FTX Fiasco boosts Bitcoin ownership to new highs: analysts weigh in
Data analytics firm Glassnode, hardware provider Trezor and Bitcoin exchange Relai observe an uptick in Bitcoin self-custody. 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.” “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...