Regardless of the market downturn and also the prevalent negative sentiment in the market within the wake from the FTX collapse, on-chain data still show good reasons to be bullish on Bitcoin (BTC).
As pointed out above by on-chain analyst Will Clemente, it’s enough to check out the positions of lengthy-term holders, which arrived at an exciting-time high despite their profitability staying at an exciting-time low.
“Long-term holders buy heavily in to the bear market. They set the ground, […] after which individuals lengthy-term holders distribute their holdings to new market participants within the bull market,” he told Cointelegraph within an exclusive interview.
Another positive trend worth realizing following the FTX collapse, in Clemente’s opinion, would be that the average crypto user is more and more avoiding exchanges and taking self-child custody that belongs to them coins.
Based on Clemente’s analysis, that are visible in the growing output of capital from exchanges to self-child custody wallets and in the growing quantity of supply held by entities holding between .1 and 1 BTC.
“By mixing individuals two metrics, you receive this picture of coins coming off exchanges in to these custodial wallets for that average everyday retail person. And thus, I believe that’s very positive,” he stated.
For more information concerning the silver lining as a direct consequence from the FTX collapse, browse the full interview, out on another forget a subscription!