Stealth Bitcoin Bull Run Ahead: Fidelity Says Do Not Blink
Fidelity Digital Assets highlights Bitcoin's 63% increase since its 2024 halving, with 27% of the halving epoch completed. Senior analyst Daniel Gray notes that while past cycles saw rapid price increases, the current market reflects maturation, deeper adoption, and network resilience. Bitcoin's market dominance has reached 72.4%, an eight-year high, as competitors like Ether and Solana lose ground. On-chain metrics show a rising hash rate, indicating continued investment in mining despite a significant drop in hash price. Bitcoin achieved an intraday high of $109,486 on May 21 and surpassed $111,000 shortly after. Demand from US spot ETFs contributed to substantial net subscriptions, and futures open interest hit a record $80 billion. Gray advises focusing on structural metrics rather than short-term returns, suggesting Bitcoin's fundamentals are stronger than ever, potentially redefining its role in investment portfolios. At press time, Bitcoin traded at $109,563.
