Even the SBF crisis could not shock long-term holders
Bitcoin Price News: The Sam Bankman-Fried (SBF) led collapse of FTX can be termed as the most damaging event in the history of digital assets. With the FTX contagion, several crypto lending platforms and exchanges felt the heat of it. However, a report suggests that Bitcoin long-term holders stood in solidarity amid the crash.
Are bitcoin holders strong?
According to a report by ARK Invest, despite increased volatility in the crypto market due to the FTX collapse, the supply held by Bitcoin long-term holders closed flat for the month of November. Meanwhile, net outflows from crypto exchanges hit an all-time high (ATH).
Data shows that the Bitcoin price fell by over 16% in the month of November. The Bitcoin price shrank below the investor cost base which stands at $17,860. However, the Bitcoin price closed at the $17,100 level.
As the Bitcoin price fell to a 2-year low due to FTX filing for Chapter 11 bankruptcy, Bitcoin long-term holders stood strong. The report mentions that the total long-term holder supply stabilized at 13.8 million Bitcoin. It is close to its all time high record.
Cathie Wood at SBF led breakdown?
Cathie Wood, managing director of ARK Invest, commented on this The Bitcoin blockchain didn’t skip a beat during the crisis. She added that SBF did not like Bitcoin since it is transparent and decentralized. Wood claimed that the SBF could not control it.
The report added that the Bitcoin hash rate was corrected as Bitcoin miners felt oppressed due to the significant compression in profit margins. The crucial ratio between BTC realized profit and loss reached an all time low (ATL). This marks a record capitulation.
However, Bitcoin is trading at an average price of $17,178, at press time. Bitcoin price has risen marginally by 0.18% in the last 24 hours. However, the 24-hour volume stands at $12.8 billion. While BTC’s market cap is around $330.3 billion.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.
