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Bitcoin (BTC) Tests Short-Term Holder Cost Basis After Binance Attack

CryptoQuant analyst Axel Adler Jr. said the market’s response to Binance’s attack was relatively restrained so far. He said Bitcoin appeared more resilient than it did during the market reaction to FTX’s November 2022…

By Enna Lee
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A brass token balances beside a narrow notch in pale stone / TokenPost.ai
A brass token balances beside a narrow notch in pale stone / TokenPost.ai

CryptoQuant analyst Axel Adler Jr. said Bitcoin (BTC) is testing short-term holders’ cost basis while the market response to Binance’s hot-wallet attack remains relatively restrained so far.

Adler Jr. said Bitcoin appeared more resilient than it did during the market reaction to FTX’s collapse in November 2022. FTX was a cryptocurrency exchange.

The short-term-holder cost basis represents the group’s average break-even point.

Enna Lee

Reporter

Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.

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