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Despite the market downturn and the widespread negative sentiment in the industry in the wake of the FTX collapse, on-chain data still show reasons to be bullish on Bitcoin (BTC<\/a>).\u00a0<\/p>\n As pointed out by on-chain analyst Will Clemente, it\u2019s enough to look at the positions of long-term holders, which reached an all-time high despite their profitability being at an all-time low. <\/p>\n \u201cLong-term holders buy heavily into the bear market. They set the floor, […] and then those long-term holders distribute their holdings to new market participants in the bull market,\u201d he told Cointelegraph in an exclusive interview. <\/p>\n Another positive trend worth noticing after the FTX collapse, in Clemente\u2019s opinion, is that the average crypto user is increasingly turning away from exchanges and taking self-custody of their own coins.\u00a0<\/p>\n According to Clemente\u2019s analysis, that can be seen in the increasing outflow of capital from exchanges to self-custody wallets and also in the increasing amount of supply held by entities holding between 0.1 and 1 BTC.\u00a0<\/p>\n \u201cBy combining those two metrics, you get this picture of coins coming off exchanges into these custodial wallets for the average everyday retail person. And so, I think that\u2019s very positive,\u201d he said.\u00a0<\/p>\n To find out more about the silver lining in the aftermath of the FTX collapse, check out the full interview<\/a>, and don\u2019t forget to subscribe! <\/p>\n<\/div>\n