In its latest Bitcoin report, Fidelity Digital Assets highlighted wallets holding at least $1,000 worth of BTC. Stating that such wallets reached 10.6 million in March, breaking a historical record, the company stated that this represents a 100% increase from the 5.3 million seen in 2023 and is positive for the growth trend.

“Representative of a growing distribution of Bitcoin…”

Stating that this increase is an important milestone in terms of Bitcoin’s adaptation, Fidelity analysts said:

“This may be representative of a growing distribution of Bitcoin and its adoption among the “average” person,”

“Half of the metrics are positive”

Fidelity also wrote in its report that there are also positive indicators in the short-term perspective in Bitcoin, while in the long term, 1 in 4 of the metrics followed in the long term give either negative or neutral signs, but half of them are positive.

“The number of Bitcoins on exchanges is also falling”

The analysis also looked at the amount of Bitcoin held on cryptocurrency exchanges, which continued to decline in the first quarter of 2024. Compared to the high of almost 3 million Bitcoin held in 2020, the overall amount dropped by 4.2% to 2.3 million Bitcoin. Fidelity cautioned that a decline in exchange-held Bitcoin may not always indicate an increase in self-custody.