Exchange users wake up to self-custody
Amid ongoing turmoil over the bankruptcy of major exchange FTX, concerns have heightened among exchange users over the security of funds.
Commentators have upped advice to avoid custodial wallets and take control of crypto assets, and regulators are increasing scrutiny of the crypto industry en masse.
On-chain figures suggest that a large number of hodlers have opted for noncustodial wallets over the past week.
The number of withdrawing addresses saw a huge spike on Nov. 9, this surpassing the daily highs for both May and June this year when BTC price action last saw significant downside pressure.
For Nov. 12, the latest date for which data is available, withdrawing addresses still totaled over 70,000.
The same Glassnode data gives an hourly average of over 3,000 withdrawing addresses over the seven days to Nov. 13.
Analysis: BTC reserves may not tell whole story
The numbers tie in with what appears to be rapidly-declining BTC reserves across major trading platforms.