<p>During the
first days after the FTX <a href=”https://www.financemagnates.com/terms/c/cryptocurrency-exchange/” class=”terms__main-term” id=”601e2e5f-0c28-4253-9ad4-5e6b251ba2fa” target=”_blank”>cryptocurrency exchange</a> collapse, the retail investors’
interests mainly focused on <a href=”https://www.financemagnates.com/tag/crypto-com/” target=”_blank” rel=”follow”>Crypto.com</a> and <a href=”https://www.financemagnates.com/tag/gateio/” target=”_blank” rel=”follow”>Gate.io</a> platforms, according to the
recent study conducted by Trading Browers, a digital assets analytical tool. </p><p>FTX Collapse Boosted
Crypto.com and Gate.io Popularity</p><p>Trading
Browers examined which of the biggest cryptocurrency exchanges observed the
most increase in Google Search and trading volumes between 9 and 13 November
2022, in the early days after <a href=”https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/” target=”_blank” rel=”follow”>the meltdown of the FTX ecosystem</a>.</p><p>According
to the study results, Crypto.com saw a staggering 333% increase in Google
searches and a 232% increase in trading volume in the reported period. Gate.io
also experienced a visible surge in search interest (+300%) and overall turnover
(+181%).</p><p>In
contrast, Bybit (+412%) and Bitfinex (+410%) experienced the most substantial
growth in trading volumes during the period, but their increase in search
interest was much lower, at 63% and 50%, respectively.</p><p>”The
ability of traders to quickly shift their focus to other exchanges or secure
wallets in response to market conditions showcases the adaptability and agility
of the cryptocurrency industry. The findings emphasize the importance of
staying on top of market trends and being able to pivot strategies quickly and
also offer valuable insights into the current state of the market and the
behavior of traders, providing investors with valuable information to make
informed decisions about their investments,” the spokesperson for Trading
Browser commented.</p><p>Traders Move to More
Secure Wallets after FTX Turmoil</p><p>The study
finds that search results for more secure crypto storage also increased. On 13
November, searches for the phrases ‘Hardware Wallet’ jumped by 166%, while for
‘Trust Wallet’ and ‘Ledger Nano X’ by 104% and 175%, respectively.</p><p>This is
confirmed by data aggregated by Glassnode, a provider of on-chain <a href=”https://www.financemagnates.com/terms/a/analytics/” class=”terms__secondary-term” id=”0cd41468-7088-4154-93a3-bf5c46f15957″ target=”_blank”>analytics</a>
tools. Following the collapse of FTX, Bitcoin investors moved coins into
self-custody wallets at the historically highest rate at 106,000 BTC per month.
Similar events have only been observed three times in the past.</p><blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Following the collapse of FTX, <a href=”https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw”>#Bitcoin</a> investors have been withdrawing coins to self-custody at a historic rate of 106k <a href=”https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$BTC</a>/month.This compares with only three other times:- Apr 2020- Nov 2020- June-July 2022<a href=”https://t.co/92aYVYU4Yt”>https://t.co/92aYVYU4Yt</a> <a href=”https://t.co/em7CsDBWUf”>pic.twitter.com/em7CsDBWUf</a></p>— glassnode (@glassnode) <a href=”https://twitter.com/glassnode/status/1591943265296998400?ref_src=twsrc%5Etfw”>November 13, 2022</a></blockquote><p>Non-custodial
wallets, in contrast to custodial ones, are wallets where an individual uses
their own keys, and there is no involvement of any third party. Similar to
custodial wallets, non-custodial can be categorized into hot or cold. <a href=”https://www.financemagnates.com/cryptocurrency/education-centre/crypto-wallet-security-and-best-practices/” target=”_blank” rel=”follow”>You can
read more about crypto wallet security and best practices here.</a></p>
This article was written by Damian Chmiel at www.financemagnates.com.
