• About
  • Advertisement
  • Disclaimer
  • Term Of Use
  • DMCA
  • Privacy Policy
  • Cookies Policy
  • Submit Guest Post
  • Contact Us
Best Crypto Blog Website
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
    coredao 1680161524p06iRj8Dow

    Core’s Revolutionary Satoshi Plus Consensus Marries Decentralization, Security, and Scalability

    Metaverse Stock 14 1680026283WyFdFOXZEH

    Metacade raises over $14.7M as presale set to close in 72 hours

    Winkles Flam Season 1 Promo Image 1 1679339960h0xiZRNWFL

    Sphynx Ink and OpenSea Partner for “Winkles & Flam” Digital Collectibles

    Banner 1679678689zG2cpI2oNC

    Construction Giant XCMG Chooses Conflux for NFTs and Future Global Blockchain Applications

    Narwhal TwitterFeed 01 1679648429qaPRy3QEbo

    Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

    photo 2023 03 21 214513 167943514053ze1jKnu5

    Arcade fighting game Battle of Olympus to launch presale for GODLY token on Arbitrum on March 27

    babka 1679436351vZ4KusXtXp

    Virtual Duo Babka and Nushi Honor Game Developers Worldwide at GDC

    KyberSwap Launches ARB yield farms PR 1679396727cp30kkdDSM

    KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum

    Abstract Stock 11 1679332296JIpNOHrPSP

    Metacade Presale Hits Final Stage Before Listings, Raising Over $500k in under 24 hours

  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting
Advertisement
No Result
View All Result
Wootfi Media
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
    coredao 1680161524p06iRj8Dow

    Core’s Revolutionary Satoshi Plus Consensus Marries Decentralization, Security, and Scalability

    Metaverse Stock 14 1680026283WyFdFOXZEH

    Metacade raises over $14.7M as presale set to close in 72 hours

    Winkles Flam Season 1 Promo Image 1 1679339960h0xiZRNWFL

    Sphynx Ink and OpenSea Partner for “Winkles & Flam” Digital Collectibles

    Banner 1679678689zG2cpI2oNC

    Construction Giant XCMG Chooses Conflux for NFTs and Future Global Blockchain Applications

    Narwhal TwitterFeed 01 1679648429qaPRy3QEbo

    Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

    photo 2023 03 21 214513 167943514053ze1jKnu5

    Arcade fighting game Battle of Olympus to launch presale for GODLY token on Arbitrum on March 27

    babka 1679436351vZ4KusXtXp

    Virtual Duo Babka and Nushi Honor Game Developers Worldwide at GDC

    KyberSwap Launches ARB yield farms PR 1679396727cp30kkdDSM

    KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum

    Abstract Stock 11 1679332296JIpNOHrPSP

    Metacade Presale Hits Final Stage Before Listings, Raising Over $500k in under 24 hours

  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting
Advertisement
No Result
View All Result
Wootfi Media
No Result
View All Result
Home News Bitcoin News

At the end of the quarter, a large number of bitcoins flowed out of exchanges! Ambush for the “Uptober” rally in October?

Wootfi News by Wootfi News
04/10/2022
At the end of the quarter, a large number of bitcoins flowed out of exchanges! Ambush for the "Uptober" rally in October?
Share on FacebookShare on Twitter

Bitcoin prices experienced a roller coaster ride in Q3, with wild swings and frequent lows. However, that hasn’t changed investors’ belief in Bitcoin either. At the end of Q3, there was a massive withdrawal of funds from centralized exchanges, resulting in an outflow of more than $600 million.

The last day of September proved to be a big trading day for Bitcoin. It was another Friday, the end of a trading week, that bitcoin investors apparently saw as a signal to move bitcoin off exchanges

Data shows that on the last day of September, investors moved 34,723 bitcoins out of centralized exchanges, equivalent to $668 million, and this trend has been getting stronger since mid-September.

This also happened at a time when the price of bitcoin fell below $20,000, and the price of bitcoin briefly topped $20,000 on Friday, which also made the withdrawal of bitcoin more obvious.

Santiment, an on-chain data aggregator, pointed out that this sets a record for the fourth largest single-day outflow of Bitcoin in 2022, while setting a new three-month record. Bitcoin holdings on centralized exchanges fell by more than 60,000 over the weekend.

For Bitcoin, a massive move out of centralized exchanges like this is always seen as a bullish indicator. Investors usually transfer bitcoins to cold wallets for long-term holding when their long-term belief in bitcoin is high, because they hold in their hearts that “no key means no currency, and the key to the currency is one” (Not your key). keys, not your coins).

The mass removal of bitcoin from exchanges represents a mass removal of the supply of bitcoin from the open market, which can lead to a tight supply. Demand for Bitcoin has also been rising, which means buying pressure has also increased.

Santiment also pointed out in the post that when the last time such a large number of cryptocurrencies moved out of exchanges, the price of Bitcoin skyrocketed by more than 22% in the following month.

Interestingly, October has always been a rising month for Bitcoin and the overall cryptocurrency market, hence the nickname “Uptober” . This means that if it rises from its current price, it could be expected to see Bitcoin price bounce up to $23,000 within the next four weeks.

However, also keep in mind that the worst of the current bear market is not over. Therefore, while a price breakout is possible, it will be difficult for Bitcoin to sustain such high levels, and if it corrects further downwards, it will make another new low.

Bitcoin is currently trading at $19,685.90, which is 10% below the 50-day moving average of $21,234. The next important resistance level is at $19,900, with support at $19,050.

Wootfi News

Wootfi News

Next Post
Bdwhitehost

Bdwhitehost Web Hosting Review: Cheapest Price On Registration.

LATEST .PRESS RELEASE

GluwaXLagos 1666781002kzT5ZY3nnP

Gluwa Blockchain Partners With Lagos State Government to Digitize Agricultural Assets

28/10/2022
zonda 1669125493bnw9DbINRK

Zonda Slashes Maker/Taker Fees by 50% Across All Markets From November 22-29

13/02/2023

LATEST NEWS

Which direction will BTC go

2 critical levels formed in Bitcoin price after the rise: Which direction will BTC go?

20/03/2023
Maggi to Launch Recipe NFTs in the Metaverse

Maggi to Launch Recipe NFTs in the Metaverse

15/03/2023
Egyptian police accused the creators of the Hoggpool project of $615,000 crypto fraud

Egyptian police accused the creators of the Hoggpool project of $615,000 crypto fraud

15/03/2023
US senators urge Meta to close children's access to the metaverse

US senators urge Meta to close children’s access to the metaverse

06/03/2023
Court rejects tax fraud charges against Michael Sailor's MicroStrategy

Court rejects tax fraud charges against Michael Sailor’s MicroStrategy

05/03/2023
Fighting Bears: Bitcoin Miner Riot's Bitcoin Blockchain Hashrate Reaches ATH in 2022

Fighting Bears: Bitcoin Miner Riot’s Bitcoin Blockchain Hashrate Reaches ATH in 2022

05/03/2023
Wootfi Media

Welcome to Wootfi, your number one source for all things [Cryptocurrency]. We’re dedicated to giving you the very best of [Crypto Review], with a focus on [Blockchain Technology ], [Crypto News], [Investment Website].

Follow Us

Categories

  • Affiliate Program
  • AIRDROPS
  • Best Crypto Wallet
  • Bitcoin News
  • Blockchain News
  • Buy Crypto
  • Cardano News
  • CASINO REVIEW
  • CLOUD MINING
  • COINS
  • Crypto News
  • Crypto Press Release
  • DEFI
  • Earning Survey Sites
  • Education Platform
  • Ethereum News
  • Exchange
  • Features
  • Fintech
  • Forex
  • Format Folder
  • Government News
  • ICO
  • Investment
  • News
  • NFT NEWS
  • Press Release
  • Ripple News
  • Uncategorized
  • WALLET
  • Web Hosting
ADVERTISEMENT
  • About
  • Advertisement
  • Disclaimer
  • Term Of Use
  • DMCA
  • Privacy Policy
  • Cookies Policy
  • Submit Guest Post
  • Contact Us

© 2023 WOOTFI - Develop by WOOTFI.
All content on Wootfi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. For More Details Contact Us At - [email protected] .

No Result
View All Result
  • HOME
  • COINS
    • ICO
    • AIRDROPS
  • MINING
  • TRADE
    • COINS
  • PR
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • Crypto News
    • DEFI NEWS
    • Ethereum News
    • Government News
    • NFT NEWS
    • Ripple News
  • CASINO
  • MORE
    • WALLET
    • INVESTMENT
    • Affiliate Program
    • Buy Crypto
    • CLOUD MINING
    • DEFI
    • Exchange
    • Fintech
    • Forex
    • Lending
    • NFT
    • Web Hosting

© 2023 WOOTFI - Develop by WOOTFI.
All content on Wootfi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. For More Details Contact Us At - [email protected] .