92% of the institutional investors keep their crypto assets on exchanges despite the inherent security risks according to the latest data reports that we have in our cryptocurrency news today.
Compiled by crypto exchange Binance just a few days ago, a survey asked 76 institutional investors who used the platform to answer about their trading habits. In the survey, 92% of institutional investors expressed that they keep their crypto on the exchanges.
The survey was a part of the Binance institutional market insights research which is now in the second edition. Among the most interesting results was that despite all of the information that we have, people still decide to keep their crypto or stablecoins on exchanges and not under their own control. There are many other safer alternatives such as cold wallets and hardware wallets:
“Exchanges remain as the most popular choice for crypto asset storage amongst our institutional and VIP clients at 92.1%. When moving to self-storage, cold wallets are the second most favored choice, given their improved safety and control. Third-party custody services were the least popular option at 2.6%.”
The 76 investors apparently don’t have the significant exposure in terms of capital and more than 50% had total crypto holdings of fewer than 10 units of a coin and 10 BTC will now reach up to $72,000. The investors face a lot of risks especially the risk of loss or theft of their coins if they remain in the wallets to which they don’t have control over the private keys.
The exchanges such as Binance, were under a lot of attacks this year while the regulatory scrutiny can also see funds getting locked up without notice until an account owner provides further identity data. The efforts to make the investors aware of the need to be in control over their money are increasing. The second annual proof-of-keys event will challenge all of the bitcoin holders to remove their funds from the third-party wallets.
The advocate Trace Mayer is in preparations for this move which is coinciding with the anniversary of the Bitcoin genesis block which is a common sight on social media as we are used to seeing over the past years.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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