How bad is the existing state of crypto? On-chain expert discusses
In spite of the marketplace recession and the extensive unfavorable belief in the market in the wake of the FTX collapse, on-chain information still reveal factors to be bullish on Bitcoin (BTC).
As mentioned by on-chain expert Will Clemente, it suffices to take a look at the positions of long-lasting holders, which reached an all-time high regardless of their success being at an all-time low.
” Long-lasting holders purchase greatly into the bearishness. They set the flooring, […] and after that those long-lasting holders disperse their holdings to brand-new market individuals in the booming market,” he informed Cointelegraph in a special interview.
Another favorable pattern worth observing after the FTX collapse, in Clemente’s viewpoint, is that the typical crypto user is significantly turning away from exchanges and taking self-custody of their own coins.
According to Clemente’s analysis, that can be seen in the increasing outflow of capital from exchanges to self-custody wallets and likewise in the increasing quantity of supply held by entities holding in between 0.1 and 1 BTC.
” By integrating those 2 metrics, you get this image of coins coming off exchanges into these custodial wallets for the typical daily retail individual. Therefore, I believe that’s extremely favorable,” he stated.
To discover more about the silver lining in the after-effects of the FTX collapse, take a look at the complete interview, and do not forget to subscribe!
