On-chain analytics platform Glassnode reported that stablecoin inflows hit an all-time high, as Bitcoin (BTC) and Ethereum (ETH) outflows from exchanges increased.
happening in the last few days FTX Cryptocurrency investors are withdrawing their assets from exchanges to cold wallets. glassnode According to the latest data announced by the stock market, the output is monthly. 106 Bitcoins according to the data when reaching the level This situation has been observed 3 more times before.
According to the data provided by the company, a Bitcoin outflow of this volume has never been before. April 2020, November 2020 and June-July 2022seen in . It should be noted that these periods, when everyone from the big investor to the smallest investor, move their Bitcoins, intersect with interesting periods that cannot be a coincidence.
These exits in April 2020 covid-19 It took place just 1 month after the fear and panic period, which was the first reaction of the pandemic. After a few months of this activity, decentralized finance (DeFi) products had entered a bull season. The date of November 2020 points to the data just before the big bull run that started in December 2020. Although these first two data point to the pre-ascension period, if June-July 2022 terra (LUNA) reveals Bitcoin withdrawals of investors who panicked after its crash.
On the other hand, after the FTX bankruptcy, the stock markets $1.04 billion worth of stablecoin inflows were observed. This means that stablecoin assets on exchanges have reached an all-time high.
Binance CEO and MicroStrategy’s Michael Saylor also expressed that people agree with this attitude. CEO CZ a in the statement “Self-preservation is a basic human right,” he said. Michael Saylor said in an interview that the self-hiding method prevents central third parties from abusing their power:
In systems without self-containment, custodians accumulate too much power and can then abuse that power. Self-retention is thus invaluable to this large middle class because it tends to create this power of checks and balances that causes them to constantly compete for transparency and virtue over all other actors in the system.