Bitcoin's Exchange Supply Hits Six-Year Low Amid 'Uptober' Optimism
The cryptocurrency market is buzzing with excitement as Bitcoin’s supply on exchanges has plummeted to a six-year low, according to DailyCoin. This development coincides with positive U.S. jobs data and potential Federal Reserve rate cuts, sparking hopes for a strong fourth-quarter rally in the crypto sphere. On October 4th, Bitcoin surged to $62,338 following an impressive September employment report that saw nonfarm payrolls soar beyond expectations.
Investors are now speculating on a 97% chance of a Fed rate cut at its November meeting, which could create favorable conditions for risk assets like Bitcoin. CryptoQuant reports indicate exchange reserves have dropped significantly since March—a bullish signal historically linked with price increases. Institutional investors are reportedly flocking back into spot Bitcoin ETFs after previous sell-offs earlier this year.
Bitcoin ETF Outflows Exceed $300 Million Amid Market Uncertainty
This week witnessed over $300 million flowing out of U.S.-based spot Bitcoin ETFs due to global macroeconomic uncertainties such as the Iran-Israel conflict impacting short-term directions, reported by crypto.news. Despite closing September positively with more than $1 billion in inflows, recent events pushed Bitcoin prices down temporarily before recovering slightly above the crucial $63k mark.
Analysts highlight key levels around this figure; maintaining it would prevent further losses while breaking through might trigger new highs towards potentially reaching up to the $72k range given historical Q4 performances alongside anticipated US interest-rate reductions.
Sources:
- Bitcoin’s Exchange Supply Falls as ‘Uptober’ Builds Strength
- Bitcoin ETF outflows surpass $300m, analysts warn of key price levels
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- Saudi billionaire fuels ETFSwap presale excitement with $5 million bet
- Ethereum Whale Transfers 3000 ETH to Binance, Possible Sell-off
- Is This the Next Ethereum Killer? Analyst Who Predicted Polkadot’s Success Points to a New Contender—Currently Under $0.15
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- Bittensor (TAO) – Analyzing altcoin’s 130% gains after OI’s latest ATH
- This Under $1 Altcoin Steals Shiba Inu and Dogecoin’s Spot as the Best Crypto to Buy in October, Here’s Why?
- Why Bitcoin Hasn’t Taken Off in October—Here Are 2 Altcoins Analysts Expect to Surge Instead | Bitcoinist.com
- Wall Street Analyst Reveals 3 Hidden Altcoins Set to Outperform Ethereum by 8000% in the Coming Bull Run |
- Bitcoin Price Prediction: Here’s What to Expect from the BTC Price Rally as Whales Flush Out Their Holdings
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- ETH Coin and Shiba Coin Show Strength, But Could Bitgert Be the Next Big Thing? | Bitcoinist.com
- Solana and Ethereum Tipped To Soar Past New Highs in Q4 - So Why Are SOL and ETH Holders Switching To This New Crypto?
- Vitalik Donates Ether to “Free Alexey & Roman” Campaign After Dumping Memecoins and Tether’s USDT
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- Market Meltdown: Mcap of nine of top-10 most valued firms erodes by ₹4.74 lakh crore, Reliance, HDFC worse hit | Stock Market News
- Reliance, HDFC Bank Worst Hit As Nine Of 10 Most Valued Firms Lose Rs 4.74 Lakh Crore In Market Cap
- Market capitalisation of 10-most valued firms drops to Rs 4.74 lakh crore, Reliance and HDFC Bank hard hit
