, the cascading impact of the FTX collapse caused the global cryptocurrency market cap to fall below $900 billion for the first time since January 2021.
While BTC HODLers have remained resilient in spite of the market downturn, FTX’s collapse tested their faith. This was because many long-term holders sought safety for their investments in the last week., considered a few metrics to assess whether “there has been a discernible loss of conviction” among BTC holders as the FTX debacle unraveled.Glassnode considered BTC’s Long-Term Holder supply metric and found that the category of BTC that was least likely to be spent declined since 6 November.
While this was an unusual move as it represented a +0.83 sigma move on a four-year basis, Glassnode noted that it was not “yet of historical magnitude.” It was, however, to be kept a watch on for as a consistent increment. This was because a rise in the number of BTC holders spending BTC older than one year would mean a loss of holder conviction.Furthermore, Glassnode found that the average age per BTC spent also climbed to over 90-days in the last week.
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Source: CryptoAmb - 🏆 22. / 68 Read more »