Bitcoin network stats stay healthy as adoption and demand for self-custody grows

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Bitcoin
Bitcoin network stats stay healthy as adoption and demand for self-custody grows

Glassnode data shows that there is mass withdrawal of Bitcoin (BTC) from centralized cryptocurrency exchanges as adoption continues to grow while the network stays healthy through the prolonged downturn.

Blockchain data shows that Bitcoin addresses holding at least 1 BTC and Bitcoin addresses holding at least 0.01 BTC have both hit a new all-time high of 973,846 and 11,322,657 respectively earlier today. Furthermore, over the last 24 hours $1.3 billion worth of Bitcoin left cryptocurrency exchanges, showing that the trend to rely more and more on self custody is still going strong after being first spurred by the fall of FTX.

Other than real adoption through direct interaction with the blockchain, the network is also seeing long-term accumulation growing once again. The percentage of Bitcoin’s supply that was not moved for at least five years just hit a new all-time high of 26.64% earlier today. Furthermore, the same record was hit by the amount of supply that was not moved for at least 10 years, currently standing at an all-time high of over 2,588,265 BTC — equivalent to nearly $43 billion as of press time.

The development follows recent remarks by Changpeng Zhao — the CEO of world’s top crypto exchange Binance — claiming that more cryptocurrency is lost to self-custody than centralized service providers and suggesting that self-custody is not right for 99% of the users.

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Adrian Zmudzinski

Adrian Zmudzinski is a cryptocurrency journalist with over 3,000 articles under his belt. He is passionate about cryptocurrencies, digital rights, information technology and futurology — the things that he likes to cover the most. Adrian previously reported for Cointelegraph and Benzinga.