Bitcoin’s bull market will ‘redefine’ BTC’s role in modern portfolios — Fidelity research
A report from Fidelity Digital Assets indicates a maturing Bitcoin market cycle with deepening adoption. At block height 892,500, Bitcoin traded between $82,500 and $85,000, reflecting a 31% increase since April 19, 2024, following the fourth halving that reduced block rewards to 3.125 BTC. A 50% surge in hashrate post-halving shows strong miner commitment despite lower rewards. The Puell Multiple has stabilized, indicating market adjustment to reduced issuance without significant volatility. Historically, mid-epoch phases have led to new all-time highs, which occurred recently. Bitcoin's Realized Cap rose 63% to $915 billion since the halving, highlighting substantial capital inflows. Institutional participation has reached record levels, with $134 billion in inflows from spot Bitcoin ETFs approved in January 2024. Monthly trading volumes on Binance exceeded $1 trillion in March 2024. Companies like Strategy have accumulated significant Bitcoin holdings, reinforcing its status as a corporate treasury asset. Bitcoin's fundamentals and global recognition are reportedly stronger than ever.
