The smear of the FTX meltdown has affected a good number of assets and organizations. The value of the foremost and most popular cryptocurrency, Bitcoin (BTC), suffered a drop below $17,000. In the report published by CoinMarketCap, the rippling effect of FTX's bankruptcy has thrown the cryptocurrency market into frenzy, which has forced the market cap to drop suddenly below $900 billion for the first time since January 2021.
Glassnode, an on-chain analytics institution, looked into the analysis in a recent review with the intention of evaluating whether there has been an obvious loss of conviction amongst holders of BTC after the FTX's crash splashed into the market.
Read: BTC Sell Volume Currently Higher Than That of COVID Sell-off
FTX Drama Has Influenced BTC HODLer Conviction: Glassnode
Glassnode's report examined BTC's long-term holder supply metric and discovered that the group of BTC that had been influenced and affected the least by the drastic drop since November 6th of this year.In addition, the report stated that roughly 48,100 BTC were squandered in the last seven days.
Long-term holder supply (7-day change) (Source: Glassnode)
Thus, regardless of the palpable drop in the price of BTC, Glassnode emphasized that it was not enough solid ground to assume that there is a massive loss of conviction in BTC. The firm explained that the persistence of BTC being spent and used to make some transactions in the last couple of days suggests otherwise.
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Last week, a new metric entered the air that signaled BTC's revived supply. Glassnode claims that 97,450 BTC that were older than one year were spent and very likely spilled into liquid circulation in the past one week. Finally, Glassnode also discovered last week that the average age of BTC spent also increased in the past 90 days. According to the report, the index was higher than what was recorded in October and September.
