The blockchain industry went through hard times last year.
According to a report by the Bank for International Settlements (BIS), the biggest shocks were the collapse of the Terra ecosystem and the bankruptcy of FTX. These events provoked a surge in the activity of users of trading platforms.
The researchers of the institution have analyzed the performance of the largest exchanges, Binance and Coinbase, and have found that the number of active traders increased after the news about the collapse of Terra and FTX.
According to the BIS, users of trading platforms massively converted digital currencies into stablecoins and many large cryptocurrency holders or so-called whales dumped some of their reserves and withdrew the remaining coins from exchange wallets.