Exchanges Close Q3 With Massive Bitcoin Outflows, Why A Rally Is On The Horizon

The third quarter of 2022 was a rollercoaster for the price of bitcoin. BTC’s price had fluctuated wildly during this time and ended up hitting lower lows than expected. However, this has not changed investors’ convictions about the cryptocurrency. As the third quarter drew to a close, there had been a massive withdrawal spree from centralized exchanges, which led to more than $600 million in outflows. Bitcoin Outflows Grow The last day of September has proven to be an important trading day for bitcoin. Given that it was both the last day of the month and a Friday, meaning the close of the trading week, bitcoin investors seemed to have taken this as a sign to move their BTC off exchanges. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins Data shows that on this last day, investors moved 34,723 BTC out of centralized exchanges. This came out to Rond $668.07 million at the time of the withdrawals. It also follows the accumulation trend that has been gaining momentum since mid-September. This happened while the digital asset trended below $20,000, and it is now apparent that this accumulation trend had been behind the brief spike above $20,000 on Friday. More than 34k BTC leaves exchanges in one day | Source: Santiment On-chain data aggregator Santiment notes that this is the 4th largest daily BTC outflow that has been recorded for the digital asset in 2022. Additionally, it is also a ne...