Santiment: This Monday, the net outflow of Bitcoin from CEX reached a nearly 7-month high

Santiment released data this morning indicating that on Monday, the net outflow of Bitcoin from CEX reached 24,073 coins, the largest single-day outflow since March 1. The supply on CEX has dropped to about 6.5% of the total BTC supply.

Santiment believes that large outflows are typically a bullish signal, as coins leaving CEX become less readily available for immediate sale. If demand remains strong while the liquid supply decreases, buyers will have fewer available coins to absorb, and then prices will need to move upward.