Bitcoin adoption metrics have surged despite escalating global conflict, with the asset drawing investors as a potential safe haven. On-chain analytics reveal the number of non-empty Bitcoin wallets has reached a new all-time high of 58.45 million, while the amount of BTC held on known exchanges has fallen to its lowest level since December 2017. The crypto fear and greed index has improved alongside Bitcoin’s price moving past $70,000.
Data from Santiment indicates a significant shift in Bitcoin holdings, with the network reaching a new high of 58.45 million separate non-empty wallets. *”Bitcoin has now seen its network climb to a new all-time high of 58.45M separate non-empty wallets. Additionally, the amount of $BTC on known exchange wallets has fallen to the lowest level since December, 2017. Adoption is still rising, as is offline storage,”* the firm stated. This movement from exchanges to private wallets suggests increased investor custody during market uncertainty.
According to Crypto Patel, Bitcoin’s adoption and price rise are reflected in corporate performance. Patel pointed to the success of Japan’s Metaplanet, a firm whose stock surged 4000% after adopting a Bitcoin strategy. The analyst also shared a technical forecast suggesting Bitcoin could target levels between $89,300 and $98,000, with a bullish scenario projecting longer-term targets at $158,000 and above.
The crypto fear and greed index has seen modest improvement, currently steady at 22, as Bitcoin’s price trades above $70,000. This level remains in “fear” territory but indicates a positive trend. Investor focus on Bitcoin has intensified recently, attributed in part to its perceived role as a unique safe haven amid geopolitical tensions.
