Insights

Regime change as Bitcoin returns to self-custody

exchange68September 13, 2024

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Quick Take

The FTX collapse demonstrated the need to self custody your crypto, a trend that CryptoSlate has monitored for quite some time.
However, a shift occurred in February that saw coins return to the market, which saw a build-up of open interest and a fairly flat price structure for Bitcoin in February.
This saw roughly an adjustment of 10% of coins returning to exchanges, the highest level since May – July 2022, during the Luna collapse.
This change is something I alluded to this week, as coins have been going back onto exchanges, which has coincided with price drops.

Illiquid Supply Change: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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