Major

2024

bullish

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Unknown large-scale activity involving&nbsp;<a href="https://u.today/xrp-architect-speaks-out-on-btc-creator-satoshi-nakamoto" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> 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 As reported by Whale Alert, the cryptocurrency was actively withdrawn from the centralized platform to an unknown destination for 14 hours today.
The total amount of coins withdrawn was 2,924 BTC, which is about $182.56 million, and that is for just three transactions today.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&nbsp;<a href="https://u.today/us-bitcoin-dump-worth-43-billion-incoming-schiff-sounds-alarm" rel="noopener noreferrer nofollow">Bitcoin</a> from Kraken went.&nbsp;
<blockquote>
 🚨 🚨 🚨 1,147 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> (71,660,281 USD) transferred from <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kraken</a> to unknown wallet<a href="https://t.co/bbR1WRh7lE" rel="noopener noreferrer nofollow">https://t.co/bbR1WRh7lE</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1843773303548178906?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 8, 2024</a>
</blockquote>
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.
<h2 dir="ltr" id="bullish">Bullish?</h2>
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&nbsp;<a href="https://u.today/37-billion-bitcoin-in-24-hours-btc-skyrocketing" rel="noopener noreferrer nofollow">BTC</a> price chart.

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

Table of Contents

U_Today

Other articles published on Oct 9, 2024

Shiba Inu’s Quest for $0.05: Can This Memecoin Make a Comeback?

Hedera's $HBAR Gains US Institutional Access with Launch of Canary Trust

Bybit Reports Milestones as bbSOL Concludes First Month on Solana Blockchain

Toncoin (TON) addresses reach 100M milestone after jetton minting events

Peter Todd Is The Hidden Satoshi: HBO Documentary Raises Doubt

How the Bitcoin ETF Changed BTC for the Better

Join our free newsletter for daily crypto updates!