Bitcoin Adoption Continues to Rise, Offline Storage Hits All-Time High

Despite the sluggish market environment, Bitcoin adoption continues to climb steadily. Crypto data analytics firm Santiment points out that the number of non-empty Bitcoin wallets has reached 58.45 million, a new all-time high, an increase of 1.69 million, or about 3%, compared to six months ago. This data indicates that even in a price downturn cycle, more and more investors are choosing to buy and hold BTC for the long term.

At the same time, Bitcoin holdings on major exchanges have fallen to their lowest level since December 2017, currently with only about 1.17 million coins remaining. This trend reflects investors moving assets from exchanges to offline storage methods such as cold wallets, reflecting a clear "buy the dip" strategy. Both individual investors and institutional funds are continuously accumulating Bitcoin, with institutions buying at a more significant pace.

It is worth noting that derivatives market data does not show large-scale leveraged speculation, and actual demand in the spot market has become the main driver of price increases. Supported by buying, the Bitcoin price has risen back above the $70,000 mark, reaching a three-week high. As of press time, BTC is priced at approximately $70,560, with a slight short-term pullback, but the overall demand fundamentals remain solid.