Over $1 billion has been withdrawn from a major U.S. cryptocurrency exchange, Kraken, through multiple large Bitcoin transfers on April 11.
Blockchain monitoring firm Whale Alert identified the mega transactions in a recent X post, as they were mysteriously executed by an unknown wallet.
While the move comes amid a global crypto market resurgence that saw Bitcoin and other altcoins retrieve previous gains, it has sparked speculations that Bitcoin whales are gradually waking up to the bull call by accumulating large amounts of Bitcoin to hold.
$2.4 billion Bitcoin leaves Kraken in one day
According to the post, Kraken experienced the massive $1 billion Bitcoin withdrawal via two separate transactions which occurred simultaneously within an hour.
The Bitcoin transfers were received by the same wallet address flagged as anonymous by the tracking firm. Hence, the move suggests an accumulation strategy by an institution or a large investor.
Per the post, the first transfer involved 5,994 BTC, worth about $494.5 million, and it was followed by an even larger transaction of 7,001 BTC, worth nearly $577 million within the same hour.
With the market showing resistance against recent economic pressures, commenters labelled the move as a bullish signal, suggesting that a whale investor or institution may be moving the funds to hold on a long-term, reducing the supply available for trading.
Other data posted on the same day shows that several Bitcoin withdrawals have left the exchange during previous hours, with the total Bitcoin withdrawn from the exchange on April 11 surpassing $2.4 billion.
Tomiwabold OlajideAccording to the firm, Kraken has experienced Bitcoin outflows in mega batches, involving 7003 BTC, 7002 BTC, 618 BTC, 829 BTC, and more.
With these massive Bitcoin transfers closely monitored by industry experts, there are suggestions that market sentiment is shifting in Bitcoin’s favour. As such, hopes are high that a possible price breakout for Bitcoin is imminent.
The massive Bitcoin transfers comes as part of a broader trend facing Bitcoin as institutional investors are not relenting on the Bitcoin buy strategies.
The move aligns with recent post from CryptoQuant which reveals that large Bitcoin holders are steadily increasing their Bitcoin reserves despite weak retail demand and low on-chain activity.
With these data, it is safe to say that Bitcoin’s resistance amid external pressures and its recent price uptick is majorly attributable to whale accumulation.
Vladislav Sopov
Dan Burgin