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Bernstein: Crypto User Activity Is Moving On-Chain Following FTX's Collapse

Crypto user activity is moving on-chain following the collapse of FTX and sister company Alameda Research last month as self-custody comes back into vogue, Bernstein said in a research report Wednesday.

More investors are storing crypto in their own wallets instead of with centralized exchanges, and this is reflected in higher trading volumes and user growth for decentralized finance (DeFi) spot and derivative trading platforms, the report said. DeFi is an umbrella term for a variety of financial applications carried out on blockchains.

On-chain data shows “higher momentum on user acquisition, and activation post-FTX.” In the past 60 days both revenue and the number of transactions have grown, analysts Gautam Chhugani and Manas Agrawal wrote.

(By Will Canny)

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