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Bitcoin Deposits, Withdrawals Reshaped After FTX Exchange Collapse

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The collapse of the FTX trade in November 2022, led by Sam Bankman-Fried, marked a turning level within the panorama of bitcoin deposits and withdrawals. This occasion brought about the value of bitcoin to fall beneath $16,000, which was the bottom level of that cycle. This collapse has left many individuals within the lurch, and belief in cryptocurrencies has reached an all-time low.

After the FTX fiasco, a spot is now being seen between bitcoin deposits and withdrawals. This alteration signifies that traders are shifting their cash away from the exchanges, this motion is because of low belief in these platforms. This was the primary time that bitcoin withdrawals outpaced deposits and the development has continued.

Regardless of being the results of unlucky occasions, this development is certainly encouraging because it signifies a cautious and acutely aware strategy by traders in direction of self-protection and well-thought-out digital asset administration.

Deposits and Withdrawals: (Source: Glassnode)
Deposits and Withdrawals: (Supply: Glassnode)

The put up Reshaping Bitcoin Deposits, Withdrawals After FTX Trade Collapse appeared first on CryptoSlate.

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