With the bad news of FTX, Most of the crypto investors are withdrawing their money from centralized changes. Nearly $3 billion in Bitcoin left exchanges in the past week. investors are seeking self-custody.
Why People seeking self-custody
Crypto is always valuable security of the funds is more valuable. Due to the bankruptcy of the major exchange FTX, and the hacking of the FTX, traders, and investors have feared about trust and security of centralized exchanges.
People are seeking self-custody because funds are in their hands the fear index of security is lower. On the 9th of Nov, Over 90,000 Exchange addresses were withdrawing BTC to wallets. It’s a huge spike of transactions after May and June this year when BTC price action last saw significant downside movements. By Nov 12, Also it’s reporting as 70,000.
Before spreading the fear the BTC was trading at over 21000$ and now it is trading at around 16550$.