The FTX disaster spurred Bitcoin‘s community to do as they preach and move their coins off of exchanges.
The bankruptcy of major cryptocurrency exchange FTX may have left over one million creditors and a never-before-seen level of distrust in crypto service providers. This resulted in a mass migration of funds off those platforms and an inflow of new users to decentralized alternatives such as decentralized exchanges (DEXs).
Data provided by on-chain analysis service Glassnode also reveals that the seven day moving average of the number of addresses receiving Bitcoin from cryptocurrency exchanges reached a four-year high of 3,775 BTC — equivalent to over $64 as of press time.
Other than a sign of growing distrust towards crypto exchanges, the increase in outflows is also likely to be a sign of Bitcoin accumulation picking up after Bitcoin lost a significant portion of its value in following the fall of FTX. Glassnode data also shows that today the seven day average of the number of Bitcoin addresses in loss also reached a new all-time high earlier today.