Metrics signal given: Will the Bitcoin bull continue?

While the amount of Bitcoin held in exchanges has dropped to the lowest levels in six years, spot Bitcoin ETF inflows have gained momentum. These metrics indicate that the 'Uptober' rally could continue.

In the midst of positive expectations, the amount of Bitcoin held in exchanges has dropped to the lowest level since November 2018. CryptoQuant reported that there are over 2.8 million BTC held on centralized exchanges. During the period of decreasing BTC on exchanges, it was observed that the assets of spot Bitcoin ETFs traded in the US increased.

Step by step to the Bitcoin bull

The stronger-than-expected US employment data and chain measurements signal that Bitcoin could sustain its rise in the fourth quarter.

According to data from CME Group's FedWatch tool, the probability of a 25 basis point interest rate cut at the Fed's meeting on November 7th has increased to 97%.

Cointelegraph reported that macroeconomic data from the US is positive and that these data have increased interest in Bitcoin.

Data shows that the amount of BTC on centralized exchanges has decreased by 12% in the last six years, while BTC has been stuck between $50,000 and $72,000. The decrease in BTC reserves on exchanges has been likened to the year 2021, which saw a major rally. Cointelegraph noted the following regarding the matter;

“If history repeats itself, the decreasing BTC reserves on exchanges could be a sign of a surge to record levels.

In the period when BTC stocks are running out, institutional demand is increasing. CryptoQuant reported that institutional investors bought an average of 7,000 BTC at the end of September.

According to CoinGecko data, BTC has risen by 1.5% in the last 24 hours, reaching $62,225.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.