Bitcoin: Survey Reveals How Investors Really Protect Their Assets

A new survey from CoinGecko sheds light on how Bitcoin investors are storing their assets in 2025, revealing a growing preference for self-custody despite the dominance of centralized exchanges.

Centralized exchanges still popular, but self-custody leads

The study, which gathered responses from 2,549 participants between August 22 and September 11, 2025, found that 41.2% of holders keep most of their Bitcoin on centralized exchanges (CEXs). However, when combined, cold and hot wallets accounted for 53.6% of storage choices, signaling that more investors are leaning toward self-managed solutions.

Cold wallets, known for their enhanced security, were favored by 38.1% of respondents, making them the top self-custody option. Hot wallets followed with 15.5%, offering greater convenience but less protection against hacks. A smaller portion, 5.2%, reported holding Bitcoin indirectly, through vehicles such as ETFs, custodial products, or trusts.

Why this matters

CoinGecko’s findings underscore the tension between convenience and security in crypto investing. Centralized exchanges remain attractive due to liquidity and ease of access, but recent history of exchange collapses and regulatory pressures has reinforced the importance of owning private keys. The rising use of cold wallets shows that Bitcoin holders are increasingly prioritizing security over convenience, even if it means giving up instant access to funds.

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Methodology and context

CoinGecko emphasized that the results should be considered indicative rather than definitive, given the survey format and the anonymous nature of responses. Still, with over 2,500 participants, the data provides a valuable snapshot of current sentiment among active crypto users.

As Bitcoin adoption grows, the divide between custodial and self-custodial storage methods is likely to remain a defining issue. For now, the trend suggests that a slim majority of users believe “not your keys, not your coins” is more than just a mantra, it’s a necessity.