Regime change as Bitcoin returns to self-custody
February saw coins return to exchanges, which saw a build-up of open interest and flat price structure
Quick Take
- The FTX collapse demonstrated the need to self custody your crypto, a trend that CryptoSlate has monitored for quite some time.
- However, a shift occurred in February that saw coins return to the market, which saw a build-up of open interest and a fairly flat price structure for Bitcoin in February.
- This saw roughly an adjustment of 10% of coins returning to exchanges, the highest level since May – July 2022, during the Luna collapse.
- This change is something I alluded to this week, as coins have been going back onto exchanges, which has coincided with price drops.
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