This is evidenced by the movement of funds out of the market, the presence of whales in water, and the expenditure of assets by long-term holders at new record highs.
Bitcoin is presently trading around $16,000, but the asset may be headed for more difficult times in the long run according to the prognosis.

Following the collapse of FTX, the digital assets market was shaken, but Bitcoin (BTC) appeared to have been sheltered from the fallout. However, a deeper examination reveals that hodlers have been surprised by the unexpected turn of events.

Given the lull that follows the black swan occurrence, investor conviction may have been rattled, according to a study published by Glassnode, which indicates that things are beginning to settle down after the implosion of FTX. The investigation analyzed exchange outflows, whale aggregate positions, and the spending patterns of long-term holders before coming to a conclusion.

According to statistics stored on the blockchain, the amount of bitcoins flowing out of exchanges is presently at an all-time high of -172,000 BTC every month. This number is higher than the previous peak, which was reached during the sell-off in June 2022, and it is due to the fact that 77.1K verified transactions were connected to exchange withdrawals, while only 48.1K were tied to exchange deposits.

"This surge of activity connected to currency exchange has pushed the dominance of exchange deposit or withdrawal operations to 47.4% of the total, which is the highest level year-to-date." Please read over the report. Historically speaking, "greater exchange dominance can be connected with bull markets," which are defined as "sustained trends," as well as "high volatility sell-off events," which are defined as "short-term spikes."

According to Glassnode's analysis, the rise in the average deposit amount seen across the industry's most important exchanges may be attributable, in part, to the wealth of so-called "Bitcoin whales." This was the situation when Terra's exchange was shut down, and as a result of the trend, entities holding more than 1,000 BTC have experienced an unrealized loss for the first time since March 2020, given the price of the asset at the moment.

According to the paper, there has been an increase in the amount of money spent by Bitcoin holders who have held the cryptocurrency for a longer period of time, and the authors suggest that this measure may be essential for determining how the collapse of the FTX will affect holders.

Additionally, the amount of spent Bitcoin that is older than six months has reached the sixth greatest value it has seen in the previous five years. On November 17 alone, almost 130.6K BTC that had been mined for at least six months were spent, bringing the seven-day average up to 50.1K BTC per day, according to Glassnode.

The strange occurrences around Bitcoin in recent times
As the price of bitcoin continues to stabilize, supporters have reason to celebrate following El Salvador's promise to buy one bitcoin each and every day. Justin Sun, the founder of Tron, followed suit and announced that the TronDAO will also be purchasing one Bitcoin every day.

On Wednesday, a wallet that was associated with the BTC-e exchange came back to life after being dormant for close to four years when it sent a total of 10,000 BTC to two addresses that were not known.

The bitter aftertaste of New York's two-year embargo on Proof-of-Work mining being signed into law has left a bad taste in the mouths of Bitcoin miners in the state and around the region.