Bitcoin’s trading volume has steadily expanded since mid-June while the trading volumes of other top capital assets have declined, indicating that the leading crypto could be increasingly considered a “safe haven” for traders fleeing other asset categories, according to a recent analysis by crypto-focused market intelligence platform Santiment.
“Trader interests are beginning to return to relative #safehaven assets like BTC,” the platform said in a tweet.
In addition to this, Santiment has also observed a related market trend that could also impact on the leading crypto’s price spike in the near future.
Some BTC 34,723 left crypto exchanges on September 30. This could represent a potential hint of trader confidence in bitcoin that could continue through the fourth quarter of 2022, according to the platform.
“The last time at least this much BTC left exchanges was June 17th [when] … prices jumped +22%” over the course of the next four weeks, Santiment said.
Amid an increasingly...
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