Bitcoin hodlers are rushing to get their coins off centralized exchanges in the wake of the FTX collapse.
Exchange outflows are usually a bullish sign that BTC is being hodled for the long term. However, in this scenario, it appears to be the result of loundering confidence in centralized crypto exchanges.
Glassnode commented that outflows have resulted in “positive balance changes across all wallet cohorts, from shrimp to whales,” before adding: “The failure of FTX has created a very distinct change in #Bitcoin holder behavior across all cohorts.”, balance changes have increased across all BTC wallet sizes with “shrimps” that have less than one coin increasing by 33,700 BTC. Whale wallets with more than 1,000 coins have seen an increase of 3,600 BTC indicating that the self-custodian push is happening across the board.
Industry leaders are now starting to advocate self-custody solutions as the phrase “not your keys, not your coins” bears more weight than ever before.that crypto holders shouldn’t be storing their assets on centralized exchanges unless their actively trading large amounts.
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