Regardless of the market downturn and the widespread damaging sentiment within the trade within the wake of the FTX collapse, on-chain information nonetheless present causes to be bullish on Bitcoin (BTC).
As identified by on-chain analyst Will Clemente, it’s sufficient to have a look at the positions of long-term holders, which 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 members within the bull market,” he advised Cointelegraph in an unique interview.
One other constructive pattern price noticing after the FTX collapse, in Clemente’s opinion, is that the common crypto person is more and more turning away from exchanges and taking self-custody of their very own cash.
In keeping with Clemente’s evaluation, that may be seen within the rising outflow of capital from exchanges to self-custody wallets and in addition within the rising quantity of provide held by entities holding between 0.1 and 1 BTC.
“By combining these two metrics, you get this image of cash coming off exchanges into these custodial wallets for the common on a regular basis retail individual. And so, I feel that’s very constructive,” he stated.
To seek out out extra concerning the silver lining within the aftermath of the FTX collapse, try the complete interview, and don’t neglect to subscribe!