Here’s how Bitcoin [BTC] is REALLY doing after the FTX episode

Bitcoin’s social dominance was affected by CEX tokens A decline in dominance could impact BTC prices negatively Miners continue to face pressure, however, whales still support BTC According to Santiment, all the focus around centralized exchanges has taken the crypto-community’s attention away from Bitcoin [BTC]. Historically, a decline in social dominance is always met with a […]

Source: Santiment

If Bitcoin does not regain its social dominance in the future, there may be a possibility that BTC’s prices might drop further. This, while other exchanges keep garnering attention. However, at the time of writing, Bitcoin’s social dominance had risen somewhat over the last few days. BTC’s price followed suit, as it witnessed an uptick over the same time period.

Bitcoin’s velocity noted a huge spike as well, implying that the number of times BTC moved between addresses had increased significantly over the past few days. This signalled a decline in activity for Bitcoin. Another indicator of decreasing activity would be the decline in Bitcoin’s mean transaction volume. According toSource: Santiment

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