34,773 BTC Moved Off Exchanges in a Single Day. Santiment Explains Its Significance to Bitcoin Trend

Bitcoin (BTC), the largest cryptocurrency by market cap, has been changing hands at the $20,000 price region over the past months. Despite the sluggish growth, the recent whales’ activity shows that traders’ and investors’ confidence in the digital asset remains intact.

According to a market intelligence platform Santiment in a tweet today, 34,723 BTC were moved off various exchanges on the 30th of September, indicating that crypto traders’ confidence in Bitcoin is increasing.

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Santiment further revealed that the last time such a vast amount of BTC moved away from exchanges was about four months ago, resulting in an over 22% price surge.

Santiment tweeted, “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.”

It’s worth noting that whenever a whopping amount of Bitcoin or any other asset leaves exchange(s), it is always regarded as a bullish signal.

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In a recent analysis shared by on-chain analytics firm CryptoQuant, exchange reserves have decreased by over 60,000 BTC over the last three days.

According to CryptoQuant, this is the highest movement of BTC in months and could be an indication that demand for the flagship crypto has returned following months of market downturns.

At the time of filing this report, BTC is trading at $19,305. Due to the prolonged lethargic price trend in September, sentiment among traders remains low, which is likely another bullish signal for Bitcoin (BTC).

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