#crypto #investors #exchanges #wallets #bitcoin #Knights #Knightsbridge
$BTC
“Investors are moving their Bitcoin out of exchanges as they increasingly prefer holding their own digital assets”–Paul Ebeling
In a new report, a major crypto insights firm says that the benchmark digital asset has been flowing out of exchanges for 7 of the past 8 months of Y 2022.
According to the report, Bitcoin deposits saw an uptick in May, but BTC in exchanges plunged again in June as investors withdrew their assets after the collapse of Terra (LUNA).
From a positive net flow of 42,000 BTC in May, the outflow in exchanges was 119,000 BTC in June, the highest since November 2020.
Withdrawals of Bitcoin continued in July and August as several other crypto firms, including hedge fund Three Arrows Capital and crypto lender Celsius Network declared insolvency.
The report says that the amount of Bitcoin flying out of exchanges suggests that holders of BTC are losing their trust in centralized crypto firms.
“The massive bitcoin outflows from centralized counterparties indicate that crypto hodlers are trusting the exchanges and lenders less than before. Bitcoin is increasingly being moved into cold storage, further indicated by the recent sales boost hardware wallet manufacturers like Ledger and Trezor have seen.
Although the counterparty risk for one particular lender or exchange might be small, history has been the kindest to the crypto hodlers who keep the majority of their assets safely in cold storage. It’s always better to be safe than sorry.”
The Knights Platform is an electronic network that links the trading floors of every relevant Crypto Exchange
Market participants, Brokers and market makers can take a price on any of the linked exchanges to find and execute the best price available. Eventually, as they are on boarded, a broker on the floor of one exchange could directly place an order through Knights rather than going through a broker on another exchange.
A tip of my hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here
Editor’s Note: The market cycle is a naturally occurring phenomenon, attributable to human psychology, and has repeated itself time and time again, though with some variations, in the lives of nearly all market traded instruments. This cycle repeats itself to varying degrees but is fairly accurate in representing the shift between market sentiments of euphoria and pessimism, and an acknowledgment of this natural phenomenon is Key to profiting from any traded instrument, including Bitcoin. My work shows a return to the mean and then all-time highs in here. Tune out fear.
Have a prosperous day, the Chaos is over!
