On-chain analytics firm Santiment reports that 34,723 Bitcoin moved off exchanges Sept. 30, marking the highest in more than three months and the fourth largest Bitcoin move in 2022.
This continues to be a potentially optimistic signal for the top cryptocurrency asset, as Santiment suggests it may signal increased trader confidence going into Q4.
It mentions that on June 17, when a similar amount of BTC previously left exchanges, prices rose by about 22% in the weeks that followed. On-chain data analytics company CryptoQuant reports that during the last three days, exchange reserves have dropped by more than 60,000 BTC in its most recent review.
It claims that this is still the greatest quantity in months and may indicate that after months of price decreases, demand is starting to pick up again. Exchange outflows are still positive, but there may be less supply on exchanges, which could indicate reduced selling pressure from market players.
At $19,281, BTC is currently trading slightly lower. The poor trading sentiment that has persisted since the disappointing price performance in September may also be a bullish sign.
According to Santiment statistics, crypto expert Ali noted that:
“The market’s perception of bitcoin is still unfavorable. A weighted sentiment score of -0.33 and the fact that only 20% of social media mentions about bitcoin are related to bitcoin show that interest in the cryptocurrency has decreased.”
At the end of September, Bitcoin (BTC) fell and failed to maintain the $20,000 level, ending the month at $19,425. With prices down 1.64% so far in October, Bitcoin has yet to show any growth, capping 3.16% losses in September.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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