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Bitcoin Holders Losing Confidence in Exchanges as BTC Supply on Platforms Drops Below 6%

According to Santiment, the amount of bitcoin held on digital asset exchanges has dropped below 6%, the lowest it has been since December 2017. This decrease in trust in centralized platforms has intensified after the bankruptcy of FTX, a leader in its field. Binance has also seen a rise in bitcoin outflows, indicating that many users prefer self-custody over a third-party custodian.

This shift from custodians to self-custody methods began at the beginning of 2022 and has continued throughout the following months. The FTX meltdown could be considered a major factor in this trend.

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