According to ChainCatcher, Fidelity Digital Assets revised its medium-term outlook for Bitcoin from "positive" to "neutral" after the market volatility in the first quarter. This change is mainly based on the information shown by some key indicators: Bitcoin is no longer considered to have a "low price advantage" against the backdrop of a possible gradual increase in selling pressure. In the latest Signals report released on April 22, Fidelity Digital Assets specifically cited the Bitcoin Yardstick or Hashrate Yardstick indicator to assess whether Bitcoin is undervalued. Compared with the 51% average in the first quarter, the deviation of this indicator is between negative 1 and zero, which means that "Bitcoin was not considered to be at a 'low price' during the first quarter." Fidelity further stated that the current trading price of Bitcoin reflects its "fair value", so the medium-term outlook was adjusted to neutral. Long-term holders are increasing selling pressure, and up to 99% of Bitcoin addresses are in profit, which "may further exacerbate selling behavior."