A leading analytics firm says Bitcoin (BTC) holders have pulled tens of thousands worth of BTC from crypto exchanges in just one day.
Santiment says that on the last day of September, crypto exchanges witnessed a massive exodus of crypto to the tune of $683.42 million in BTC, the fourth largest of the year.
According to Santiment, the abrupt relocation of huge amounts of BTC suggests that traders are optimistic on the king crypto entering the final quarter of the year.
“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.”
Amid hints of trader confidence, Santiment highlights that Bitcoin’s supply across all crypto exchanges has fallen to a level not seen since the height of the 2018 crypto bear market.
According to the analytics firm, the dwindling supply of BTC on crypto exchanges reduces the risk of a marketwide sell-off.
“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.”
At time of writing, Bitcoin is changing hands for $19,646, up nearly 3% in the last 24 hours.
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