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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

FTX Contagion Creates Fear Among Whales And Old Hands, On-Chain-Data Reveals

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Bitcoin whale FTX

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While the contagion effects of FTX’s collapse still cannot be fully assessed, Bitcoin whales and OGs seem to be playing it safe.

Most notably, the insolvency fate of Genesis Trading, DCG and Grayscale is hovering over the Bitcoin market like a sword of Damocles. This uncertainty is especially evident in the cohort of Bitcoin whales and long-term holders.

As Glassnode notes in its latest report, recent on-chain data suggests that “the confidence and financial position of whales and Bitcoin old hands have been shaken by the event.”

Whales, institutions and trading firms are taking a larger share of exchange deposits, according to Glassnode. The average deposit size across all major exchanges has increased significantly.

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This is a trend that has been seen in other late stages of a bear market, such as that of 2018-19. Also, a resembling trend was evident in late May after the collapse of LUNA-UST project.

Glassnode concludes from the data that a driving factor could be the financial situation of Whales (holders > 1k BTC). The average payout price of the whale cohort since the inception of Binance, on July 5, 2017, is currently $17,825.

With the spot price currently below $16,000, this is the first time since March 2020 that the whale cohort has had an unrealized loss. “In response, Whales have actually been depositing coins to exchanges, with an excess of between 5k and 7k BTC per day in net inflows over the past week,” Glassnode said.

Not Only Bitcoin Whales Show Weak Hands

However, not only whales, but also long-term holders are experiencing weak hands at the moment. Thus, spending by Bitcoin long-term holders is on the rise.

According to Glassnode, the Spent Volume Age Bands (SVAB) metric shows that just over 4% of total volume spent this week came from coins older than three months, which is the highest level in 2022.

“This relative magnitude is coincident with some of the largest in history, often seen during capitulation events and wide scale panic events”, according to the research firm.

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Bitcoin Price Trend Overwhelmingly Negative, Bears Target $13K

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At its fifth highest level historically are the BTC volume older than 6-months. As Glassnode notes, over 130,600 BTC were spent on November 17 alone. The 7-day average is now 50,100 BTC per day.

Since the collapse of FTX, a total of 254,000 BTC older than 6 months have been spent. This represents about 1.3% of the circulating supply. On a 30-day basis, this is the highest since the bull market in January 2021, when long-term investors took profits.

According to Glassnode, it remains to be seen if the current on-chain trends are short-term in nature or if a profound loss of confidence in the Bitcoin market is taking place, triggered by the Sam Bankman-Fried fraud scheme:

[A] slow-down and retrace of these metrics would signify this may be a short-term event, however with each passing day that these trends persist, it becomes increasingly plausible that a wider scale reduction in confidence is in play.

At press time, the BTC price was just hovering yesterday’s new bear market low of $15,478.

Bitcoin BTC USD_2022-11-22
Bitcoin hovering above its new bear market low, 1-hour-chart. Source: TradingView
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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