KEY FACT: Trezor, a leading hardware wallet provider, has reported a 600% surge in weekly sales as Bitcoin approaches the $100,000 milestone, with its highest single-day sales recorded on November 22, 2024, when Bitcoin reached $99,645. This demand shows a growing shift toward self-custody, as investors increasingly move Bitcoin off centralized exchanges, where reserves have dropped to a six-year low. The surge is attributed to the April 2024 Bitcoin halving, macroeconomic factors like interest rate cuts, and optimism surrounding the U.S. presidential election, which signals potential regulatory support for cryptocurrencies. This trend suggests a move toward secure, decentralized asset management.

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Source: Trezor

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Hardware Wallet Trezor Records Peak Demand as Bitcoin Nears $100K

Leading hardware wallet manufacturer, Trezor, recorded an unprecedented spike in demand, signaling users' shift toward self-custody in the cryptocurrency market as Bitcoin nears $100K. This demand surge coincided with Bitcoin's all-time high price of $99,645, on November 22, 2024. The company disclosed a 600% increase in weekly sales, culminating in its highest single-day revenue

The surge in demand suggests a growing preference among investors to secure their digital assets outside centralized exchanges, driven by the principle “not your keys, not your coins.” Data from CryptoQuant shows that centralized Bitcoin reserves have dropped to a six-year low, with investors withdrawing approximately 427,000 BTC—worth $40 billion—in 2024 alone.

Trezor's Chief Commercial Officer, Danny Sanders, attributes part of this trend to the shifting regulatory environment following Donald Trump’s U.S. presidential election win. Sanders noted that the new administration's perceived support for cryptocurrency innovation marks a stark departure from the previously hostile approach, catalyzing optimism for institutional and retail investors alike.

Other factors driving Bitcoin's surge include the April 2024 Bitcoin halving, which halved the rate of new Bitcoin production, and global economic policies such as interest rate cuts in the U.S. and Europe. While the regulatory shift in the U.S. has amplified momentum, Sanders emphasized that Bitcoin’s recent rally is also rooted in broader macroeconomic trends.

The demand for self-custody solutions has extended beyond Trezor, with other hardware wallet providers, such as Ledger, also experiencing increased sales. As Bitcoin’s price continues to climb, the Trezzor wallet demand trend shows the importance of secure, decentralized storage in a maturing cryptocurrency market.

While Bitcoin is on the verge of breaking the $100,000 barrier, the move toward self-custody marks an entry into a new era of adoption in the crypto ecosystem. It further suggests that investors are now concerned over centralized risks and that there is a growing awareness of the need for asset control in the evolving financial sector.

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