Rational response: Self-custody
This travesty has revitalized the “not your keys, not your coins” sentiment and re-injected healthy skepticism among market participants. In the current environment, prudence is essential, and you should be very cautious with whom you trust to hold your crypto if you keep your crypto on an exchange. Crypto owners are responding by moving coins off exchanges. From November 1 to November 12, the BTC balance on exchanges fell by 66,472 BTC per Glassnode, a percentage decline of 2.8% from 2.36m to 2.3m BTC on exchanges. The decrease in ETH on exchanges has been even higher, falling 6.6% in the same period. Almost all exchanges experience growing withdrawals at the moment.Preview