Chainlink and PEPE See Large Net Outflows from Exchanges: What Does it Mean?
Crypto market analysts have been closely monitoring on-chain data for Bitcoin and altcoins, and significant volatility has been observed in two altcoins in particular.
According to Santiment's data, Chainlink (LINK) experienced a net outflow of approximately 1.26 million tokens from exchanges over the last 24 hours, marking the largest daily LINK outflow since June 29th.
This decrease in supply on exchanges may indicate that investors are moving their tokens from centralized exchanges to personal wallets or different custody addresses, reducing the risk of potential future selling pressure.
Another notable movement was observed in PEPE, which saw a net outflow of approximately 4.54 trillion tokens from exchanges over the last 24 hours, the largest daily net outflow since November 14, 2024.
The decrease in supply on exchanges for both assets may create a more positive outlook on the supply side and potentially signal a bull run is imminent.