Bitcoin (BTC) and Ethereum (ETH) exchange reserves getting drained

According to the on-chain data from CryptoQuant, Bitcoin and Ethereum are being massively withdrawn with a strong positive price correlation. Various cryptocurrency exchanges have lost more than 2 million Ethereum and 100,000 thousand Bitcoin in less than a month. In USD, the overall value of these outflows totaled $10.4 billion.

The overall outflow from exchanges has been continuously growing since 2020. This could be an indication of the beginning of a potential bullrun. Bitcoin and the cryptocurrency market in general started a steady growth in 2020, when exchanges began to progressively lose their reserves.

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