bitcoin investors pulled more than 34,500 BTC from exchanges on September 30. This shot represents the biggest shot since the massive selling pressure in mid-June 2022. According to the data shared by Santiment, investors may be preparing for the last quarter of the year with increasing confidence.
According to market intelligence firm Santiment, the last time Bitcoin’s exit from exchanges at this level was in June 2022, when the price surged, with the price gaining more than 22%.
The published report states: “Bitcoin saw 34,723 tokens leave exchanges on September 30, which may be giving a hint of trader confidence towards Q4. The last time at least this much BTC left the exchanges was on June 17, when prices rose +22% over the next four weeks.”
👍 #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
Cryptocurrency exchanges are known as one of the easiest and most used methods for trading cryptocurrencies. These platforms have become widely available all over the world and are built to be user-friendly in nature. Thanks to its support for multiple payment systems, investors can attract and deposit fiat currencies, combining traditional finance with digital assets. Also, crypto exchanges are the best option for traders who speculate about market fluctuations.
It would technically be a mistake to say that the assets there are entirely yours, despite the permission to use and access the assets held on the exchanges. For this reason, investors with an increased investment rate tend to leave the stock markets over time. This is due to distrust of centralized exchanges.
Withdrawal of over 35,700 tokens available bitcoin represents more than 0.181% of the circulating supply. If the pullback trend continues, a positive effect can be seen on the price if demand suddenly rises. However, this may not be enough for the BTC price to rise as the global economy is going through tough times right now.
According to market forecasts, the risks of financial crisis continue to increase and the footsteps of the energy crisis in Europe have become more audible due to the damage to the Nord Stream 1 and 2 pipelines. Until the crisis ends, the crypto money market, especially Bitcoin, may not breathe a sigh of relief.
At the time of writing this article, Bitcoin is trading at $19,149 and has a market cap of $366 billion. This week will be key for the future of BTC and financial markets.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.