Proof of Keys Day Sees More Funds Flowing in Exchanges Than Going Out
Have you started moving your crypto assets off exchanges has been the question on the of Proof of Keys day held on Jan 3rd.
But the data suggests the opposite held true and just like last year’s inaugural Proof of Keys day, we didn’t see massive amounts of BTC withdrawn.
BitMEX and Kraken were the only ones who see more outflows. However, Kraken registered the net outflow of a whopping $18 million. The largest net inflow meanwhile has been of $15 million which was recorded on Bitfinex.
🚨 24H BTC on-chain flows:#binance $53M in | $47M out#bitmex $6M in | $11M out#bitfinex $19M in | $4M out#bitstamp $21M in | $17M out#bittrex $4M in | $3M out#okex $20M in | $15M out#kraken $20M in | $38M out#huobi $46M in | $41M out
— TokenAnalyst (@thetokenanalyst) January 4, 2020
Overall, taking these prominent eight cryptocurrency exchanges into account, the total net inflow has been $36 million while $23 million was the net outflows.
“It has become a day for people to withdraw from exchanges they trust less well to ones they trust more. Let's do it more often.”
However, Proof for Keys day marks, “Not your keys, not your Bitcoin (crypto)” that requires the holders to take their crypto assets off the exchanges and withdraw their funds from these platforms and other third parties as well.
Bitcoin offers financial sovereignty to everyone who wants it, but only if you hold your own private keys. Today is #proofofkeys day: Withdraw coin from custodial sites (exchanges, gambling) to eliminate custodial risk & be in control of your financials#notyourkeysnotyourbitcoin
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) January 3, 2020
Enthusiast Trace Mayer started the day by sharing, “Happy birthday Bitcoin! And happy #ProofOfKeys day!”
“All you HODLers of Last Resort, I encourage you to declare and enforce your monetary sovereignty,” said Mayer.
Happy 11th Birthday Bitcoin network!🎂
On this day in 2009, the Bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin.
— masternodes.online [Jan/3➞₿🔑∎] (@_mn_o_) January 3, 2020
Mayer also shared the data regarding the amount lost in the exchanges hack last year to remind and urge people to claim ownership of their property.
In 2019, the market lost $130 million in Quadriga and $16 million in Cryptopia in January, $23 million by Bithumb and $7 million by DragonEx in March and then in May, Binance lost $40 million in BTC along with the latest one of $50 million by Upbit in November.
This 2019 list includes more exchanges, some doesn't even have the estimated amount that has been lost.
However, as we saw, instead of moving the funds out of the exchanges, overall, investors put more money into them.