Regardless of the market downturn and widespread destructive sentiment within the trade following the FTX collapse, on-chain information nonetheless reveals causes to be bullish on Bitcoin (BTC).

As on-chain analyst Will Clemente identified, it’s sufficient to take a look at the positions of long-term holders that hit an all-time high although their profitability was at an all-time low.

“Lengthy-term holders are shopping for closely into the bear market. they lay the bottom […] after which these long-term holders distribute their holdings to new entrants within the bull market,” he instructed Cointelegraph in an unique interview.

One other optimistic pattern to notice following the FTX collapse, in response to Clemente, is that the common crypto consumer is more and more turning away from exchanges and into self-custodial of their very own cash.

In accordance with Clemente’s evaluation, that is evidenced by the growing outflow of capital from exchanges to self-custody wallets and in addition by the growing quantity of affords held by firms holding between 0.1 and 1 BTC.

“By combining these two metrics you get this image of cash coming from exchanges into these depository wallets for the common retail individual. I believe that is very optimistic,” he mentioned.

For extra on the silver lining after the FTX collapse, watch the total interview and remember to subscribe!