- BTC trades at $16,572.4, down 0.5% in the past 24 hours.
- Investors have been withdrawing BTC at a rate of 106,000 BTC/month.
- Glassnode reported this data and wrote that the withdrawal is due to the FTX fall.
The price of most of the coins including Bitcoin incurred a great loss due to the collapse of the FTX exchange. After the recent fall on November 8, BTC has been following a downward trajectory. As of this writing, BTC trades at $16,572.4, a 0.5% dip in the past 24 hours. The weekly trading for the coin has also plunged by more than 20%.
BTC/USDT-1-Day Trading Chart (Source: TradingView)
The 51-day EMA of BTC shows turbulence happened on November 8, which made the coin steeply fall off the cliff. The current green candle is slightly far from the EMA line and if it touches the line, another outbreak would determine a possible surge or dip.
Meanwhile, the price of BTC is expected to witness another dip, according to on-chain data provider CryptoQuant.com. Earlier today, the platform tweeted: “Despite the relative gain in US stocks, Bitcoin lost a significant support level.” In the past week, the stock market signaled a rally, but BTC behaved differently as it tumbled in value.
Significantly, the support level below which BTC moved, was the all-time high of the previous cycle and there is “no record of the coin returning below this ATH.”
Worth noting, after the collapse of the FTX exchange, Bitcoin investors have been reportedly withdrawing coins to self-custody at a remarkable rate of 106,000 BTC in a month. On-chain data provider Glassnode reported this hike in BTC exchange outflow.
Following the collapse of FTX, #Bitcoin investors have been withdrawing coins to self-custody at a historic rate of 106k $BTC/month.This compares with only three other times:– Apr 2020– Nov 2020– June-July 2022https://t.co/92aYVYU4Yt pic.twitter.com/em7CsDBWUf— glassnode (@glassnode) November 13, 2022
BTC Exchange Balance and Net Position Change (Source: Glassnode)
As evident from the above graph, Glassnode compares 106k BTC withdrawals to periods such as April 2020, November 2020, and June-July 2022. All these time frames showed a high amount of BTC exchange outflow. Moreover, BTC all exchange balance reached -72.9k.
In another related tweet, Glassnode posted that the failure of FTX has reflected a very distinct change in BTC holder behavior across all cohorts.
This has resulted in positive balance changes across all wallet cohorts, from shrimp to whales.The failure of FTX has created a very distinct change in #Bitcoin holder behaviour across all cohorts. pic.twitter.com/HBKXf6XMZN— glassnode (@glassnode) November 13, 2022
Also, the notable 106k BTC withdrawal has resulted in “positive balance changes” across all wallet cohorts, from shrimp to whales.
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