1.4M ETH Gone From Exchanges Since June as BTC Moves in Reverse

ETH exchange balances have fallen sharply since June, while Bitcoin balances moved slightly higher.

Bitcoin and Ethereum have picked up momentum over the past two weeks after months of choppy prices. Both posted significant gains during this period, and their rise has brought fresh movement to the market.

But data highlighted contrasting exchange inventory trends between the world’s two largest cryptocurrencies.

Different Exchange Trends

According to Santiment’s latest findings, there is a clear divergence in exchange balances for Ethereum and Bitcoin since June. ETH balances on exchanges fell by roughly 1.4 million coins during the period, from about 7.69 million on June 3 to 6.28 million on August 27. The outflow continued even as the leading altcoin’s price climbed. Another 275,000 coins were withdrawn after August 19, which pushed exchange holdings to their lowest level.

ETH has gained about 30% since August 16, indicating that the withdrawals happened during the price rise rather than a decline.

Bitcoin, on the other hand, moved in the opposite direction over the same 12 weeks. Santiment found that exchange balances increased by around 0.25% and remained near the upper end of their recent range. Its price, meanwhile, rose by 26%.