Bitcoin Exits Exchange After FTX Collapse, Dealing With Record Loss

The FTX disaster prompted the Bitcoin community to heed the sermon and remove the coin from exchanges. The bankruptcy of his FTX, a major cryptocurrency exchange, may have left creditors behind and subsequently created an unprecedented level of distrust in crypto service providers.

This has resulted in the movement of large amounts of funds from these platforms and influx of new users into decentralized alternatives such as decentralized exchanges (DEXs). Data from on-chain analytics service Glassnode also shows that his seven-day moving average of the number of addresses receiving bitcoin from cryptocurrency exchanges has reached his four-year high of 3,775 BTC. Aside from a sign of growing distrust of crypto exchanges, the surge in outflows is a sign that bitcoin stocks are recovering after it lost a significant chunk of its value following the fall in FTX. 

Also. Glassnode also revealed today that the 7-day moving average number of lost Bitcoin addresses also hit an all-time high earlier today.