Massive 2,924 Bitcoin (BTC) out of Major US Exchange: Bulls Gearing Up?

U.Today - Unknown large-scale activity involving Bitcoin (BTC) was spotted today around the major U.S.-based cryptocurrency exchange Kraken. As reported by Whale Alert, the cryptocurrency was actively withdrawn from the centralized platform to an unknown destination for 14 hours today.

The total amount of coins withdrawn was 2,924 BTC, which is about $182.56 million, and that is for just three transactions today. This was followed by the transfer of $60 million in the popular USDT stablecoin from Kraken to Bitfinex, another major crypto exchange that is considered a haven for market old-timers.

The similar ping-ponging of stablecoins and Bitcoin has been seen before between these two large centralized marketplaces. This time, however, it is not known where the Bitcoin from Kraken went.

All three addresses to which the transfer was made are different. The only clue is that one of the transfers appears to have been made by the exchange itself to its own wallet. This may indicate that the other two withdrawals were also made as part of some internal Kraken operation.

Bullish?However, it may not matter because the picture is already there, and all the average crypto investor saw was a movement from the exchange to an unknown address, and such withdrawals are traditionally seen as a bullish signal and affect the sentiment of market participants accordingly.

On the other hand, there may be more to this activity, in which case it is of greater interest and deserves more attention. Regardless of the outcome, the consequences of these moves will surface first on the BTC price chart.

Source: Investing.com