Even the SBF-Made Crisis Couldn’t Shock Bitcoin Long-Term Holders
Bitcoin Price News: The Sam Bankman-Fried (SBF), led collapse of FTX can be called the most devastating event in the history digital assets. Many crypto lending platforms and exchanges felt its heat as the FTX contagion spread. A report indicates that Bitcoin long-term holders were united in solidarity during the crash.
Are bitcoin holders strong?
According to ARK Invest’s report, despite volatility in the crypto market caused by the FTX collapse, the supply held by Bitcoin long-term holders closed flat for November. Net outflows from crypto exchanges reached a high point (ATH).
Data shows that Bitcoin prices dropped by more than 16% in November. The $17,860 investor cost basis shows that Bitcoin prices fell. Bitcoin closed at $17,100.
Bitcoin’s price fell to a 2-year low due to FTX filing for Chapter 11 bankruptcy. However, long-term holders remained strong. According to the report, the total long-term holder supply has stabilized at 13.8 Million Bitcoin. It is close to its all-time high record.
Cathie Wood: SBF led crackdown
Cathie Wood (CEO of ARK Invest) commented that the Bitcoin blockchain didn’t skip a beat in the crisis. She said that SBF didn’t like Bitcoin because it was transparent and decentralized. Wood claimed that SBF could not control it.
The report also stated that the Bitcoin hashrate was corrected due to Bitcoin miners feeling suppressed by the significant reduction in profit margins. The critical ratio between BTC realized profits & losses reached an all-time low (ATL). This is a record-breaking capitulation.
Bitcoin trades at an average price $17,178 at press time. The Bitcoin price has risen marginally by 0.18% in the past 24 hours. Its 24 hour volume is $12.8 billion. The BTC market cap is around $330.3 billion.
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