FTX Fiasco Boosts Bitcoin Ownership to New Heights: Analysts Speak Up

Data analytics firm Glassnode, hardware provider Trezor and Bitcoin exchange Relai see an increase in self-custody of Bitcoin.

FTX Fiasco boosts Bitcoin ownership to new highs: analysts weigh in New

The bear market inspired the little guy to accumulate large amounts of Bitcoin (BTC). The number of wallets holding 1 BTC or more has recently reached new highs while those with 10 BTC or less are setting accumulation records.

However, to what extent do these new "wholecoiners" take custody of their private keys? Has the recent wave of insolvency among centralized exchanges (CEX) encouraged Bitcoin enthusiasts to move their Bitcoin into cold storage, away from third-party risk?

For Checkmate, principal analyst at Glassnode, the data would indicate this result. Checkmate told Cointelegraph: “Overall it looks like, at least in the short term, a move towards self-custody. Partly out of concern for CEX solvency. »

"The past few weeks have seen the largest monthly decline in FX balances in history, peaking at 177.9,000 BTC/month in withdrawal volume."

He also shared that withdrawals from exchanges hit new highs as users withdrew thousands of Bitcoin from exchanges. The peak is displayed in red on the graph.

Clients withdrawing Bitcoin from exchanges had an impact on the exchange supply. The number of Bitcoins available on exchanges has "fallen to its lowest % supply (11.99%) since December 2017. This means that virtually all of the coins that have flowed in over the past 12 months are out," a observed Checkmate.

More, according to Glassnode data , withdrawals from exchanges accounted for "for ~...

FTX Fiasco Boosts Bitcoin Ownership to New Heights: Analysts Speak Up

Data analytics firm Glassnode, hardware provider Trezor and Bitcoin exchange Relai see an increase in self-custody of Bitcoin.

FTX Fiasco boosts Bitcoin ownership to new highs: analysts weigh in New

The bear market inspired the little guy to accumulate large amounts of Bitcoin (BTC). The number of wallets holding 1 BTC or more has recently reached new highs while those with 10 BTC or less are setting accumulation records.

However, to what extent do these new "wholecoiners" take custody of their private keys? Has the recent wave of insolvency among centralized exchanges (CEX) encouraged Bitcoin enthusiasts to move their Bitcoin into cold storage, away from third-party risk?

For Checkmate, principal analyst at Glassnode, the data would indicate this result. Checkmate told Cointelegraph: “Overall it looks like, at least in the short term, a move towards self-custody. Partly out of concern for CEX solvency. »

"The past few weeks have seen the largest monthly decline in FX balances in history, peaking at 177.9,000 BTC/month in withdrawal volume."

He also shared that withdrawals from exchanges hit new highs as users withdrew thousands of Bitcoin from exchanges. The peak is displayed in red on the graph.

Clients withdrawing Bitcoin from exchanges had an impact on the exchange supply. The number of Bitcoins available on exchanges has "fallen to its lowest % supply (11.99%) since December 2017. This means that virtually all of the coins that have flowed in over the past 12 months are out," a observed Checkmate.

More, according to Glassnode data , withdrawals from exchanges accounted for "for ~...

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