Bitcoin holders are increasingly taking matters into their own hands, choosing Bitcoin self-custody over keeping their assets on exchanges. This growing trend comes amidst fluctuating market conditions and a decline in Bitcoin’s price, which recently dipped below the $30,000 mark. Yet, despite this, Bitcoin investors have demonstrated a remarkable resilience and continued faith in the king of cryptocurrencies.
Increasing Bitcoin Self-Custody
Santiment’s data reveals a compelling trend of Bitcoin investors moving their assets into self-custody. The recent market dip below $30,000 has not resulted in a flurry of fear, uncertainty, and doubt (FUD), or led to mass sell-offs. On the contrary, the number of Bitcoins held on exchanges is at its lowest since November 2018, with only 1.17 million BTC remaining on these platforms.
Signs of Continued Accumulation
Despite falling prices, the accumulation of Bitcoin across the crypto market continues unabated. A significant indication of this is the increasing number of whale addresses. Glassnode data indicates that the number of addresses holding more than one Bitcoin has reached an all-time high of 1,011,727. Furthermore, long-term holders are showing no signs of capitulating to sell pressure, with the amount of HODLed coins reaching a 5-year high of 7,791,774.891 BTC.
Declining Interest in Ordinals
Interestingly, this positive sentiment towards Bitcoin does not seem to be mirrored in the Ordinals market. Data from Dune Analytics shows a significant decline in the number of Ordinals transactions on NFT marketplaces, leading to a decrease in the volume of Ordinals trades. The majority of these transitions are now occurring on the Unisat marketplace, followed by Magic Eden and OKX.
The increased interest in Bitcoin and its self-custody may be fueled by institutions’ growing interest in a Bitcoin ETF, with crucial approval deadlines for various Bitcoin ETFs fast approaching. The potential for a Bitcoin ETF could be a game-changer for the crypto market, influencing the SEC’s decision-making process and potentially giving early movers like ARK 21Shares and Bitwise an advantage.
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As the trend of Bitcoin self-custody continues to gain momentum, it’s clear that despite market fluctuations, Bitcoin holders remain committed to their investments and are taking active steps to secure their assets.
