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 supply on exchanges is now at a 3 year low - it has been declining for 21 months. pic.twitter.com/lrAoynPt3z
— Bitcoin Archive ??? (@BTC_Archive) November 1, 2021
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 Ethereum—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.
ETH balance on exchanges dropped to 12.2%
— Lex Moskovski (@mskvsk) November 1, 2021
Nice cross. pic.twitter.com/p6BTzVLTRe
At press time, Bitcoin is changing hands at $61,885 and Ethereum is sitting at $4,350, as per CoinMarketCap.
Denys Serhiichuk
Tomiwabold Olajide
Vladislav Sopov