This remains a potentially bullish indicator for the lead crypto asset, as Santiment indicates it may point to trader confidence heading into Q4. It notes that the last time such a large quantity of BTC left exchanges was June 17, after which prices increased by almost 22% in the weeks that followed. In its most recent analysis, on-chain data analytics firm CryptoQuant notes that exchange reserves have decreased by more than 60,000 BTC during the last three days. It states that this remains the highest amount in months and might be a sign of demand returning to the market after months of price declines. While exchange outflows remain positive, less supply on exchanges might imply lower selling pressure by market participants.
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Over 34,000 BTC Moved off Exchanges in Single Day, What This Implies for Bitcoin Price
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