450K Bitcoin Was Transferred To Cold Storage In 2022
Key Points:
- 450,000 Bitcoin (BTC) held on an exchange or in a hot wallet before 2022 have been transferred to cold storage during the course of the year.
- The exchanges had just under $2.8 million in BTC at the beginning of the year and ended with about $2.25 million, a decline of almost 20%.
- Over a million BTC entered self-custody this year as well. The illiquid BTC supply level is indicated by an orange line on the graph below, which depicts an expanding line.
450,000 Bitcoin (BTC) held on an exchange or in a hot wallet before 2022 have been transferred to cold storage during the course of the year.
Black swan occurrences have occurred on the market frequently during the past 12 months, and as a result, exchange reserves for about 550,000 BTC have been depleted. These reserves lost significant amounts of their size on several occasions. For instance, in December, Binance lost 90,000 BTC in seven days, FTX lost 70,000 BTC in two weeks, and in November, Coinbase lost 200,000 BTC in four days.
The orange line in the chart below represents the total BTC amount held on crypto exchanges since the beginning of the year.
The exchanges had just under $2.8 million in BTC at the beginning of the year and ended with about $2.25 million, a decline of almost 20%. Less than 12% of the total Bitcoin supply is represented by the exchanges’ current BTC reserves.
Self custody
Over a million BTC entered self-custody this year as well. The illiquid BTC supply level is indicated by an orange line on the graph below, which depicts an expanding line.
According to records, the supply of unliquid BTC was 14 million in January and over 15 million in December. This suggests that 78% of the Bitcoin quantity in circulation is kept in cold storage.
It can be claimed that the remaining 450,000 BTC were transferred from exchanges or hot wallets to cold storage in 2021 and the years before, while only 550,000 BTC left the exchanges throughout 2022.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
Author
Bitcoin
450K Bitcoin Was Transferred To Cold Storage In 2022
Key Points:
- 450,000 Bitcoin (BTC) held on an exchange or in a hot wallet before 2022 have been transferred to cold storage during the course of the year.
- The exchanges had just under $2.8 million in BTC at the beginning of the year and ended with about $2.25 million, a decline of almost 20%.
- Over a million BTC entered self-custody this year as well. The illiquid BTC supply level is indicated by an orange line on the graph below, which depicts an expanding line.
450,000 Bitcoin (BTC) held on an exchange or in a hot wallet before 2022 have been transferred to cold storage during the course of the year.
Black swan occurrences have occurred on the market frequently during the past 12 months, and as a result, exchange reserves for about 550,000 BTC have been depleted. These reserves lost significant amounts of their size on several occasions. For instance, in December, Binance lost 90,000 BTC in seven days, FTX lost 70,000 BTC in two weeks, and in November, Coinbase lost 200,000 BTC in four days.
The orange line in the chart below represents the total BTC amount held on crypto exchanges since the beginning of the year.
The exchanges had just under $2.8 million in BTC at the beginning of the year and ended with about $2.25 million, a decline of almost 20%. Less than 12% of the total Bitcoin supply is represented by the exchanges’ current BTC reserves.
Self custody
Over a million BTC entered self-custody this year as well. The illiquid BTC supply level is indicated by an orange line on the graph below, which depicts an expanding line.
According to records, the supply of unliquid BTC was 14 million in January and over 15 million in December. This suggests that 78% of the Bitcoin quantity in circulation is kept in cold storage.
It can be claimed that the remaining 450,000 BTC were transferred from exchanges or hot wallets to cold storage in 2021 and the years before, while only 550,000 BTC left the exchanges throughout 2022.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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