On-chain data shows Bitcoin investors have been withdrawing large amounts from exchanges as distrust around them has grown recently.
FTX Debacle Leads To More Bitcoin Investors Distrusting Exchanges
As pointed out by an analyst in a CryptoQuant post, investors who have become afraid to hold on exchanges are sending their BTC to personal wallets.
There are a couple of relevant indicators here; the first is the “Active Receiving Addresses,” which tells us the total number of wallet addresses that were active as receivers during a specific period of time.
The below chart shows the trend in the 100-day simple moving average value of this Bitcoin indicator over the last six months:
The 100-day SMA value of the metric seems to have spiked up in recent days | Source: CryptoQuant
As you can see in the above graph, the value of the Bitcoin Active Receiving Addresses has been very high in the last few…
