Santiment said Bitcoin recorded a net outflow of 24,073 BTC on Oct. 5, marking the largest single-day outflow since March 1, or roughly seven months. In Santiment’s definition, a net outflow means withdrawals from exchanges exceeded deposits over the day. The analytics firm also said the total amount of Bitcoin held on exchanges has dropped to about 6.50% of the asset’s total supply. Santiment described the decline in exchange-held BTC as a bullish signal. At the same time, it cautioned that outflow data alone does not guarantee any specific market outcome. The figures were cited in a Techub News brief.
According to a Techub News brief citing crypto analytics firm Santiment, Bitcoin saw a net outflow of 24,073 BTC on Oct. 5, the largest single-day outflow since March 1, a span of roughly seven months.
Santiment defined net outflow as a day when exchange withdrawals exceeded deposits. Its data also showed that the total amount of Bitcoin held on exchanges has fallen to about 6.50% of the total supply.
Santiment viewed the trend as a bullish signal, while adding that outflows alone do not guarantee any particular outcome.
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