<p>The absence of any answer here in three years suggests to me that the readers of this website perhaps don't know of any good evidence of significant participation in the annual exercise advocated by the &quot;Proof of keys&quot; website.</p>
<p>The &quot;Proof of keys&quot; website says this is an annual event every January 3rd.</p>
<p>However <a href="https://www.blockchain.com/explorer/charts/trade-volume" rel="nofollow noreferrer">blockchain.com's graph of trading volumes</a> shows no peaks on January 3rd.</p>
<p><a href="https://i.sstatic.net/PIfGu.png" rel="nofollow noreferrer"><img src="https://i.sstatic.net/PIfGu.png" alt="enter image description here" /></a></p>
<p>There's a peak there on December 5th and at other times but no evidence of any truly significant large-scale &quot;Proof of keys&quot; activity on January 3rd that would stress-test the exchanges.</p>
<p>I conclude that the whole idea of a coordinated annual withdrawal of money as a stress-test of exchanges is largely worthless because it has never properly happened to any significant extent and probably wouldn't work in the way suggested.</p>

CC BY-SA 4.0
2022-12-02T16:16:34.413Z
Relatedly glassnode reported just this week that withdrawals from exchanges were at a historic high following the FTX collapse: https://twitter.com/glassnode/status/1591943265296998400
Murch
CC BY-SA 4.0
2022-11-02T12:20:08.017Z
2022-12-02T16:08:31.940Z
2022-12-02T16:08:31.940Z
RedGrittyBrick
<p>Yesterday was publicised as a "<a href="https://www.proofofkeys.com/" rel="nofollow noreferrer">Proof of Keys</a>" day when people with accounts on Bitcoin exchanges were urged to withdraw their balance into a stand-alone wallet for the day as a test whether the exchanges actually held all the Bitcoin that had notionally been purchased from them or deposited with them.</p>

<p>Are there any verifiable figures for the proportion of total-holdings withdrawn from the most popular exchanges?</p>

<exchanges>
Was the "Proof of keys" exercise "The Ultimate Stress Test"?
RedGrittyBrick
# Was the "Proof of keys" exercise "The Ultimate Stress Test"?

(Asked by: username_0 on 2019-01-04)

Yesterday was publicised as a "[Proof of Keys](https://www.proofofkeys.com/)" day when people with accounts on Bitcoin exchanges were urged to withdraw their balance into a stand-alone wallet for the day as a test whether the exchanges actually held all the Bitcoin that had notionally been purchased from them or deposited with them.

Are there any verifiable figures for the proportion of total-holdings withdrawn from the most popular exchanges?

**Tags:** exchanges


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## 1 answers

### Answer by username_0 on 2022-11-02. Score: 1

The absence of any answer here in three years suggests to me that the readers of this website perhaps don't know of any good evidence of significant participation in the annual exercise advocated by the "Proof of keys" website.

The "Proof of keys" website says this is an annual event every January 3rd.

However [blockchain.com's graph of trading volumes](https://www.blockchain.com/explorer/charts/trade-volume) shows no peaks on January 3rd.

[![enter image description here](https://i.sstatic.net/PIfGu.png)](https://i.sstatic.net/PIfGu.png)

There's a peak there on December 5th and at other times but no evidence of any truly significant large-scale "Proof of keys" activity on January 3rd that would stress-test the exchanges.

I conclude that the whole idea of a coordinated annual withdrawal of money as a stress-test of exchanges is largely worthless because it has never properly happened to any significant extent and probably wouldn't work in the way suggested.

> **Comments:**
> **username_1**: Relatedly glassnode reported just this week that withdrawals from exchanges were at a historic high following the FTX collapse: https://twitter.com/glassnode/status/1591943265296998400  

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