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Bitcoin Reserves Across Exchanges Hit Three-Year Low as BTC Trades Between $62,000 and $61,000: Glassnode

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Mon, 11/01/2021 - 13:42
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Yuri Molchan
According to recent analytics data, Bitcoin and Ethereum reserves on exchanges keep draining, dropping to a major low
Bitcoin Reserves Across Exchanges Hit Three-Year Low as BTC Trades Between $62,000 and $61,000: Glassnode
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Data provided by major on-chain analytics vendor Glassnode shows that investors continue to withdraw their Bitcoin from centralized crypto exchanges; they have been doing it for almost two years.

The Glassnode screenshot was shared by a prominent Twitter account dedicated to Bitcoin: "Bitcoin Archive."

By now, the Bitcoin supply across exchanges has dropped to a three-year low, according to the chart.

Bitcoin has been trading in a range between the $62,000 and $61,000 levels after it had dropped below the $60,000 area earlier today.

The CIO of Moskovski Capital has shared a similar Glassnode chart regarding Ethereumโ€”reserves of the second-largest crypto on exchanges have also been melting as investors are withdrawing ETH to cold wallets for long-term storage. It has declined to 12.2% now.

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At press time, Bitcoin is changing hands at $61,885 and Ethereum is sitting at $4,350, as per CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. โ€˜Hodlsโ€™ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.