Bitcoin News: According to Santiment data, investors want to store their Bitcoin (BTC) and Ethereum (ETH’) savings in a safer environment. So much so that large-capital cryptocurrencies withdrawn from cryptocurrency exchanges have reached record levels.

 

 

Analytics vendor Santiment recently released new data on the status of Bitcoin and Ethereum withdrawals from crypto exchanges.

Both charts show that the balances of the two largest cryptocurrencies on crypto exchanges have dropped to historic lows.

Meanwhile, the amount of Ethereum moved from exchanges is close to what was seen four years ago.

BTC balances at 2021 lows

According to the tweet, the supply of the first cryptocurrency on trading platforms has approached the lowest level of this year. Meanwhile, the BTC supply moved from exchanges is close to the levels seen in late fall 2018.

This data reduces the risk of any Bitcoin selling by the “weak hands” from the cryptocurrency world in the near future. According to the Santiment report, investors are moving their BTC to cold wallets for long-term storage.

Ethereum holders withdraw large amounts of ETH

According to the latest Santiment tweet, the second largest cryptocurrency Ether is also moving in large quantities from crypto exchanges.

Exchange Flow Balance metric data provided by the company’s analytics team shows that the largest amount of ETH has been transferred from crypto exchanges since April 2017 in the first week of July.

310,000+ wallets received 241,000 BTC in downtrend

As reported on Thursday by data provider IntoTheBlock, recently, the world’s largest cryptocurrency was trading between $30,000 and $31,000 at the end of June, with 314,000 crypto wallet holders buying 241,000 BTC on the decline.

At the time of writing, Bitcoin was changing hands at $32,920. However, veteran commodity trader Peter Brandt, who also watches crypto charts, believes that in the near future, BTC could drop below the critical $30,000 level and drop to $20,000 or even below.

On the other hand, Bloomberg chief commodities strategist Mike McGlone believes that in the second half of 2021, Bitcoin will continue its upward move towards its $100,000 target, with crude oil continuing to drop to $50 while currently trading in the $70 region.

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