BTC’s move towards $100 000 has increased Trezor wallet sales growth by 600%

What’s new? Weekly sales volumes of hardware crypto wallets from hardware crypto wallet provider Trezor surged 600% on the back of a bitcoin rally that saw the first cryptocurrency’s exchange rate approach $100 000. Thus, on November 22, when bitcoin hit an all-time high (ATH) of $99 645, Trezor also updated the record for daily sales, surpassing the May 2023 result.

Material by Cointelegraph

What else is known? According to Trezor’s Chief Commercial Officer Danny Sanders, the surge in demand for Trezor hardware crypto wallets can be attributed to several factors, including the results of the US presidential election.

Donald Trump’s victory suggests a complete change in approach to regulating the industry and creating a favorable environment. As Sanders notes, increased regulatory clarity will improve the business environment and encourage greater adoption of cryptocurrencies among financial institutions.

However, the company noted no significant change in the share of demand for its devices directly in the United States.

“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 senior executive explained.

Bitcoin’s halving has also contributed to the growth of the cryptocurrency market. This inherent event occurs every four years since the launch of the network and halves the reward for mining blocks, slowing issuance, and reaching a maximum fixed supply of 21 million coins. In April 2024, the reward was reduced to 3,125 BTC.

According to Sanders, given the seasonality of the markets, a price increase was expected just about six months after the halving, which is what actually happened.

In addition, central banks in the US and Europe began easing monetary policy by lowering key rates, which boosted liquidity and capital inflows into the crypto market.

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Evidence of the growing demand for self-storage can also be seen in the declining reserves of centralized crypto exchanges (CEXs) due to the outflow of user assets. Bitcoin reserves on leading platforms Binance and Coinbase have fallen to a six-year low, with investors withdrawing 427 000 BTC in 2024 alone, according to CryptoQuant data.

“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.

Hardware wallet provider Ledger also noted an increase in demand. In the weeks leading up to Black Friday, the company recorded a threefold increase in wallet sales and a 3,5-fold increase in transactions. Ledger Chairman and CEO Pascal Gauthier noted that growth only intensified after Black Friday, with the company recording two consecutive days of record daily revenue, surpassing the result after the collapse of the centralized FTX exchange in November 2022.