Subscribe
CryptoWeb.xyz
No Result
View All Result
  • Home
  • News
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin
  • Home
  • News
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin
No Result
View All Result
CryptoWeb.xyz
No Result
View All Result

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

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

However, to what extent are these newly minted “wholecoiners” taking custody of their private keys? Has the recent spate of insolvency among centralized exchanges (CEX) encouraged Bitcoin enthusiasts to move their Bitcoin into cold storage, removed from third party risk?

For Checkmate, lead analyst at Glassnode, the data would point to this result. Checkmate told Cointelegraph, “Overall looks like, at least a short-term, movement towards self-custody. Partly out of concern for CEX solvency.”

Related articles

Bitcoin on-chain data and BTC’s recent price rally point to a healthier ecosystem

This Indicator of Bitcoin HOLDer Conviction Recently Hit a Record High – Here’s What That Means For BTC Price

“Last few weeks have been the largest monthly decline in exchange balances in history, peaking at 177.9k BTC/month in withdrawal volume.”

He also shared that withdrawals from exchanges have made new records, as users have taken thousands of Bitcoin from exchanges. The spike is shown in red on the graph.

Customers withdrawing Bitcoin from exchanges has impacted exchange supply. The number of Bitcoin available on exchanges has “fallen to its lowest % of supply (11.99%) since Dec 2017. This means pretty much every coin that flowed in over the last 12 months, has flowed out,” Checkmate observed.

Plus, according to Glassnode data, withdrawals from exchanges accounted “for ~30% of all transactions in recent weeks.” The data would suggest an overall shift to self-custody: Bitcoin is being sent to hot or cold wallets.

When Bitcoin investors “withdraw” from exchanges, it can be to an offline hardware wallet, sometimes called cold storage, or an online wallet (hot). Hardware wallets or signing devices are tools that manage a user’s cryptocurrency wallet and private keys. Popular hardware wallets include Ledger, Trezor and ColdCard; hot wallets include Blue Wallet or Exodus Wallet.

Josef Tětek, Bitcoin analyst at Trezor, one of the world’s largest hardware wallet providers has observed a considerable drive in sales in the past mont. Tětek told Cointelegraph, “We have seen a dramatic rise in interest in Trezor devices and new Trezor Suite downloads. Our sales are hitting historic highs over the past few weeks.”

“Normally, a bear market is rather a quiet period for us, so this uplift in sales only shows how big of an impact the collapses of FTX and BlockFi have on people’s trust in custodian services.”

Cointelegraph had previously reported that Trezor benefited from a 300% increase in hardware sales due to the FTX fiasco. That’s despite the price per Bitcoin grinding down to the mid-teens.

For Swiss-based Bitcoin exchange Relai, it’s a similar story; the company shared with Cointelegraph that it’s seen plenty of new users as well as increased volume since FTX shenanigans.

Related: First time Bear market? Advice from Bitcoin Bull Michael Saylor

Imo Bábics, the Chief Marketing Officer at Relai told Cointelegraph:

“Well, we are non-custodial, to begin with. We have definitely noticed more people buying bitcoin due to the FTX crash.”

November was the best month in the Bitcoin exchange’s history. Relai added, “We know from our friends at ShiftCrypto that there’s been a huge increase in demand for their BitBoxes.”

ShiftCrypto is a hardware wallet provider like Trezor. The company’s social media feeds shared countless stories of users who recently became Bitcoin self-custody advocates following the FTX fiasco.

Share122Tweet76Share31
Previous Post

Best Crypto to Buy Today 29 November – D2T, LTC, TARO, LINK, RIA

Next Post

Crypto Gaming Remains Resilient Despite Market Crash, This New Crypto Raised $2 Million in Bear Market

Related Posts

Bitcoin on-chain data and BTC’s recent price rally point to a healthier ecosystem
Bitcoin

Bitcoin on-chain data and BTC’s recent price rally point to a healthier ecosystem

This Indicator of Bitcoin HOLDer Conviction Recently Hit a Record High – Here’s What That Means For BTC Price
Bitcoin

This Indicator of Bitcoin HOLDer Conviction Recently Hit a Record High – Here’s What That Means For BTC Price

Bitcoin pumped 43% in January 2023! What to expect in February — Watch The Market Report live
Bitcoin

Bitcoin pumped 43% in January 2023! What to expect in February — Watch The Market Report live

Bitcoin Option Markets Signal Upside Price Risk Despite Warnings of Possible Fed-fuelled Sell-off
Bitcoin

Bitcoin Option Markets Signal Upside Price Risk Despite Warnings of Possible Fed-fuelled Sell-off

Today in Crypto: Bitcoin Suisse Joins Liquid Collective to Enable ETH Staking, METACO Partnered with DekaBank, Celsius ‘Abandoned Promise of Transparency from Start’
Bitcoin

Today in Crypto: Bitcoin Suisse Joins Liquid Collective to Enable ETH Staking, METACO Partnered with DekaBank, Celsius ‘Abandoned Promise of Transparency from Start’

Bitcoin poised for another attack on $24K as trader predicts ‘bearish February’
Bitcoin

Bitcoin poised for another attack on $24K as trader predicts ‘bearish February’

ADS SIDE

More News

Bitcoin on-chain data and BTC’s recent price rally point to a healthier ecosystem

Bitcoin on-chain data and BTC’s recent price rally point to a healthier ecosystem

Blockchain provider SIMBA Chain awarded $30M by US Air Force STRATFI program

Blockchain provider SIMBA Chain awarded $30M by US Air Force STRATFI program

Crypto Experts are Saying These Altcoins Will be the Next Big Thing – Find Out Why

Crypto Experts are Saying These Altcoins Will be the Next Big Thing – Find Out Why

Rumor has it that Dogecoin could shift to proof-of-stake — What does that mean for miners?

Rumor has it that Dogecoin could shift to proof-of-stake — What does that mean for miners?

This Indicator of Bitcoin HOLDer Conviction Recently Hit a Record High – Here’s What That Means For BTC Price

This Indicator of Bitcoin HOLDer Conviction Recently Hit a Record High – Here’s What That Means For BTC Price

Grayscale Crypto Firm in Hot Water Again as New GBTC Lawsuit Filed by Osprey – Here’s What You Need to Know

Grayscale Crypto Firm in Hot Water Again as New GBTC Lawsuit Filed by Osprey – Here’s What You Need to Know

5 altcoins that produced double-digit gains as Bitcoin price rallied in January

5 altcoins that produced double-digit gains as Bitcoin price rallied in January

Cronos Labs to accept second cohort for $100M-backed Web3 accelerator program

Cronos Labs to accept second cohort for $100M-backed Web3 accelerator program

As Gala Price Explodes, These 3 New Altcoins Can 25x This Year

As Gala Price Explodes, These 3 New Altcoins Can 25x This Year

New Revelation: Australian Regulators Probed FTX Crypto Exchange Before Its Collapse – Here’s Why

New Revelation: Australian Regulators Probed FTX Crypto Exchange Before Its Collapse – Here’s Why

  • Advertise with us
  • Contact Us
  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Sitemap

© 2020 Copyright - All rights reserved.

No Result
View All Result
  • Home
  • News
  • Altcoin
  • Bitcoin
  • Blockchain
  • Ethereum
  • Litecoin

© 2020 Copyright - All rights reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT