Was FTX the final straw for centralized exchanges? Data reveals how investors are responding to the CEX insolvency crisis. (Reporting via JoeNakamoto)
However, to what extent are these newly minted “wholecoiners” taking custody of their private keys? Has the recent spate of insolvency among centralized exchanges encouraged Bitcoin enthusiasts to move their Bitcoin into cold storage, removed from third party risk?
“Last few weeks have been the largest monthly decline in exchange balances in history, peaking at 177.9k BTC/month in withdrawal volume.” Customers withdrawing Bitcoin from exchanges has impacted exchange supply. The number of Bitcoin available on exchanges has “fallen to its lowest % of supply since Dec 2017. This means pretty much every coin that flowed in over the last 12 months, has flowed out,” Checkmate observed.
When Bitcoin investors"withdraw" from exchanges, it can be to an offline hardware wallet, sometimes called cold storage, or an online wallet . 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.
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