The number of Bitcoin wallets with non-zero balances is approaching 60 million, according to digital asset manager Grayscale, which believes this record adoption signals the near end of BTC’s bear market despite its price dropping from over $126,000 to below $60,000. U.S. fiscal debt is nearing $40 trillion and has been doubling every decade, pushing investors toward safe-haven assets like gold and Bitcoin, whose positive correlation has returned to 2025 levels. Grayscale identifies three catalysts for the next adoption wave: demand for store of value assets, growing blockchain adoption through stablecoins, and rising demand for crypto ETFs. In the short term, BTC faces headwinds as spot market demand remains negative while only futures demand is supporting the price, making any sustainable recovery unlikely as long as both markets are not oriented upward.
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