Chainalysis optimistic analysis: FTX market share significantly lower than Mt. Gox, market poised for rapid recovery
The data analysis platform Chainalysis pointed out that the $800 million funding gap at FTX has been compared to the $400 million hack at Mt. Gox in the past. Some users believe that this will prolong the bear market compared to the previous incident. However, Chainalysis has a different perspective.
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Chainalysis: FTX Market Share Not Comparable to Mt. Gox
Chainalysis pointed out that in the year before the collapse of Mt. Gox, the inflow of funds accounted for 46% of all exchanges, while FTX only averages around 13%.
5/ Mt. Gox was steadily declining in its share of overall exchange activity in the leadup to its collapse, while FTX was slowly gaining in share leading up to Nov 2022. pic.twitter.com/g7jVom0D1w
— Chainalysis (@chainalysis) November 23, 2022
Another significant difference is that in 2014, the crypto market only had centralized exchanges, but by the end of 2022, DEXs accounted for nearly 50% of exchange inflows.
Below is the breakdown of FTX's inflows compared to other exchanges:
Chainalysis optimistically concluded that the cryptocurrency market has survived and continued to grow after the collapse of Mt. Gox, with on-chain transaction volume doubling the size of pre-Mt. Gox incident after a year of consolidation.
Of course, the impact of FTX on other aspects may be different from Mt. Gox. For example, SBF, who for many before the incident, may have represented the cryptocurrency industry, could now significantly influence the public's perception of cryptocurrencies after this scandal.