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the opposite held true and just like last year’s inaugural Proof of Keys day, we didn’t see massive amounts of BTC withdrawn.

    As per the data provided by researcher TokeAnalyst, Binance, Bitfinex, Bitstamp, Bittrex, OKEx, and Huobi all recorded more inflows than outflows.

    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.

    Overall, taking these prominent eight cryptocurrency exchanges into account, the total net inflow has been $36 million while $23 million was the net outflows.

    About the net inflows seen by Binance for both Bitcoin and Ethereum, its CEO Changpeng Zhao said,

    “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.

    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.

    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.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$6,125.4390 change ~ -1.74%

    Coin Market Cap

    $112.05 Billion

    24 Hour Volume

    $5.35 Billion

    24 Hour VWAP

    $6.2 K

    24 Hour Change


    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer



    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.