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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

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

Best Owie
Best Owie
1 year ago
3 mins read
bitcoin bull

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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.

Bitcoin outflow

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 new 3-month record for the digital asset. Part of a large “bank run” that has seen the BTC held by centralized exchanges drop by more than 60,000 over the weekend.

Can This Trigger A Breakout?

For bitcoin, such large removal of BTC from centralized exchanges is always a bullish indicator. Investors tend to do this when their long-term conviction is high, and they want to safeguard their coins as they hold out for the future since it is common knowledge that “Not your keys, not your coins.”

What this does is remove a substantial supply of bitcoin from the open market, leading to a supply squeeze. Demand has also been on the rise for the digital asset, which means buy pressure is mounting. Santiment also notes in its post that the last time that the digital asset had seen such a massive movement of coins off exchanges, BTC’s price had rallied more than 22% in the next month.

Bitcoin price chart from TradingView.com

BTC settles above $19,000 | Source: BTCUSD on TradingView.com

Interestingly, October has always been a historically bullish month for BTC and the general crypto market. This means that a rally from this present level could see the price of bitcoin hit $23,000 over the next 4 weeks. However, it is also important to bear in mind that the worst of the bear market is not over. So while a breakout is possible, it will be hard for bitcoin to maintain such high levels, and a downward correction could lead to new lows.

Related Reading: Why Bitcoin, Ethereum May Not Be The Best Plays For The Next Bull Market

Bitcoin is trading at $19,189 at the time of this writing. This puts it 10% below its 50-day moving average of $21,234. The next significant resistance point lies at $19,900, while the digital asset is seeing mounting support at $19,050.

Featured image from CryptoSlate, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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