The demise of FTX has created a renewed interest in self-management among retail users as many users are migrating Bitcoin (BTC) to cold wallets.
Glassnode data analyzed by CryptoSlate shows that retailers are withdrawing coins from exchanges at the most aggressive rates, with withdrawals mostly coming from Crypto.com.
Crypto.com is now facing an increase in FUD after it was revealed that it accidentally sent 320,000 ETH to rival exchange Gate.io.
CEO Kris Marszalek has addressed these concerns and clarified that the exchange is operating as normal, but users remain uneasy as they withdraw large amounts of assets from the company’s Etherscan data. increase. show One of the exchange’s public ETH wallets processed about 90,000 transactions on November 13th.
BTC Withdrawal Across All-Time Highest Exchanges
More Glassnode Insights clearly the aggregate BTC balances across exchanges have decreased by 72,900 BTC over the past seven days. This is one of the largest net declines in market history. The last time the crypto industry witnessed this level of withdrawal before was during the 2020 bear market and he 2022 Terra LUNA-influenced crash.
Additionally, over 1 million ETH left the exchange in the last 7 days. Glassnode notes that this is his biggest 30-day decline since his DeFi summer in September 2020, when demand for his ETH as collateral for his smart contracts peaked. .
Community stakeholders promote self-management
Multiple cryptocurrency insiders are urging communities to self-manage their assets following the FTX implosion.
Binance CEO Changpeng Zhao Said Self-control was a basic human right. CZ advised his followers to start small to get the hang of it.
“Self-control is a basic human right.
Ethereum educator Anthony Sasano shared the same view, saying that only those who actively conduct large-scale transactions should have assets on centralized platforms.he Added“[I]use some select CEX as fiat on/off ramps, and Ethereum DeFi for everything else (I self-manage all assets).”
Meanwhile, a renewed wave of interest in self-custody saw the value of Trust Wallet tokens rise 113% in a week, hitting an all-time high of $2.48 on November 14th. Wallets have become more popular after CZ tweeted while talking about the importance of self-management.