The crisis of the FTX crypto exchange provoked strong pressure on the market. Many experts are of the opinion that the bankruptcy of the site may cause distrust on the part of large investors in the entire industry. On-chain metrics indicate that institutional holders, against the backdrop of current events, are actively getting rid of their assets in Bitcoin.
An outflow of institutional capital and a sale of FTT tokens formed on the FTX exchange after information about problems with the liquidity of the site reached users. Attempts by the corporation to turn to its colleagues for help have failed. Against this background, Sam Bankman-Fried had no choice but to declare bankruptcy and step down as CEO.
The Coinbase Premium Index indicates that instrumental investment in the US has declined by 0.13% since the FTX crash. This suggests that large holders are likely to sell off their bitcoin holdings en masse. Against this background, experts suggest that in the coming months, clearly, we should not expect a full recovery of the market.
Bitcoin recently hit a global low of $15,682, helped by the FTX bankruptcy. As of November 17, the flagship of the crypto market is trading at around $16,548, having lost 0.62% in price over the previous day. The capitalization of the asset decreased by 0.6%, holding at the level of $318.2 billion.