Are you counting multi-sig services like unchained in that as well?
Discussion
Hard to differentiate but my estimates are based on true independent self-custody without any external services or custodians. There are much larger number of individuals holding 1+ btc on exchanges.
I know individuals with 10+ bitcoin exposure entirely on exchanges.
With options like Onramp, I really just don’t understand that decision even if you can’t get all the way to self-custody.
This also explains why we’re still barely above $100k
Call me a heretic, but I don’t buy the massive paper bitcoin narrative
Exchange holdings just suck, why not own ETF if that’s what you want?