FTX Drama Has Impacted BTC HODLer Conviction: Glassnode

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• The price of BTC has dropped below $17,000.
• Glassnode report shows that 48,100 BTC was spent over the last seven days.
• BTC’s revived supply also dropped over the last week, according to the report.

The price of the crypto market leader, Bitcoin (BTC), dropped below $17,000. According to the crypto market tracking website, CoinMarketCap, the cascading impact of the FTX collapse sent shockwaves through the entire crypto market to force the global crypto market cap to fall below $900 billion for the first time since January 2021.

The on-chain analytics firm Glassnode considered a few metrics in a new report with the aim of assessing whether “there has been a discernible loss of conviction” among BTC holders as the FTX fiasco unraveled.

In the report, Glassnode considered BTC’s long-term holder supply metric and found that the category of BTC that was least likely to be impacted had declined since the 6th of November of this year. The report added that approximately 48,100 BTC was spent over the last seven days.

Long-term holder supply 7-day change (Source: Glassnode)

Despite this being a notable decline, Glassnode stated that it was not enough “to infer widespread loss of conviction”. The analysis firm did, however, say that a continuation of BTC being spent “may suggest otherwise.”

Another metric that posted a decline in the last week was BTC’s Revived Supply. According to Glassnode, 97,450 BTC which were older than one year were spent “and potentially returned to liquid circulation” over the last week.

Lastly, Glassnode also found that the average age of BTC spent also climbed to over 90-days in the last week. Per the report, this index was triple what was spent during September and October.

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