FTX Insolvency Old Hands Still Hodl As Bitcoin Hits Second All Time Low
The bitcoin market is gradually recovering and it seems FTX is trying to find their foot in the crypto industry as they battle with insolvency, the blockchain metrics Glassnode says that the exchange witnessed a lot of withdrawal as regards bitcoin on hearing the insolvency news. It was reported that 14,500 bitcoin left the exchange due to panic, with the information surrounding CZ acquisition of FTX.
“What we have seen is significant outflows from FTX, with the estimated balance declining by approximately 75% from 20,000 BTC to around 5,500 BTC.
Across all other exchanges, we saw inflows during the panic, however this has almost entirely reversed, leaving exchanges balances flat since Monday.”
According to their analysis they said that the outflows are from recent buyers that old hands are didn’t really react to this news/information significantly.
“If we look at the same metric over the last 24 hours, despite the price falling to $17,100, the vast majority of spent BTC was from within the current trading range.
It appears that most transactors yesterday were recent buyers.
We have not yet seen old hands react at any scale.”
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