Trezor sees 600% sales surge as Bitcoin nears $100K

Hardware wallet provider Trezor has reported a significant surge in demand as Bitcoin (CRYPTO:BTC) approached its historic peak of $99,645 last week.

According to Trezor’s chief commercial officer, Danny Sanders, the company saw a 600% increase in weekly wallet sales, with November 22 setting a new record as the firm’s best single sales day, surpassing its previous high in May 2023.

This surge reflects a broader trend of rising self-custody adoption.

“The mantra ‘not your keys, not your coins’ remains highly relevant, as the market continues to recognise the risks of leaving assets on centralised exchanges,” Sanders stated.

Bitcoin reserves on major exchanges like Binance and Coinbase have dropped to their lowest levels in six years, with approximately 427,000 BTC, valued at around $40 billion, withdrawn in 2024, based on data from CryptoQuant.

Sanders linked the increasing interest in self-custodial solutions to Bitcoin's price rally, the U.S. presidential election, and macroeconomic trends.

The election of Donald Trump and his pledge to establish a strategic Bitcoin reserve have added optimism to the cryptocurrency market.

Sanders noted the shift in U.S. regulatory sentiment, describing it as transitioning “from a hostile environment to a supportive environment.”

Additional drivers include Bitcoin's fourth halving in April 2024 and central bank monetary policies, such as interest rate cuts in the U.S. and Europe.

French hardware wallet maker Ledger has also observed a sharp rise in demand.

CEO Pascal Gauthier reported a tripling of hardware sales and transactions in recent weeks, with Ledger achieving its two best revenue days in company history following Black Friday.

At the time of reporting, the Bitcoin (BTC) price was $96,362.05.