• 70,000 BTC has been sent to self-custody since the collapse of SVB on Friday.
• Investors want greater control over their Bitcoin as significant BTC volume leaves markets.
• Self-custody of Bitcoin is growing rapidly due to concerns in the banking sector.
In response to recent events in the banking sector, investors are demanding a higher degree of control over their Bitcoin investments. Since the collapse of SVB on Friday, approximately 70,000 BTC have been sent to self-custody, according to data from Glassnode. This represents one of the largest % changes in self-custody in the past six months.
Control Your Own Bitcoin
One major advantage of holding your own Bitcoin is that you have full control over it and can take action quickly if needed without relying on third parties. By investing directly into self-custody wallets, crypto investors are able to gain access to their funds much more easily and securely than when using third party services such as banks or exchanges.
Bank Sector Concerns
The recent surge in self-custodying reflects investor concern about instability within the banking sector; many are opting for greater control over their assets by storing them themselves rather than entrusting them with third parties who may be subject to government regulations or other external forces beyond their control. As a result, larger volumes of BTC are leaving markets and finding its way into private wallets where they can be better protected against any potential risks associated with traditional financial institutions.
Benefits Of Self-Custody
With self-custody, users have complete autonomy over their money; they can send payments instantly at any time without having to wait for approval from an intermediary or pay additional fees for processing times or commissions associated with traditional services. Additionally, users are able to benefit from advanced security measures provided by custodial wallets such as multi-signature authentication and cold storage facilities which protect funds from hackers and malicious activity online.
Bitcoin: A Decentralized Currency
Bitcoin is a decentralized currency designed to circumvent intermediaries by transacting electronically via a peer-to-peer network without relying on central banks or administrators for permission or approval. The benefits of this system include lower transaction fees compared to traditional payment methods and increased privacy as there is no need for personal information when sending payments – allowing users more freedom and autonomy when managing their finances online .