Bitcoin Price News: Sam Bankman-Fried (SBF) led collapse of the FTX can be termed as the most damaging event in the history of Digital assets. With the FTX contagion spread, several crypto lending platforms and exchanges felt the heat of it. However, a report suggests that Bitcoin long term holders stood in solidarity amid the crash.
Are bitcoin holders strong?
As per a report by ARK Invest, despite increased volatility in the crypto market due FTX collapse the supply held by Bitcoin long term holders closed flat for the month of November. Meanwhile, net outflows from the crypto exchanges touched a time high (ATH).
Data depicts that Bitcoin price dropped by over 16% in the month of November. Bitcoin price shrunk under the investor cost basis which stands at $17,860. However, Bitcoin price closed at the $17,100 level.
As Bitcoin price dropped to a 2 year low due to FTX filing for Chapter 11 bankruptcy Bitcoin long term holders stood strong. The report mentions that the total long term h
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