The collapse of FTX and related developments did more to pull up or push down the price of Bitcoin (BTC) throughout Q4, compared to macroeconomic events such as rate hikes, according to research.
In a “State of Bitcoin Q4 2022” report published on Feb. 10, Messari research analysts Sami Kassab and Chris Collar found that the collapse of the exchange resulted in a 25% decrease in the price of Bitcoin.
How did #Bitcoin fare in Q4 22′ in the wake of unfavorable macro and crypto environments?
+FTX collapse caused a 25% swing, affecting centralized entities/exchange balance
+Annual performance down 64% following halving trend
+Active Addresses increased 2% QoQ
Full report pic.twitter.com/6hhSqNEVbr
— Messari (@MessariCrypto) February 10, 2023
The report highlighted that changes to the federal funds rate had a much smaller effect on the price of Bitcoin, even after 75 and 50 basis point hikes.
It also pointed out that active wallets increased by 2% compared to the previous quarter as Bitcoin was moved out of centralized exchanges to self-custodial wallets during the period