Bitcoin Trading Volume Picking Up Again – End of Bear Market?
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 gloomy outlook for the world economy, the latest days have brought a number of positive developments for the crypto markets, suggesting a new crypto boom could be soon in. In a positive sign of a potential market rebound, a seven-week bull run on bitcoin (BTC) short positions has ended with outflows of some $5.1 million, according to a recent analysis by digital asset investing firm CoinShares.
Such positive news for crypto has lead some industry players, such as MicroStrategy’s chairman and co-founder Michael Saylor, to state that, as the price of Bitcoin has found a stable bottom at around $20,000, it could retake its former peak price levels of about $60,000 within the next four years.