In the 27 days since the FTX story started to break, a net figure of nearly 200,000 Bitcoins was pulled from exchanges, notes Dan Ashmore, an analyst at Manchester-based crypto news site CoinJournal. “It appears thousands of Bitcoin holders are running for the hills with their Bitcoin, pulling to the safety of cold storage.”
The dramatic events of 2022 will shape the cryptocurrency landscape for years to come, says Coinbase’s 2023 outlook. Yet, despite the uncertainty surrounding the potential fallout, essential characteristics distinguish this market from the previous crypto winter, adds the Nasdaq-listed crypto exchange.
For one, institutional crypto adoption remains firmly entrenched, says Coinbase. However, whether those investors hold their digital wallets reluctantly is another question.
