Why crypto holders are abandoning exchanges for hardware wallets

• Hardware wallet sales in Russia have more than doubled, pointing to stronger demand for self-custody.
• The trend is also visible across major hardware wallet providers, with users increasingly moving assets off exchanges.
• The main risk remains self-custody responsibility, including device security and recovery phrase management.

Russian hardware wallet sales have more than doubled, highlighting a broader shift towards self-custody as crypto users increasingly move assets off exchanges and into personal storage.

The trend reflects growing interest in holding private keys directly rather than relying on exchange custody, particularly after several high-profile exchange failures and tighter regulatory scrutiny.

The strongest comparable companies are the major hardware wallet manufacturers and self-custody providers that benefit when investors prioritise direct control of digital assets.

Ledger

Ledger is one of the world’s largest hardware wallet providers and supports Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), and hundreds of other digital assets.

The company has repeatedly reported strong demand during periods of exchange instability and increased interest in long-term crypto storage.

Its wallets are designed to keep private keys offline, reducing exposure to exchange hacks and online attacks.

Trezor

Trezor is another major hardware wallet manufacturer and remains one of the longest-established self-custody providers.

The company focuses on open-source security and offline key storage for major cryptocurrencies.

Trezor has also benefited from rising demand for independent asset custody during volatile crypto market periods.

SafePal

SafePal combines hardware wallets with mobile wallet software and supports multiple blockchain networks.

The platform has expanded across decentralised finance and multi-chain asset management.

Its hardware products are positioned as a lower-cost self-custody alternative for retail crypto users.

Bitcoin (CRYPTO:BTC)

Bitcoin remains the primary asset stored in hardware wallets and continues to dominate long-term self-custody demand.

Many hardware wallet users hold Bitcoin for extended periods rather than active trading.

The Russian sales surge suggests that demand for secure Bitcoin storage has increased alongside broader self-custody adoption.

Ethereum (CRYPTO:ETH)

Ethereum is the second-largest cryptocurrency commonly held in hardware wallets.

Self-custody has become more important for Ethereum users participating in staking (locking up tokens to secure the network), decentralised finance, and on-chain applications.

Hardware wallets provide offline storage while allowing users to interact with blockchain networks through compatible software.

The bottom line

The rise in Russian hardware wallet sales points to a broader shift towards self-custody across the crypto market.

Companies such as Ledger, Trezor, and SafePal stand to benefit when users prioritise direct asset control, while Bitcoin and Ethereum remain the core assets driving hardware wallet demand.