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Blockchain sleuth Whale Alert, which monitors large cryptocurrency transfers, has spotted a massive amount of Bitcoin withdrawn from prominent U.S.-based crypto exchange Kraken.
The community showed a mixed reaction, responding to this notification from Whale Alert.
7,401 Bitcoin on move from Kraken
The aforementioned on-chain data source revealed that an anonymous whale made a withdrawal of an impressive 7,401 Bitcoin from Kraken. This amount of the world’s largest cryptocurrency was valued at $780,622,171 at the time of the initiated transaction.
The community responded mostly enthusiastically, commenting on this astounding Bitcoin transfer: “Whale moves rocking the Bitcoin ocean. Whale movements like this = time to check your position sizing.”
Another on-chain data source, CryptoQuant, has noticed that retail demand for Bitcoin has been in a strong decline. Over the past month, it has dropped by around 2.45%. CryptoQuant says that this is indicative that “smaller investors have not yet reached a euphoric dynamic in the current market.” However, whales remain bullish, unlike retail Bitcoin investors.
Bitcoin ETFs facing hard outflows
On-chain data aggregator Santiment has tweeted that over the past three days, spot Bitcoin ETFs have faced massive outflows. They have been taking place consecutively as more than $1.21 billion worth of Bitcoin has been withdrawn from ETFs.
Santiment says that this is the first time since the second week of March that the ETFs have been hit with consecutive outflows of more than $1 billion.
Vladislav Sopov
U.Today Editorial Team