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Source: Сointеlеgrаph

Despite the market downturn and widespread industry backlash following the FTX crash, on-chain data still shows reason to be optimistic about bitcoin.

As network analyst Will Clemente pointed out, just look at the positions of long-term bitcoin holders: they have reached an all-time high, despite the fact that their profitability was at an all-time low.

“Long-term holders are actively buying in a bear market. They set the floor[…] and then those long-term holders distribute their holdings to new entrants in a bull market,” he told in an exclusive interview.

Another positive trend to look out for in the aftermath of the FTX crash, according to Clemente, is that average cryptocurrency users are increasingly abandoning exchanges and taking custody of their own coins.

According to Clemente’s analysis, this manifests itself in an increase in the outflow of capital from exchanges to self-custody wallets, as well as an increase in the amount of supply held by individuals holding between 0.1 and 1 bitcoin.

“By combining these two metrics, you get a picture of the coins flowing from exchanges into these custodial wallets for the average everyday retail person. And so I think it’s very positive,” he said.

To learn more about the positives after the FTX crash, check out the full interview and don’t forget to subscribe!

Source: Сointеlеgrаph

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