Blockchain analysts can only give their best estimation of how much Bitcoin is currently being HODLed.
There is no way to measure the amount of Bitcoin that is being sent to self-custody wallets so far, according to one industry executive., investors have been increasingly offloading their Bitcoin from crypto trading platforms.to its lowest level since February 2018, according to data from the crypto intelligence platform Santiment. The massive exchange outflows have been triggered by the growth of self-custody fueled by uncertainty around Binance and Coinbase, Santiment said.
“Circulation does tend to dry up as coins are moved off of exchanges,” Quinlivan said, adding that the increasing self-custody trend has a downside in the form of stagnant coins. “However, as long as there is still a healthy amount of exchange activity, which there has been, this generally should be enough to cancel out the negative impact of this current phenomenon.”
The Santiment executive noted that Bticoin’s supply on exchange has plummeted from 16.1% on Black Thursday in March 2020 to 9.8% today. “Prices are still up 283% during this time span,” Quinlivan added.
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