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

Published 02/10/2022, 20:35
Updated 02/10/2022, 21:10
© Igor Faun 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 (CRYPTO: BTC) moved out of the exchange in a single day.

According to Santiment, this could indicate traders’ confidence heading into the fourth quarter.

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.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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