Over 34,000 Bitcoin Moved Off Exchanges In A Single Day, What Does This Mean For BTC Heading Into October?

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. 

Also Read: Crypto Analyst Who Predicted 2022 Bitcoin Meltdown Says BTC Has Reached A 'Local Bottom'

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.