On-chain analytics firm Santiment estimates that 34,723 BTC moved off exchanges on September 30, marking the most significant volume over three months and the fourth largest Bitcoin movement in 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 4 weeks. https://t.co/QUCCAllxtj pic.twitter.com/vPG1RKWUpX
— Santiment (@santimentfeed) October 2, 2022
This remains a potentially optimistic indication for the leading crypto asset, as Santiment suggests it may reflect trader optimism moving into the fourth quarter. It is noted that the last time such a vast number of BTC left exchanges was on June 17, following which prices rose by over 22% during the subsequent weeks.
In its most recent report, the on-chain data analytics firm CryptoQuant reveals that exchange reserves have declined by more than 60,000 BTC over the previous three days. This is the most significant number in months and may indicate a revival of market demand following months of price decreases.
Currently, Bitcoin is trading a little lower at $19,281. Following September’s disappointing price performance, traders’ mood remains low, which may be a further optimistic indication.
Ali, a crypto expert, stated this while referencing Santiment data “The market sentiment toward Bitcoin remains negative. Social data from sentiment feed shows a weighted sentiment score of -0.33, while talk of BTC on social media sits way below 20%, indicating that interest for BTC has waned.”
Historically, Q4 has been Bitcoin’s best performance by far
Bitcoin (BTC) failed to maintain the $20,000 level at the end of September, completing the month at $19,425. Bitcoin has been unable to display any gain in October, with prices down 1.64% in the month after falling 3.16% in September.
Will Clemente, a crypto expert, discusses Bitcoin’s historically favourable fourth quarter. “Historically, Q4 has been Bitcoin’s best performance by far, with an average quarterly return of +103.9%. October and November have been its best performing individual months with avg returns of 24% and 58%. Does seasonality matter? Let’s see.”
In this circumstance, it remains to be seen if history will repeat itself.