Bitcoin registered one of the highest numbers of coins moving off of exchanges in three months. About 34700 BTC coins left exchanges on September 30th, showing potential signs of trader optimism going into the fourth quarter, Santiment stated.
“The last time at least this much $BTC left exchanges was June 17th, where prices jumped +22% the next 4 weeks”, the online data platform noted.
Even if Bitcoin saw substantial corrections in 2022, investor interest in the asset has surged. As the leading cryptocurrency seems to live up to expectations of being a safe haven asset in the context of high inflation, BTC’s trading volume has climbed consistently along this line.
In particular, on-chain statistics by Santiment showed recently that, the asset’s trade volume achieved its highest level since mid-June to stand at $42.68 billion as of September 29.
The Bitcoin trading volume partly complements the asset’s founding principles of prospering in high inflationary conditions.
The majority of the world’s fiat currencies are also struggling in the face of an overbearing US dollar. As a result, it appears that investors are eager to sell fiat money while viewing Bitcoin as a safety net. Additionally, some investors are looking to make money through arbitrage.
Bitcoin Riding High On Investors’ Sentiment
Furthermore, the asset’s potential is highlighted by the rise in Bitcoin trading volume against fiat currencies. Due to their finite quantity, cryptocurrencies have been hailed by supporters as being a superior substitute for fiat money and gold.
The other day, Ardian Zdunczyk, the founder and CEO of The Birb Nest, offered his opinions on Bitcoin and potential developments for the cryptocurrency over the course of the upcoming quarter on Twitter on October 1.
The founder of Birb Nest first noted in a Tweet that BTC has historically performed well in the fourth quarter and that it would be intriguing to watch if the world’s most dominant crypto coin could repeat the feat.
Additionally, he used some historical data to demonstrate that investors should anticipate some positive returns over the upcoming two months, but he also made clear that there is no certainty that this will occur.