FTX Crash: Sam Bankman-Fried’s FTX triggered collapse has left the digital asset market red. Bitcoin (BTC) and Ethereum (ETH) prices have suffered a decline of over 15% due to the fall of the FTX. However, experts have found out that crypto whales are accumulating BTC amid this crash.
FTX crash helping whales to add more
According to Dan Lim, an analyst at CryptoQuant stated that after the FTX crash, the exchange reserve of Bitcoin has dropped significantly. He highlighted that it has been due to anxiety about exchange debacles. The current global economic situation has also worsened.
Due to recent conditions, most traders and investors are predicting a market decline in the short-term as well as the mid term.
The FTX triggered collapse went to vanish more than $100 billion from the crypto market. The total market capitalization now stands at $847 billion.
As per the data, the whales have been buying Bitcoin amid the market crisis. He hinted that whales accumulating Bitcoin for a lo
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