The fourth largest Bitcoin transaction in 2022, according to on-chain analytics company Santiment, occurred on September 30 when 34,723 BTC were transferred off exchanges. This was the greatest volume in more than three months.
This continues to be a potentially optimistic signal for the top cryptocurrency asset, as Santiment suggests it may signal increased trader confidence going into Q4. It mentions that on June 17, when a similar amount of BTC previously left exchanges, prices rose by about 22% in the weeks that followed.
On-chain data analytics company CryptoQuant reports that within the previous three days, exchange reserves have dropped by more than 60,000 BTC in its most recent review. It notes that this is still the greatest quantity in months and may signal a rebound in demand.
At $19,281, BTC is now trading slightly lower. The poor trading sentiment that has persisted since the disappointing price performance in September may also be a positive sign. According to Santiment statistics, crypto expert Ali noted that “The market’s perception of bitcoin is still unfavorable. A weighted sentiment score of -0.33 and the fact that just 20% of social media mentions about bitcoin are related to bitcoin suggest that interest in the cryptocurrency has decreased.”
In the past, Q4 has by far been Bitcoin’s finest quarter.
At the end of September, Bitcoin (BTC) fell and failed to maintain the $20,000 level, ending the month at $19,425. With prices down 1.64% so far in October, Bitcoin has failed to show any gain, capping 3.16% losses in September.
Crypto expert Will Clemente outlines a very successful fourth quarter for Bitcoin. “With an average quarterly return of +103.9%, Q4 historically has been by far Bitcoin’s strongest quarter for performance. With average returns of 24% and 58%, October and November have been the two highest performing months thus far.
Does the season matter? We’ll see.” If history repeats itself in this case, it remains to be seen.
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