Bitcoin Leaves Exchanges as Ethereum Returns: A Notable Divergence During the Downturn!
As Bitcoin and Ethereum prices fell, the amount of BTC on exchanges decreased by around 15,000 between October 4 and 8, while the amount of ETH increased by more than 100,000.
Data shared on October 9 by on-chain analytics platform Santiment revealed contrasting trends in the two largest cryptocurrencies by market capitalization. Despite Ethereum losing around 10% and Bitcoin 6% over the same period, their exchange balances moved in opposite directions.
Ethereum returns to exchanges as Bitcoin is withdrawn
Between October 4 and 8, the amount of ETH held on exchanges increased by more than 100,000 ETH, or approximately 2%. Bitcoin exchange balances, meanwhile, fell by around 15,000 BTC.
As a result, while the amount of Ethereum on exchanges grew during the price decline, Bitcoin’s balance shrank. Santiment emphasized that Bitcoin has been leaving exchanges since October 4, while Ethereum has been returning to them.
This comparison covers a broader group of exchanges than the analysis of ETH withdrawals, which looks only at Binance reserves. Therefore, the decline in Binance’s reserves and the overall increase across the exchanges tracked by Santiment reflect different scopes.
ETF flows also diverged
According to information from Santiment based on Farside data, spot Ethereum ETFs saw outflows for the sixth consecutive trading day on October 6. Bitcoin funds, by contrast, saw inflows that day.
Taken together, exchange balances and fund flows show that investor activity in the two assets did not move in the same direction, even as both prices fell. On the Ethereum side, both fund outflows and an increase in the amount of ETH on exchanges stand out.
Stay tuned for the latest developments…!
$BTC
$ETH
$GIGGLE
As Bitcoin and Ethereum prices fell, the amount of BTC on exchanges decreased by around 15,000 between October 4 and 8, while the amount of ETH increased by more than 100,000.
Data shared on October 9 by on-chain analytics platform Santiment revealed contrasting trends in the two largest cryptocurrencies by market capitalization. Despite Ethereum losing around 10% and Bitcoin 6% over the same period, their exchange balances moved in opposite directions.
Ethereum returns to exchanges as Bitcoin is withdrawn
Between October 4 and 8, the amount of ETH held on exchanges increased by more than 100,000 ETH, or approximately 2%. Bitcoin exchange balances, meanwhile, fell by around 15,000 BTC.
As a result, while the amount of Ethereum on exchanges grew during the price decline, Bitcoin’s balance shrank. Santiment emphasized that Bitcoin has been leaving exchanges since October 4, while Ethereum has been returning to them.
This comparison covers a broader group of exchanges than the analysis of ETH withdrawals, which looks only at Binance reserves. Therefore, the decline in Binance’s reserves and the overall increase across the exchanges tracked by Santiment reflect different scopes.
ETF flows also diverged
According to information from Santiment based on Farside data, spot Ethereum ETFs saw outflows for the sixth consecutive trading day on October 6. Bitcoin funds, by contrast, saw inflows that day.
Taken together, exchange balances and fund flows show that investor activity in the two assets did not move in the same direction, even as both prices fell. On the Ethereum side, both fund outflows and an increase in the amount of ETH on exchanges stand out.
Stay tuned for the latest developments…!
$BTC
$ETH
$GIGGLE