Bitcoin Reserves Across Exchanges Hits 3-Year Low as BTC Trades Between $62,000 and $61,000: Glassnode

Bitcoin Reserves Across Exchanges Hits 3-Year Low as BTC Trades Between $62,000 and $61,000: Glassnode

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%Nice cross. pic.twitter.com/p6BTzVLTRe— Lex Moskovski (@mskvsk) November 1, 2021

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

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