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the opposite held true and just like last year’s inaugural Proof of Keys day, we didn’t see massive amounts of BTC withdrawn.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

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she 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

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