Skip to content Skip to sidebar Skip to footer


Despite the market slowdown and widespread negative sentiment in the industry following FTX’s collapse, on-chain data still shows reason for optimism on Bitcoin.

As on-chain analyst Will Clemente has pointed out, just look at long-term holders’ Bitcoin positions: they’ve hit an all-time high despite bottoming out in profitability.

“Long-term holders are buying heavily in the bear market. They laid the ground[…] then those long-term holders distribute their holdings to new market participants in the bull market,” he told Cointelegraph in an exclusive interview.

Another positive trend to note after the collapse of FTX, according to Clemente, is that average crypto users are increasingly turning away from exchanges and taking custody of their own coins.

According to Clemente’s analysis, this translates into increased outflow of capital from exchanges to self-custodial wallets and also an increasing amount of supply held by entities holding between 0.1 and 1 Bitcoin.

“Combining these two metrics, you get this picture of coins coming from exchanges in these custodial wallets for the average retailer. And so I think that’s very positive,” he said.

For more on the silver lining in the wake of FTX’s collapse, check out the full interview and don’t forget to subscribe!



Source link

Leave a comment