Santiment said early Wednesday that Bitcoin recorded a net outflow of 24,073 BTC from centralized exchanges on Monday, marking the largest single-day withdrawal since March 1. The analytics firm also said exchange-held supply has fallen to about 6.5% of total BTC supply. In Santiment’s view, large exchange outflows are usually a constructive signal because coins moved off trading platforms are less likely to be sold immediately. The firm added that if demand stays strong while liquid supply keeps shrinking, buyers will have fewer coins available to absorb, which would require prices to move higher. The update points to a continued decline in readily tradable Bitcoin on centralized venues, based on Santiment’s latest data.
Blockchain analytics firm Santiment said early Wednesday that Bitcoin saw a net outflow of 24,073 BTC from centralized exchanges on Monday, the largest single-day outflow since March 1.
Santiment also said the amount of Bitcoin held on CEXs has dropped to about 6.5% of total BTC supply.
According to Santiment, large exchange outflows are typically seen as a constructive signal because coins leaving CEXs become less available for immediate selling. If demand remains strong while liquid supply continues to tighten, buyers would have fewer coins to absorb, meaning the price would need to move higher.
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