Fidelity, Managing $5.8 Trillion, Reports Bitcoin Supply Drop After $253 Million Purchase

Fidelity, a major asset manager with $5.8 trillion in assets, has reported a significant decline in Bitcoin supply on exchanges, attributing this trend to purchases by public companies. The firm noted that Bitcoin’s exchange supply has dropped to 2.6 million, the lowest level since November 2018. Since November 2024, more than 425,000 bitcoins have been withdrawn from exchanges, and public firms have accumulated nearly 350,000 bitcoins following the U.S. election. This trend is expected to accelerate, according to Fidelity. Additionally, Fidelity itself has recently purchased $253 million worth of Bitcoin. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant