A single Bitcoin whale address has withdrawn 365 BTC, worth an estimated $24.2 million, from the Kraken exchange, bringing its total holdings to 4,238 BTC.
"The whale with address bc1qc... just withdrew 365 $BTC ($24.2M) from #Kraken," on-chain analyst The Data Nerd reported recently.
The transaction increased the whale's Bitcoin balance from 3,873 BTC to 4,238 BTC, a portfolio now valued at approximately $281 million. This follows a pattern of accumulation for the entity, who has been actively withdrawing Bitcoin from centralized exchanges.
This large-scale withdrawal is significant as it reduces the immediately available supply of Bitcoin on the market. Such moves are often interpreted as a bullish signal by investors, as it can decrease potential selling pressure and indicates a strong long-term conviction from the holder.
The removal of substantial coin balances from exchanges to private wallets is a classic sign of accumulation. When large holders, or whales, anticipate a price increase, they often move assets into cold storage for security, signaling they have no immediate plans to sell. This action reduces the liquid supply available for trading, which can contribute to price stability or appreciation if the trend becomes more widespread.
The move is specific to the Bitcoin network, though similar whale-tracking activities are common across other blockchains like Ethereum, where large token movements can also influence market dynamics.
This article is for informational purposes only and does not constitute investment advice.
