More than $600M worth of BTC pulled from exchanges in one day, here’s what it means!
A leading analytics firm, Santiment has revealed that on September 30th, an incredibly large amount of Bitcoin was pulled from multiple crypto exchanges, which they claim to be a bullish sign for the crypto.
The BTC Withdrawals
It’s reported by Santiment that a total of up to 34,723 BTC, or around $683 million worth of Bitcoin, were abruptly withdrawn by multiple holders on the last day of September. This huge amount of withdrawal has been marked to be the fourth largest of the year.
👌 #Bitcoin continues to see its supply moving away from exchanges as traders show further signs of being content with their current holdings. With less than 9% of $BTC on exchanges for the first time since 2018, it is a good bode of confidence for bulls. https://t.co/4GojZRcaUY pic.twitter.com/d5rw8kHC5T
— Santiment (@santimentfeed) October 3, 2022
According to Santiment, this is a great sign as it means that many investors are feeling bullish for the cryptocurrency entering the final quarter of 2022.
“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 four weeks.” Santiment explains on their official Twitter account.
“Bitcoin continues to see its supply moving away from exchanges as traders show further signs of being content with their current holdings.“
Bullish For Bitcoin
It’s not just this analyst firm that’s seemingly analyzed the bullishness for Bitcoin, multiple BTC investors have also been looking forward to seeing Bitcoin’s price rise throughout October.
For the past few years, October has always been known to be one of the most bullish months for the major crypto, with investors seeing an average return of 22%.
Aside from that, a number of analysts and investors have also mentioned feeling bullishness towards Bitcoin due to its current price trend.
Despite the current bear market and continuous hike in interest rate by the FED, Bitcoin has seemingly been trading steadily at around $19,000 to $20,000 these past few months. Because of this, many investors have voiced their predictions that when the macroeconomy recovers from inflation, Bitcoin will see a massive rise in its price.