“Bitcoin will make it, but might be a long winter”, feels tech billionaire and Twitter’s new CEO Elon Musk. The Tesla and SpaceX top exec’s latest tweet on BTC shared his opinion to investor and podcaster Jason Calacanis and artist D. A. Wallach who were speculating on the coin’s prices in a year.
Calacanis who reportedly is one of Musk’s inner circle of allies often referred to as a “war-room” adviser.
The investor posed a question on where BTC would be in a year, given that it has already dropped over 76% during the previous 12 months.
The collapse of Sam Bankman-Fried-led FTX has impacted cryptocurrencies, shattering the connection those tokens formerly had to other financial assets. Experts feel this could indicate Bitcoin’s waning impact on the world market.
Although key cryptocurrencies started to rise on Nov 14, the gains did nothing to improve the mood of the market as a whole, which was dampened by remarks made by Federal Reserve Governor Christopher Waller that policymakers still had “a ways to go” with interest-rate hikes.
A recent report by Glassnode revealed that BTC investors have been gradually shifting their holdings to self-custody solutions in the aftermath of the collapse of the world’s second-largest crypto exchange last week.
The analytical platform reported that Bitcoin exchange outflows had reached close to historic levels of 106,000 BTC per month in a tweet on November 13.
It was also mentioned that this had only occurred three other times, in April 2022, November 2020, and June/July 2022. On November 9, there were roughly 90,000 Bitcoin wallets receiving the asset.
Exchange outflows typically indicate a bullish sign that BTC is being held for the long run. In this instance, though, it seems to be the outcome of waning trust in centralized crypto exchanges.
As Glassnode noted, “positive balance changes across all wallet cohorts, from shrimp to whales” have been brought about by outflows.
“The failure of FTX has created a very distinct change in Bitcoin holder behavior across all cohorts.” On the price front, the dominant coin is exchanging hands at $16,800 and is up 1.38% in the last 24 hours.