### In the wake of the FTX collapse, BTC holders have been moving massive amounts to self-custody wallets.

The well known crypto on-chain analysis company Glassnode shared via tweet that “Bitcoin investors, of all wallet cohorts, have made a distinct behavioral shift towards self-custody. From Shrimp, to Whales, Bitcoin onchain balances are on the rise.” 

<blockquote class="twitter-tweet">In direct response to the failure of FTX, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> investors, of all wallet cohorts, have made a distinct behavioural shift towards self-custody. From Shrimp, to Whales, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> onchain balances are on the rise🔵 Read more in The Week On-chain👇<a href="https://t.co/cVUE7QHbtQ">https://t.co/cVUE7QHbtQ</a> <a href="https://t.co/uIxUIcI46a">pic.twitter.com/uIxUIcI46a</a>&mdash; glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1592248819559067648?ref_src=twsrc%5Etfw">November 14, 2022</a></blockquote> 

 

The rate of withdrawal is also spiking, with Glassnode reporting a historic rate of 106,000BTC/month was hit. 

<blockquote class="twitter-tweet">Following the collapse of FTX, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> investors have been withdrawing coins to self-custody at a historic rate of 106k <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>/month. This compares with only three other times: - Apr 2020 - Nov 2020 - June-July 2022<a href="https://t.co/92aYVYU4Yt">https://t.co/92aYVYU4Yt</a> <a href="https://t.co/em7CsDBWUf">pic.twitter.com/em7CsDBWUf</a>&mdash; glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1591943265296998400?ref_src=twsrc%5Etfw">November 13, 2022</a></blockquote> 


Movement of BTC off exchanges had typically been considered a bullish sign for BTC since self-custody is associated with the behavior of holding the crypto for a long time. But, this time it isn’t so clear because confidence in Centralized Exchanges (CEX) has dropped after FTX and its affiliated companies collapsed in a manner that deprived many customers of their assets. 

Crypto users are moving BTC to avoid the risk of further collapse in CEXs. The fear is lingering because the ripple effects of the FTX collapse are still not fully understood. 

Crypto users are fearful that other CEXs may also be insolvent due to a domino effect that will next hit those who are owed money by FTX, and will not be paid any time soon. Those CEXs may also be unable to pay their customers or creditors. 

At Cryptoflash.Report, we frequently remind our readers that they can take self-custody of their crypto in a responsible and intentional way. If you are new to crypto, we have a basic [guide](https://www.cryptoflash.report/articles/how-to-take-self-custody-of-your-crypto) to crypto self-custody that you may want to check out.

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