Massive $500 Million Bitcoin Exit Leaves Top Exchanges Stunned

U.Today - As came to light thanks to data from Whale Alert, a huge withdrawal of over half a billion dollars worth of Bitcoin (BTC) has stunned top exchanges within the last hour.

According to the tracker's messages, the first in a series of mysterious withdrawals was a transfer of 2,999 BTC, worth about $187.64 million, from Huobi to the address "1NBX1," which Arkham Intelligence identified as the Poloniex account.

Next in line was another transfer from Huobi, this time even larger, as 3,994 BTC worth nearly a quarter of a billion dollars alone landed on the same address as the previous tranche. This was followed by two sudden withdrawals totaling 2,150 BTC, or $135.34 million, from Kraken.

According to the general rule on the cryptocurrency market, the withdrawal of large amounts of cryptocurrency from centralized exchanges is considered a bullish sign. In many cases, such moves are precipitated by large players seeking to secure their massive holdings. Whether that is the case here remains to be seen.

What's endgame?It is unlikely that all of these moves are related, as Huobi and Poloniex are Asia-centric exchanges under the umbrella of Justin Sun, the founder of TRON. Kraken, on the other hand, is a U.S.-based exchange, and its user base is predominantly North American.

Bitcoin itself has not yet shown any unusual reaction to these withdrawals. The first cryptocurrency continues to climb in its quotes and has already reached the $63,000 zone. If the bullish trend continues, the most reasonable resistance is seen around $67,500, where the dynamic level extends.

Source: Investing.com