Regardless of the market downturn and the widespread detrimental 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 individuals within the bull market,” he advised Cointelegraph in an unique interview.
One other constructive development value noticing after the FTX collapse, in Clemente’s opinion, is that the typical crypto consumer is more and more turning away from exchanges and taking self-custody of their very own cash.
In accordance 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 typical on a regular basis retail individual. And so, I believe that’s very constructive,” he mentioned.
To search out out extra in regards to the silver lining within the aftermath of the FTX collapse, check out the full interview, and don’t overlook to subscribe!