Exchange outflows hit historic highs as Bitcoin investors self-custody

The latest data from analytics provider Glassnode shows that Bitcoin has been flowing out of centralized exchanges at a record rate. This historic surge in withdrawals comes as confidence in centralized exchanges dips to an all-time low, with users concerned about the integrity of their funds — understandable, following the collapse of FTX last week. According to Glassnode, the amount of Bitcoin leaving centralized exchanges reached 106,000 BTC per month. To put it into perspective, this has happened only three other times — in April 2022 and November 2020, as well as in June/July 2022.  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." Moreover, industry leaders are increasingly beginning to advocate for self-custody solutions as the phrase "not your keys, not your coins" bears more weight than ever before.  These include Ethereum educator Anthony Sassano, and MicroStrategy's Michael Saylor, who both stress against reliance on centralized third parties. Read the full story here on Cointelegraph. Stay up to date with what's happening by leveraging the same "realtime" newsfeed Cointelegraph's journalists use to report on market moving developments.   © 2022 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2022 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.