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 2022
glassno.de
This compares with only three other times:
- Apr 2020
- Nov 2020
- June-July 2022
glassno.de
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.
The failure of FTX has created a very distinct change in #Bitcoin holder behaviour across all cohorts.
The balance change has been dramatic across all cohorts since 6-November.
🦐 [< 1 $BTC] = +33.7k BTC
🦀 [1-10 $BTC] = +48.7k BTC
🦈 [10-1k $BTC] = +78.0k BTC
🐋 [>1k $BTC] = +3.6k BTC
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🦐 [< 1 $BTC] = +33.7k BTC
🦀 [1-10 $BTC] = +48.7k BTC
🦈 [10-1k $BTC] = +78.0k BTC
🐋 [>1k $BTC] = +3.6k BTC
Adv Dashboard: glassno.de
Pro Dashboard: glassno.de
![The balance change has been dramatic across all cohorts since 6-November.
🦐 [< 1 $BTC] = +33...](https://pbs.twimg.com/media/FheyJeTakAITvhA.jpg)
![The balance change has been dramatic across all cohorts since 6-November.
🦐 [< 1 $BTC] = +33...](https://pbs.twimg.com/media/FheyJfkaUAAOoGr.jpg)
![The balance change has been dramatic across all cohorts since 6-November.
🦐 [< 1 $BTC] = +33...](https://pbs.twimg.com/media/FheyJgcaYAI99yC.jpg)
![The balance change has been dramatic across all cohorts since 6-November.
🦐 [< 1 $BTC] = +33...](https://pbs.twimg.com/media/FheyJhgaAAA_mes.jpg)
#Bitcoin miners are quite clearly under stress, having distributed 7,761 $BTC in the last week (9.5% of held balance)
It is highly likely that the mining industry will remain under pressure given all-time-low hashprice.
Hash Price Chart: glassno.de
It is highly likely that the mining industry will remain under pressure given all-time-low hashprice.
Hash Price Chart: glassno.de
This week also saw one of the most dramatic one-day inflows of stablecoins across all exchanges on 10-Nov.
Over $1.04B worth of stablecoins flowed into exchanges following the collapse of FTX.
Live Chart: glassno.de
Over $1.04B worth of stablecoins flowed into exchanges following the collapse of FTX.
Live Chart: glassno.de
With stable coins flowing into exchanges on net, the total stablecoin reserve across all exchanges we track has pushed to a new ATH of $41.186B.
Of note is the growing dominance of $BUSD, as market participants move funds towards #Binance.
Live Chart: glassno.de
Of note is the growing dominance of $BUSD, as market participants move funds towards #Binance.
Live Chart: glassno.de
As a potential signal of market demand for USD liquidity, stablecoins are flowing out of #Ethereum smart contracts at the highest rate since the LUNA collapse.
Stablecoins in smart contracts are depleting at a rate of $4.63B/mth.
Live Chart: glassno.de
Stablecoins in smart contracts are depleting at a rate of $4.63B/mth.
Live Chart: glassno.de
On net, there appears to be a transition in investor holdings.
- Stablecoins are flowing into exchanges
- Trustless assets like $BTC and $ETH are flowing out
This leads to a net increase in stablecoin 'buying power' on exchanges of ~$4B/mth.
Live Chart: glassno.de
- Stablecoins are flowing into exchanges
- Trustless assets like $BTC and $ETH are flowing out
This leads to a net increase in stablecoin 'buying power' on exchanges of ~$4B/mth.
Live Chart: glassno.de
The echos of the FTX collapse will likely act to reshape the industry across many sectors, and shift the dominance, and preference for trustless vs centrally issued assets.
Summation:
- $BTC and $ETH is being withdrawn
- Stablecoins are deposited
- Miners under immense pressure
Summation:
- $BTC and $ETH is being withdrawn
- Stablecoins are deposited
- Miners under immense pressure
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