By Franklin Smith
Is enthusiasm around Bitcoin and holders witnessing a massive foundation regardless of ongoing daunting bearishness? Well, it seems like the narrative here.
Santiment’s data shows total supply on crypto exchanges has declined to an extreme low. Remember, this drop emerged amid a wide-market crash.
Smiling Amid Pain
The world’s leading crypto, Bitcoin, continued to see more upticks beyond $19K, regardless of the prevailing struggle. While publishing this blog, Bitcoin traded at $19.6K, following a 3% upside move in its price charts. Indeed, Bitcoin explored green on the supply and price front.
Furthermore, Bitcoin saw its supply on exchanges plunging to a new four-year low, and that reduced extended sell-off risks.
Santiment’s char show the ‘improving’ case. Bitcoin supply continued to move out of exchanges as market players presented further signals of contentment with current holdings.
Santiment commented on the findings, stating Bitcoin supply on exchanges hit below 9% since 2018, boosting bulls’ confidence. That would welcome a bullish strength for the leading crypto, benefiting its holders.
Moreover, money moving out of crypto exchanges has deteriorated. Bloomberg data shows cash leaving cryptocurrency exchange-traded cash slowed by 97% in the third quarter compared to the 2nd quarter. What was the holders’ response to that?
Meanwhile, most BTC traders remained natural to the effects of the global economic picture, betting massively on BTC’s future rallies. Though the pace took a blow, the goal stayed the same.
Moreover, Glassnode revealed that Bitcoin holders stayed at the 800 million – 1 billion range before rising higher. Nevertheless, they awaited the correct triggers.
Where to Put Your Vote
Remember, Crypto-Twitter remains more vocal on each discussed case. For example, one fan assessed the development using a macro lens.
He tweeted that October has seen the 3rd-highest monthly returns, behind November and April. He added that September has historically been the worst for Bitcoin.
Another renowned crypto analyst stated that the leading crypto might sail towards $25K without challenges in October, according to historical returns.
In that context, individuals should remember the imminent bearishness in the crypto space. Moreover, the Fear & Greed Index flashed ‘extreme’ fear during this publication.