Metrics signal: Will Bitcoin bull continue?
While the amount of Bitcoin held in exchanges fell to the lowest levels in the last six years, spot Bitcoin ETF inflows gained momentum. These metrics pointed to the possibility of the âUptoberâ rally continuing.
Amid positive expectations, the amount of Bitcoin held in exchanges fell to the lowest level since November 2018. CryptoQuant reported that there were over 2.8 million BTC on central exchanges. Spot Bitcoin ETFs traded in the US increased their holdings during the period when BTCs on exchanges decreased.
Stronger-than-expected US employment data and on-chain metrics signal that Bitcoin could continue its rise in the fourth quarter.
According to data from CME Groupâs FedWatch tool, the probability of the Fed cutting interest rates by 25 basis points at its meeting on November 7 has increased to 97 percent.
Cointelegraph reported that the macroeconomic data coming from the US is positive and that the data in question has increased interest in Bitcoin.
The data shows that the amount of $BTC in central exchanges has decreased by 12 percent in the last six years, while BTC is stuck between $ 50,000 and $ 72,000. The decrease in BTC reserves in exchanges has been compared to 2021, when it made a big rally. Cointelegraph noted the following on the subject;
âIf history repeats itself, the decreasing BTC reserves in exchanges could be a sign of a rise to record levels.â
Institutional demand is increasing as BTC stocks begin to run out. CryptoQuant reported that institutional investors purchased an average of 7,000 BTC at the end of September.
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