Chainalysis: FTX’s Crisis is relatively smaller than Mt.Gox’s


  • Chainalysis concluded that FTX was a much smaller player in the cryptocurrency market than Mt Gox.
  • The first Bitcoin exchange, Mt. Gox, in 2014, however the cryptocurrency has survived.
  • “There is no reason to believe that the industry cannot recover from this, stronger than ever.”

Chainalysis, a company that analyzes blockchain data, draws parallels between the FTX crash and the FTX crash Gox mountain To predict the effects of such a tragedy on the cryptocurrency ecosystem as a whole.

Chainalysis head of research Eric Jardine recently compared the two companies’ market shares in a Twitter thread on November 23. He found that in the year leading up to the Gox mountain crash in 2014, the exchange attracted an average of 46% of all inflows, while FTX received an average of 13% from 2019 to 2022.

The cryptocurrency will bounce back hard from the FTX crisis

According to the blockchain analytics firm, FTX was a much smaller player in the cryptocurrency market than Mt Gox was at the time, and the market should recover much stronger than before.

As Jardine points out, DEXs like Uniswap and Curve controlled nearly half of all exchange flows by late 2022. Whereas in 2014, when the Gox mountain collapsed, CEXs were the only players in the market. However, as Jardine explains, FTX has been steadily gaining market share while Mt.Gox has been steadily losing it, and this highlights the need to analyze market trends in the business.

Despite this, Jardine decided that before his collapse eight years ago, Mt. Gox is a more important component of the crypto ecosystem than FTX. That’s because it was the bedrock of the CEX category in an era when CEXes dominated.

Furthermore, Jardine analyzes the resurgence of the cryptocurrency industry in the wake of the collapse of Mt.

Other factors notwithstanding, such as Sam Bankman-Fried’s high-profile fame, Jardine believes the comparison should give the industry optimism. When it comes to market fundamentals, there’s no reason to think the industry won’t recover from this, “stronger than before.”



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