Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Bitcoin Hodlers Make Self-Custody Moves After FTX Fiasco – CryptosRus appeared on cryptosrus.com by CryptosRus.
The moves are hardly surprising considering that FTX, the world’s second-largest exchange, was considered pretty much bulletproof. The collapse of the exchange proves that it was not too big to fail, especially if it didn’t have the reserves to cover the bank run that occurred.
Over the past week or so, Bitcoin investors have been moving their assets off exchanges and into self-custody wallets.
There has been the biggest spike in on-chain wallet activity in Bitcoin history, according to analytics provider Glassnode.
In direct response to the failure of FTX, #Bitcoin investors, of all wallet cohorts, have made a distinct behavioural shift towards self-custody.
From Shrimp, to Whales, #Bitcoin onchain balances are on the rise?
Read more in The Week On-chain? pic.twitter.com/uIxUIcI46a
— glassnode (@glassnode) November 14, 2022
Bitcoin Hodlers Wary of CEXes
In its ‘Week On-chain’ published on Nov. 14, Glassnode reported that exchanges have seen one of the largest net declines in aggregate BTC balance in history. The amount of BTC on them fell by 73,000 in just seven days.
Outflows of more than 106,000 BTC per month have only been witnessed in April and November 2020, June/July 2022, and now in November 2022.
It made a similar observation with Ethereum with more than 1.1 million ETH leaving centralized exchanges over the past week. It was the largest monthly balance decline since September 2020 when demand for ETH skyrocketed during ‘DeFi Summer.’
Despite offers of proof-of-reserves by some of the largest exchanges such as Binance and Kraken, crypto investors remain cautious of them.
The opposite has happened with stablecoins which have been flowing onto exchanges over the past week or so. Stablecoin reserves held across all exchanges hit a new all-time high of $41 billion last week.
Tether (USDT) and Circle (USDC) supplies and reserves have declined a little and Binance USD (BUSD) has increased as the exchange consolidates its reserves.
Glassnode observed that a lot of these stablecoins have been withdrawn from smart contracts at a rate of $4.63 billion per month.
“This acts to highlight how acute the demand for immediate dollar liquidity has become.”
A strong greenback has also increased demand for the asset as crypto gets converted back into stablecoins.
BTC Wallet Balances Up
All cohorts of BTC wallet holders, from shrimps to whales, saw increases in balances, the report noted.
Smaller wallets with less than one coin added 33,700 BTC this week alone. This resulted in a monthly increase of 51,400 Bitcoins, the second-largest balance inflow in history.
Crypto markets have settled a little over the past day or so. The total capitalization climbed marginally on the day to reach $880 billion at the time of writing.
This article first appeared on CryptoPotato
Here’s How To Stay Up To Date On Crypto With CRU News Desk!
For the best exchanges, check out our top exchange guide.
Sign up for our bi-weekly newsletter for news and exclusive analysis.
Follow CRU News Desk on Twitter for our latest articles and Twitter exclusive threads.
Learn about Bitcoin, Ethereum, and so much more at the CryptosRus Academy.
Stay up to date with George on Tik Tok, Instagram, and his brand new clips channel.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on cryptosrus.com by CryptosRus – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!