Analytics firm Santiment has recently shared that more than 34,000 Bitcoin BTC/USD moved out of the exchange in a single day.
According to Santiment, this could indicate traders’ confidence heading into the fourth quarter.
#Bitcoin saw 34,723 of its coins move off exchanges on September 30th, indicating what may be a hint of trader confidence heading into Q4. The last time at least this much $BTC left exchanges was June 17th, where prices jumped +22% the next 4 weeks. https://t.co/QUCCAllxtj pic.twitter.com/vPG1RKWUpX— Santiment (@santimentfeed) October 2, 2022
Earlier in June, such a large amount of BTC left the exchange, after which the price rose by 22%.
CryptoQuant has reported that FX reserves have shrunk by more than 60,000 BTC in the last three days.
Cryptocurrency strategist James Altucher, the host and founder of InvestAnswers, said that as the last quarter of the year begins, October has been historically a bullish month for Bitcoin.
At the time of writing, Bitcoin was trading at $19,284, up by 1.68% in the last seven days.
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