Greater than 100k BTC pulled into self-custody yr up to now

Greater than 100,000 Bitcoin (BTC) have been transferred to self-custody storages because the starting of the yr, in accordance with Glassnode knowledge analyzed by StarCrypto.

The chart under represents the quantity of illiquid BTC with the orange line because the starting of January.

In accordance with the chart, the illiquid BTC provide was round 15 million originally of the yr. All through January, about 70,000 BTC moved to self-custody. This motion additionally continued in the course of the first weeks of February, pushing the entire illiquid BTC provide to over 15.1 million.

Illiquid provide change

The chart under represents the illiquid BTC provide change with the purple and inexperienced zones, respectively. The inexperienced zones point out that the motion towards self-custody storage is dominant, whereas the purple areas sign the other.

BTC has been largely shifting to self-custody storage because the starting of 2020, apart from transient intervals the place an reverse stream was recorded. Essentially the most important reverse motion was recorded in Could 2021, whereas the second most aggressive motion towards exchanges was recorded in Could 2022.

These actions coincide with important bear markets in crypto historical past. Throughout Could 2021, BTC misplaced over 40% of its worth, which motivated the buyers to maneuver their BTC onto exchanges, doubtlessly to promote. In accordance with the chart, over 250,000 BTC have been transferred to exchanges on the time.

In the course of the Terra collapse in Could 2022, nevertheless, the motion towards exchanges was a lot smaller compared. Regardless that a sure variety of buyers pulled their BTC onto exchanges, the quantity barely reached 100,000 BTC. This distinction means that buyers are extra tempted to carry their positions as a substitute of exiting in moments of concern.