JAMES

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The recent Bitcoin decline surprised most market participants because the dust had settled following the FTX crisis. Despite Santiment's explanation, the first cryptocurrency is still struggling to hold on to its value.

Santiment, an analytical firm, tweeted about the declining value of BTC/USD on November 21. According to the research firm, FUD caused the drop to $15,800 for the first time in two years due to the growing fear of centralized exchanges following the FTX crisis.

The incident could have also had an impact on Bitcoin address activity, which had reached a six-month high. Furthermore, according to Santiment, Bitcoin reached the benchmark over the weekend.

On November 20, 1.1 million BTC addresses were active on a daily basis, according to data analysis. It suggested that the currency was distributed to numerous addresses.

Furthermore, it appeared that many investors profited by transferring assets away from centralized exchanges. It was due to the fact that supply outside of exchanges outweighed inflows into exchanges. Furthermore, the reported exchange influx has decreased in recent days.


On November 17, the most recent increase per inflow was 253,000. It suggested that, despite little selling pressure, investors remained skeptical of CEXes.
 

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