On June 23, the digital asset platform Voyager once again made withdrawals available to its members. It’s interesting to note that there was a $250 million outflow of cryptocurrency assets just following this decision. The platform’s overall assets were quickly offloaded, bringing their current worth down to $176 million.
The platform’s residual assets, minus VGX, Voyager’s native token, make up a clean asset ratio of 96.15%. A remarkable 2,060 trillion Shiba Inu (SHIB) tokens are also included, along with 2,287.4 Bitcoin (BTC), 27,363.7 Ethereum (ETH), 18,558,340 USD Coin (USDC), and 2,287.4 USD Coin. These numbers show the variety of assets available in the cryptocurrency market and give an idea of platform users’ preferences.
Despite a huge outflow of money, the resilient cryptocurrency market has not been significantly impacted by these withdrawals. In the big picture, this might be viewed as a component of the greater trend of assets being removed from centralised systems, showing a developing self-custody tendency in the cryptocurrency field.
In fact, one of the distinguishing characteristics of the cryptocurrency movement is self-custody, or the act of individuals taking direct management of their digital assets as opposed to depending on third-party financial institutions. For many investors, the motto “not your keys, not your coins” has a strong emotional pull. Therefore, the choice to remove money from Voyager may be indicative of a wider preference among investors for keeping sole possession of their digital assets.
Although the outflow may at first seem concerning, it is important to keep in mind that it constitutes an important part of the crypto agenda. Platforms like Voyager face a continuing issue in combining the convenience of use that comes with being a custodial service with the rising popularity of self-custody.
