Regardless of the market downturn and the widespread unfavorable sentiment within the business within the wake of the FTX collapse, on-chain knowledge nonetheless present causes to be bullish on Bitcoin.
As identified by on-chain analyst Will Clemente, it’s sufficient to have a look at the long-term holders’s Bitcoin positions: they reached an all-time excessive regardless of their profitability being at an all-time low.
“Lengthy-term holders purchase closely into the bear market. They set the ground[…] after which these long-term holders distribute their holdings to new market contributors within the bull market”, he advised Cointelegraph in an unique interview.
One other optimistic development price noticing after the FTX collapse, in Clemente’s opinion, is that the typical crypto customers are more and more turning away from exchanges and taking self-custody of their very own cash.
In response to Clemente’s evaluation, that’s proven by the growing outflow of capital from exchanges to self-custody wallets and in addition by an growing quantity of provide held by entities holding between 0.1 and 1 Bitcoin.
“By combining these two metrics, you get this image of cash coming off exchanges into these custodial wallets for the typical on a regular basis retail particular person. And so I believe that is very optimistic”, he stated.
To search out out extra in regards to the silver lining within the aftermath of the FTX collapse, take a look at the total interview and don’t overlook to subscribe!