Bitcoin reserves on both spot and derivative exchanges hit a peak at the start of June for this year. This however has been slowly reverting. While reserves still remain higher than the start of the year, spot markets have been heading in a distinctively downward trajectory. The number of Bitcoin held on exchanges has flatlined since mid-June heading into Q3, 2021. Ethereum, on the other hand, has seen over 1mn coins scooped off from exchanges since the end of May. While it might be early to say confidently, there is the potential for fundamentals to break correlations of a market that has rem…

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