As the dust settles following the FTX fallout, and with a few more weeks of data available, we are able to assess whether recent market weakness has shaken the confidence of Bitcoin holders. The market continues to consolidate this week, however did trade down from the early-week high of $17,036, to close at $16,248, one of the lowest closing prices of the cycle.
In this edition we will zoom into three specific topics, with the goal of assessing how much of a hit Bitcoin investor conviction has taken in the wake of the FTX collapse:
- Exchange outflows, which have continue to break historical records.
- Whales who are more than likely underwater on their position in aggregate.
- Long-term holders, whom are currently spending coins at a historically significant rate.
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