Fidelity recorded an increase in the number of Bitcoin wallets with a balance of more than $1000 – ForkLog

By mid-March, the number of wallets containing more than $1,000 worth of Bitcoin rose to a record 10.6 million, an increase of 100% since 2023. This is stated in the Fidelity Digital Assets report.

“This may indicate the growing adoption of Bitcoin and its acceptance by the average person. The indicator indicates an increase in the number of small addresses accumulating and holding the asset, even as prices rise,” the study says.

The short-term prospects for the first cryptocurrency are “quite positive,” analysts say. Of the coin’s 16 metrics tracked, a quarter are considered “negative” or “neutral” and half are considered “positive.”

Fidelity also noted the continuation of a long-term trend towards a decrease in Bitcoin balances on crypto exchanges. The figure in the first quarter fell by 4.2%, to 2.3 million BTC, which is 30% below the 2020 high of 3 million BTC.

Experts emphasized that the withdrawal of an asset from trading platforms “does not necessarily indicate the popularity of self-storage.”

Among the “negative” indicators, the report highlights the unrealized profit of Bitcoin holders. According to the study, by the end of the first quarter, more than 99% of addresses were in the black:

“As the number of profitable addresses increases, a sell-off becomes more likely as traders and new investors look to lock in positions.”

Earlier, analyst and co-founder of CMCC Crest Willy Wu called the first cryptocurrency more scarce compared to gold.

Let us remind you that Glassnode conducted a retrospective of the halving in terms of price and fundamental network metrics of Bitcoin.

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