Santiment said on Oct. 7 that Bitcoin recorded net outflows of 24,073 BTC from centralized exchanges on Monday, marking the largest single-day outflow since March 1. The analytics firm also said the amount of BTC held on CEX platforms has fallen to about 6.50% of total Bitcoin supply. In Santiment’s view, large exchange outflows are usually a constructive signal because coins moved off trading venues 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 price to move higher. The figures were cited in a BlockBeats report published Tuesday.
According to BlockBeats, on Oct. 7, on-chain analytics firm Santiment said Bitcoin saw net outflows of 24,073 BTC from centralized exchanges on Monday, the largest single-day outflow since March 1.
Santiment also said BTC supply on CEX platforms has dropped to about 6.50% of total Bitcoin supply.
The firm said large outflows are typically a bullish signal because coins leaving centralized exchanges become less available for immediate selling. Santiment added that if demand remains strong while liquid supply contracts, buyers will have fewer available coins to absorb, and price would need to move higher.
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