Santiment exec says self-custody Bitcoin amount is immeasurable.

According to an industry executive, there is no way to measure the amount of Bitcoin being sent to self-custody wallets so far. This trend has been triggered by the ongoing lawsuits against major cryptocurrency exchanges, causing investors to increasingly offload their Bitcoin from crypto trading platforms. As a result, Bitcoin’s exchange supply fell to its lowest level since February 2018 as of mid-June. The growing self-custody trend tends to decrease circulation, thereby reducing the market capitalization tracked by websites like CoinGecko and CoinMarketCap. However, as long as there is still a healthy amount of exchange activity, this generally should be enough to cancel out the negative impact of this current phenomenon. While the self-custody trend continues to expand, it is not quite possible to find out how much BTC is sitting on cold wallets. Blockchain analysts can only give their best estimation for now. The news comes amid Bitcoin’s market capitalization continuing to shrink, dropping more than 15% since mid-April.

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