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Bitcoin Sees Record Increase In Number Of Holders Who Use Self-Custody Wallets

A recent report published by Glassnode revealed that the number of Bitcoin (BTC) users who have stored their BTC assets in self-custody wallets has hit an all-time high.
Custody
Dot
November 14, 2022
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

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Bitcoin; Photo Source: Unsplash

A recent report published by Glassnode revealed that the number of Bitcoin (BTC) users who hold their BTC assets in self-custody wallets has hit an all-time high.

As per the report, the recent collapse of FTX has led to a decrease in the percentage of Bitcoin holders who store their assets in exchanges. It revealed that the net BTC balance in exchanges dropped by 72.9K BTC over the last week, with FTX’s BTC balance declining “effectively to zero.”

Similarly, users have withdrawn over 1.101M Ethereum (ETH) assets within the last seven days.

Glassnode compared  FTX’s sudden collapse to the failure of Mt Gox in 2013. It claimed that the downfall of FTX caused users to hold their BTC and ETH tokens in the safety of their self-custody wallets. 

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Contrary to Bitcoin and Ethereum trends, exchanges have witnessed a drastic increase in the stablecoin inflow. Glassnode reported that more than $1.04M worth of Dai (DAI), USD Coin (USDC), USD Tether (USDT), and Binance USD (BUSD) tokens were added on November 10, making it the seventh-highest daily stablecoin inflow of all time.

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Custody
November 14, 2022

Bitcoin Sees Record Increase In Number Of Holders Who Use Self-Custody Wallets

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Bitcoin; Photo Source: Unsplash

A recent report published by Glassnode revealed that the number of Bitcoin (BTC) users who hold their BTC assets in self-custody wallets has hit an all-time high.

As per the report, the recent collapse of FTX has led to a decrease in the percentage of Bitcoin holders who store their assets in exchanges. It revealed that the net BTC balance in exchanges dropped by 72.9K BTC over the last week, with FTX’s BTC balance declining “effectively to zero.”

Similarly, users have withdrawn over 1.101M Ethereum (ETH) assets within the last seven days.

Glassnode compared  FTX’s sudden collapse to the failure of Mt Gox in 2013. It claimed that the downfall of FTX caused users to hold their BTC and ETH tokens in the safety of their self-custody wallets. 

‍



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Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


‍

Contrary to Bitcoin and Ethereum trends, exchanges have witnessed a drastic increase in the stablecoin inflow. Glassnode reported that more than $1.04M worth of Dai (DAI), USD Coin (USDC), USD Tether (USDT), and Binance USD (BUSD) tokens were added on November 10, making it the seventh-highest daily stablecoin inflow of all time.

‍

Bitcoin
Ethereum
FTX
USD Coin
USDT
Dai
Binance USD
Glassnode
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

in

A recent report published by Glassnode revealed that the number of Bitcoin (BTC) users who hold their BTC assets in self-custody wallets has hit an all-time high.

As per the report, the recent collapse of FTX has led to a decrease in the percentage of Bitcoin holders who store their assets in exchanges. It revealed that the net BTC balance in exchanges dropped by 72.9K BTC over the last week, with FTX’s BTC balance declining “effectively to zero.”

Similarly, users have withdrawn over 1.101M Ethereum (ETH) assets within the last seven days.

Glassnode compared  FTX’s sudden collapse to the failure of Mt Gox in 2013. It claimed that the downfall of FTX caused users to hold their BTC and ETH tokens in the safety of their self-custody wallets. 

‍



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


‍

Contrary to Bitcoin and Ethereum trends, exchanges have witnessed a drastic increase in the stablecoin inflow. Glassnode reported that more than $1.04M worth of Dai (DAI), USD Coin (USDC), USD Tether (USDT), and Binance USD (BUSD) tokens were added on November 10, making it the seventh-highest daily stablecoin inflow of all time.

‍

Written by
Ayush Pande
Bitcoin
Ethereum
FTX
USD Coin
USDT
Dai
Binance USD
Glassnode

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© 2024 Bitcompare
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Bitcompare.net is a trading name of Tokentalk Ltd. Registered in England No. 11332964. Registered Office: Unit 3 Mitcham Industrial Estate, 85 Streatham Road, Mitcham, United Kingdom, CR4 2AP.

Advertiser disclosure: Bitcompare is a comparison engine that relies on advertising for funding. The business opportunities that can be found on this site are offered by companies with which Bitcompare has made deals. This relationship may affect the way and where products appear on the site, such as in what order they are listed in categories. Information about products may also be placed based on other factors, such as the ranking algorithms on our website. Bitcompare does not look at or list all companies or products on the market.
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Editorial disclosure: The editorial content on Bitcompare is not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. The opinions expressed here are the author’s alone. Additionally, the opinions expressed by the commenters do not necessarily reflect those of Bitcompare or its staff. When you leave a comment on this site, it will not show up until a Bitcompare administrator approves it.

Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.