Greater than 100k BTC pulled into self-custody 12 months to this point

by Jeremy

Greater than 100,000 Bitcoin (BTC) have been transferred to self-custody storages for the reason that starting of the 12 months, in accordance with Glassnode information analyzed by CryptoSlate.

The chart beneath represents the quantity of illiquid BTC with the orange line for the reason that starting of January.

BTC Illiquid supply in January (Source: Glassnode)
BTC Illiquid provide in January (Supply: Glassnode)

In response to the chart, the illiquid BTC provide was round 15 million in the beginning of the 12 months. All through January, about 70,000 BTC moved to self-custody. This motion additionally continued in the course of the first weeks of February, pushing the overall illiquid BTC provide to over 15.1 million.

Illiquid provide change

The chart beneath represents the illiquid BTC provide change with the crimson and inexperienced zones, respectively. The inexperienced zones point out that the motion towards self-custody storage is dominant, whereas the crimson areas sign the alternative.

BTC Illiquid supply since 2020 (Source: Glassnode)
BTC Illiquid provide since 2020 (Supply: Glassnode)

BTC has been largely transferring to self-custody storage for the reason that starting of 2020, aside from temporary durations the place an reverse circulation was recorded. Essentially the most important reverse motion was recorded in Might 2021, whereas the second most aggressive motion towards exchanges was recorded in Might 2022.

These actions coincide with important bear markets in crypto historical past. Throughout Might 2021, BTC misplaced over 40% of its worth, which motivated the buyers to maneuver their BTC onto exchanges, probably to promote. In response to the chart, over 250,000 BTC had been transferred to exchanges on the time.

Throughout the Terra collapse in Might 2022, nevertheless, the motion towards exchanges was a lot smaller as compared. Despite the fact that a sure variety of buyers pulled their BTC onto exchanges, the quantity barely reached 100,000 BTC. This distinction means that buyers are extra tempted to carry their positions as an alternative of exiting in moments of worry.

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