Cryptonews On-chain intelligence firm Glassnode reported a record flow of Bitcoins from centralized exchange wallets to self-custody following the bankruptcy of crypto exchange FTX 🔑
A record number of crypto holders are moving their funds off centralized exchange wallets in the wake of the collapse into bankruptcy of FTX and FTX US.Sunday that 106,000 Bitcoins have been off-ramped from centralized exchanges into self-custody “[f]ollowing the collapse of FTX.”However, how much panic there is currently beyond normal this year is debatable. Whilehalved from 40 on Nov. 6 to 21 on Nov.
Beyond that, Glassnode said the move to self-custody cryptocurrencies “has been dramatic across all cohorts since 6-November.” Its numbers showed that centralized exchange outflows by token holders with balances lower than 1,000 BTC were far higher than those of whales with larger balances. “Shrimps” with less than one BTC removed nearly 10x more than the 3,600 Bitcoin “whales” did, while “sharks” with Bitcoin balances of 10 to 1,000 BTC took well over 20x. Crabs, with one to 10 BTC, moved 13.5x as many Bitcoins onto cold wallets.In many ways, those moving their crypto holdings onto cold wallets from exchanges are just following very basic advice given by most crypto experts — including more than a few centralized exchange CEOs.
Binance’s Chanpeng “CZ” Zhao and MicroStrategy executive chairman Michael Saylor have been the highest-profile recent voices warning that self-custody is far safer than keeping funds of exchange wallets.on privately owned cold wallets “a fundamental human right” on Nov.
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