Bitcoin cannot get out of its downward trend. At this point, while there was a decline last night, some data present a positive picture for BTC.
According to a report by Fidelity Digital Assets, the number of wallets holding $1,000 or more worth of BTC has increased by 20% since the beginning of 2024.
Stating that this situation paints a positive picture for BTC, Fidelity stated that the ongoing accumulation in these small addresses reached a record level, reaching 10.6 million on March 13.
Pointing out that the number of wallets holding at least $1000 BTC in 2023 is 5.3 million, Fidelity said that the number of existing wallets has increased by 100%.
“This increase in the number of wallets holding at least $1,000 worth of BTC shows that there is a continued increase in the number of smaller addresses purchasing and holding Bitcoin despite the upward trend in prices.
As a result, this increase shows that Bitcoin is bought and adopted by more people.
“This increase, which represents an important milestone for Bitcoin, shows that people are turning to Bitcoin despite the rising prices, and this is a positive situation for BTC.”
Fidelity also noted that the amount of Bitcoin held on exchanges has decreased since its peak levels in 2020.
Stating that this trend continues in the first quarter of 2024, analysts said, “BTC balance on the exchanges decreased to approximately 2.3 million BTC.”
*This is not investment advice.