Coinspeaker Trezor Hardware Wallet Sees Record-Breaking Demand as Bitcoin Nears $100K
It appears that self-custody is gaining quite unprecedented momentum at the moment after hardware wallet provider Trezor reported a massive surge in demand for its wallet. This coincides with Bitcoin BTC $93 887 24h volatility: 1.6% Market cap: $1.86 T Vol. 24h: $85.24 B edging close to the widely-anticipated $100,000 mark last week.
Within the period, Trezor confirms that it has seen a 600% increase in its weekly wallet sales, in what was a peak demand for the company.
On November 22, Bitcoin hit an all-time high of $99,645. However, the effect of that price surge soon became evident on Trezor as it also recorded its biggest single-day sales on the same day. That is, after surpassing the previous sales record that it reached in May 2023.
Regulatory Shifts and US Presidential Election Drive Trezor Wallet Demand
Meanwhile, Trezor’s chief commercial officer Danny Sanders has shared that this increase in demand for the company’s hardware crypto wallets may not be solely linked to Bitcoin’s ongoing rally. Rather, Sanders believes that there are several factors that may be contributing to the trend. That includes the outcome of the United States presidential election that was held earlier in the month, among others.
Notably, Donald Trump’s victory has been said to be a victory for the crypto industry. Hence, it has also marked a major shift on the regulation front, bringing more ease and comfort to the industry in general.
About the new dispensation under Trump, Sanders wrote:
“It promises to offer more regulatory clarity, which leads to an improved environment for businesses to operate in the space and increased institutional adoption.”
Despite this shift, it might be interesting to note that the United States hasn’t been responsible for a large part of Trezor’s fast-rising customer base. Instead, the global market is.
However, there might be a connection between everything. As Sanders explained, the improved US environment continues to drive BTC prices to new heights. This, in turn, boosts global demand for self-custody as new customers continue to make their way into the space.
Other than the U.S. elections, BTC halving, and global macroeconomic factors have also continued to play an influential role. That is, in the sustained bullish trend within the crypto market.
Are Exchanges Losing Their Relevance?
While it may have been established that there may be a growing trend of self-custody, Bitcoin reserves on centralized exchanges look to be dropping drastically.
For example, this year alone, CryptoQuant says investors took out 427,000 BTC (around $40 billion) from exchanges. This explains why reserves on platforms like Binance and Coinbase are now at their lowest levels in six years.
Sanders did point out that investors may also still be wary of past incidents where exchanges collapsed. With such hard lessons that the crypto community was forced to learn, just maybe the demand for secure hardware wallets like Trezor will only continue to rise from here onward.
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Trezor Hardware Wallet Sees Record-Breaking Demand as Bitcoin Nears $100K
