leaving less than 22% of all mined BTC moving around and exchanging hands.
That doesn't mean 22% of the circulation is at custodial exchanges, though. It just means that the 78% is held untouched (not necessarily cold storage either). A fraction of that 22% is likely to be stored at exchanges. 
Topic: 15M BTC goes into self custody - page 3. (Read 569 times)
On-chain analysis leaves big room for mistakes. Don't take anything glassnode posts for granted, because there might be conflict of interest, and no way of proving their statements otherwise.
I personally think it's all temporary because of the recent FTX collapse. Since the collapse the voices about not your keys, not your coins are echoed everywhere.
The idea of using hardware wallets and non-custodial wallets are circulated almost everywhere which is why there's a sudden increase of withdrawals from exchanges.
People are afraid that the collapse of FTX can trigger other exchanges to collapse as well which is why there's a panic in the community to withdraw their coins from exchanges to their wallets.
Once the dust settles and bitcoin and altcoins spike up I am quite sure that people will send their coins back to exchanges to trade and take profits.
The idea of using hardware wallets and non-custodial wallets are circulated almost everywhere which is why there's a sudden increase of withdrawals from exchanges.
People are afraid that the collapse of FTX can trigger other exchanges to collapse as well which is why there's a panic in the community to withdraw their coins from exchanges to their wallets.
Once the dust settles and bitcoin and altcoins spike up I am quite sure that people will send their coins back to exchanges to trade and take profits.
I think that crypto users have already become smarter and do not store their assets on centralized exchanges or the minimum amount for trading. As a result of the recent bankruptcies of large crypto companies, many institutional investors and not individuals have suffered.
Not surprising knowing that people got a bit too spooked by the FTX fiasco, and the fact that there are rumours about a lot of exchanges being potentially insolvent.
I believe the rumor part is the only reason why people are panic withdrawing their coins from centralized exchanges otherwise events similar to FTX have happened in the past and the users reaction weren't like this. But the fact that media and some "celebrities" got behind the story that others are also insolvent got them moving. 
Is everyone beginning to understand Not your Keys, Not your coins , or is it temporary because of FTX?
They even noticed it before the FTX crash, but they believed in the exchange so much they didn't mind it. However, as far as FTX is concerned, there are many negative issues that may make them uncomfortable keeping their assets on the exchange so they choose to withdraw their assets to their respective wallets.But as @mk4 says, these assets will be very easy to transfer back to the exchange when their holders start to trust the exchange again as before. For a while, the situation of centralized exchanges really lost a lot of holders as most of them withdrew their assets, but it will return to normal with time.
Not surprising knowing that people got a bit too spooked by the FTX fiasco, and the fact that there are rumours about a lot of exchanges being potentially insolvent. I assume hardware wallet companies(Trezor/Ledger) have had a great time since the last few months.
Also, while this is great news, let's not forget that people can still just easily send back coins to exchanges once things settle down.
Also, while this is great news, let's not forget that people can still just easily send back coins to exchanges once things settle down.
according to Glassnode on-chain data analyzed by Cryptoslate, leaving less than 22% of all mined BTC moving around and exchanging hands.
These indicators show that investors are starting to withdraw their digital assets away from the exchanges, whether using wallets or other methods.
Indices measure the movement of currencies as a function of whether the transaction is in cold storage or in a hot wallet.
Source: https://cryptoslate.com/research-2nd-december-the-15m-bitcoin-just-went-into-self-custody/
Is everyone beginning to understand Not your Keys, Not your coins , or is it temporary because of FTX?
These indicators show that investors are starting to withdraw their digital assets away from the exchanges, whether using wallets or other methods.
Indices measure the movement of currencies as a function of whether the transaction is in cold storage or in a hot wallet.
Quote
Think of illiquidity as the point when Bitcoin moves to a wallet that shows no spending history, while liquidity is when BTC moves to wallets that have a history of spending such as hot wallets and exchanges.
Quote
The chart above demonstrates the amount of highly liquid and liquid BTC assets and shows the figures are currently 3 million and 1.3 million coins respectively. The data is clear that both liquid and highly liquid supply have been trending downwards amidst the current market turmoil
Source: https://cryptoslate.com/research-2nd-december-the-15m-bitcoin-just-went-into-self-custody/
Is everyone beginning to understand Not your Keys, Not your coins , or is it temporary because of FTX?
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