According to data from the blockchain analysis company Glassnode, the FTX incident has triggered a clear change in investor behavior.
On-chain wallet data shows that everyone from Xiami (holdings < 1 BTC) to giant whales (holdings > 1000 BTC) experienced net balance increases throughout the FTX crash. The Xiami group (holding volume < 1 BTC) added 33,700 BTC last week, +51,400 BTC in 30 days, this level of balance inflow ranks second in history, surpassing 2017 The peak of the bull market.
Crab groups with 1 to 10 Bitcoins were equally active, withdrawing 487,000 Bitcoins from exchanges.
The balance of wallets holding between 10 and 1,000 Bitcoins has increased significantly by 78,000 BTC, which may partly reflect a mentality of withdrawing coins first and talking later. In recent weeks, whales have actually been net accumulators, with a 30-day balance change of 53,700 BTC.