According to the blockchain monitoring platform Glassnode, FTX saw a significant amount of Bitcoin (BTC) leave the exchange shortly after word broke that the cryptocurrency market was experiencing liquidity issues.
According to Glassnode, about 14,500 Bitcoin were removed from the FTX exchange during the height of the panic that was prompted by information leaking out that the cryptocurrency exchange was on the verge of going bankrupt.
“As a result, the estimated balance of FTX has dropped from 20,000 BTC to roughly 5,500 BTC, a decrease of nearly 75%.”
During the panic, inflows were seen across all other exchanges; however, this trend has almost totally reversed, leaving exchange balances unchanged since Monday.
The most recent purchases are said to be to blame for the outflows, as stated by Glassnode. The company that tracks blockchain analytics claims that “old hands” did not react much when Bitcoin reached a low point in over two years.
“If we look at the same statistic throughout the course of the last twenty-four hours, in spite of the price dropping to $17,100, the great majority of BTC that was spent was from inside the current trading range.”
It would suggest that the majority of yesterday’s traders were recent purchasers. Old hands have not yet shown any sign of a reaction, on any scale.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.