health-check) and receive one month on us.

 Back to business.

 As you know, the crypto markets are extremely volatile, cyclical, and reflexive. We view this as a *feature*, not a bug.

 Why?

 The volatility creates compelling risk/reward opportunities. And the cyclicality allows us to re-underwrite our thesis roughly every four years.

 In this week’s report, we do just that while sharing some key high-level “health” metrics across the network.

 Topics covered:

- [Miners & Network Security](#miners-network-security)

- [Network Usage & Holder Base](#network-usage-holder-base)

- [Institutional Adoption](#institutional-adoption)

- [BTC vs Gold and Nasdaq](#btc-vs-gold-nasdaq)

- [Quantum Risk](#risks)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

*The DeFi Report is powered by **[Galaxy](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=bitcoin-network-health-check)**: helping the world invest, build, and transform — relentlessly. *

[](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=bitcoin-network-health-check)Galaxy is a global leader in digital assets and data center infrastructure, delivering institutional solutions across trading, asset management, staking, custody, and tokenization. Alongside financial services, Galaxy builds AI- and HPC-ready data centers, including 1.6 GW of approved power at its Helios campus, built for scale through every cycle.

 Let’s go.

# Miners & Network Security

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-  • Macro + onchain data "cycle awareness" updates
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-  • Clear thesis & supporting analysis for any portfolio changes