![Bitcoin [BTC] short-traders ravage the market as whales intensify accumulation](https://i.newsformal.com/images/2022/11/17/cryptoamb/bitcoin-btc-short-traders-ravage-the-market-as-wha-bitcoin-btc-short-traders-ravage-the-market-as-wha-1592979070769405954.webp)
, as BTC’s price suffers under the impact of the general market downturn caused by the sudden collapse of cryptocurrency exchange FTX, “whales are accumulating BTC for a long time.”
“Although the crypto market and economic conditions are not good, from the long term perspective, Accumulating from knee to ultimate bottom through DCA or split purchase might be a sagacious way.”further corroborated this position. According to Santiment, since the FTX fiasco started, BTC has recorded a large increase in the number of addresses holding between 0.1 to 100 BTC.
This is attributable to the loss of trust in centralized exchanges following the collapse of FTX. It has led to a severe decline in funding rates on exchanges like Binance, BitMEX, and dYdX as investors bet on the continued decline in the price of the king coin.