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$683 M Withdrawals In Bitcoin Show Massive Confidence

It’s been revealed that there are a lot of exciting moves taking place in the crypto space these days. Check out the latest one involving BTC withdrawals below.

Bitcoin optimistic predictions are out

A leading analytics firm says Bitcoin (BTC) holders have pulled tens of thousands worth of BTC from crypto exchanges in just one day, according to the latest reports. This shows massive confidence.

Santiment said 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 is a fact that is showing 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.”

It’s also important to note that the firm 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.

As the online publication the Daily Hodl notes, the dwindling supply of BTC on crypto exchanges reduce the risk of a marketwide sell-off, according to the same notes.

“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.”

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $19,957.

Stay tuned for more news from the crypto space.

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