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Home » Trezor hardware wallet experiences surge in demand as Bitcoin nears $100K
Trezor hardware wallet experiences surge in demand as Bitcoin nears $100K
Trezor hardware wallet experiences surge in demand as Bitcoin nears $100K
Bitcoin

Trezor hardware wallet experiences surge in demand as Bitcoin nears $100K

11/27/20243 Mins Read
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The cryptocurrency self-custody trend has been gathering steam amid Bitcoin nearing the $100,000 price mark last week, according to the hardware wallet provider Trezor.
Trezor has seen a 600% spike in weekly wallet sales amid Bitcoin’s (BTC) massive rally, leading to its historic all-time high above $99,600, the firm announced to Cointelegraph on Nov. 27.
On Nov. 22, when Bitcoinhitits highest value on the record of $99,645 based on CoinGecko data, Trezor achieved its best single sales day, eclipsing the previous high reached in May 2023.
The sharp spike in demand for Trezor hardware crypto wallets should be attributed to a number of factors, including the outcome of the presidential election in the United States, Trezor’s chief commercial officer, Danny Sanders, said.
A “complete change” in crypto regulation approach
Donald Trump’s victoryin the US presidential election in early November has greatly impacted cryptocurrency markets, thus driving the demand for self-custodial crypto storage solutions like Trezor.
The election has marked a “complete change” in the approach from a regulatory standpoint, “moving from a hostile environment to a supportive environment” in the US, Sanders said.
“It promises to offer more regulatory clarity, which leads to an improved environment for businesses to operate in the space and increased institutional adoption,” he added.

Despite the US election being a pivoting event for crypto, Trezor has not seen much changes in the share of the US demand, according to Sanders.
“The difference is that the improved US environment continues to drive the price to new heights, which in turn drives global demand for self-custody as new customers enter the space,” the exec said.
BTC halving and macro climate also played a role
The US election wasn’t the only driver of cryptocurrency markets in the ongoing market rally, with other factors likeBitcoin’s fourth halving in April 2024and macroeconomic developments.
“Seasonality-wise and halving-wise, there was already an expectation of a price increase as part of the four-year cycle, roughly six months post-halving,” Sanders said.

Central banks in the US and Europe have also been driving liquidity to crypto bystarting cutting rates, he noted, adding:
“The Trump presidency fuelled the price appreciation of Bitcoin further but it is not the only reason for the renewed interest and price appreciation.”
Crypto leaving exchanges is a good sign for self-custody adoption
A significant drop in Bitcoin reserves on exchanges could be another evidence of risingself-custodyadoption.
Bitcoin reserves on crypto exchanges like Binance and Coinbase have declined to their lowest levels in six years, with investors withdrawing 427,000 BTC, or roughly $40 billion, in 2024 alone, according to CryptoQuant.

“The mantra ‘not your keys, not your coins’ remains highly relevant, as the market continues to recognize the risks of leaving assets on centralized exchanges — a hard lesson learned from the collapse of numerous exchanges in the past,” Sanders said.

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