Bitcoin
Colossal $2.53 billion Bitcoin withdrawal surprises U.Today’s top exchanges
U.Today – In the last 72 hours, around 37,000 (BTC) worth around $2.53 billion were withdrawn from cryptocurrency exchanges, as reported by Ali Martinez. This big change happened when the price of Bitcoin fell more than 6.5%, going from US$71,979 to US$67,128 in the same period.
Many of these withdrawals were from Kraken, a major centralized exchange based in the United States. Interestingly, Kraken allows the facilitation of many transactions in (USDT) and Bitcoin, both directly and through over-the-counter (OTC) trades. This specification may suggest that large investors, or whales, are moving their assets, likely to various exchange pools or for potential use in ETFs.
This activity comes as the US SEC has advised potential issuers of spot ETFs to submit their amended Forms S-1 by today. The regulator will begin its review process, which could lead to further changes and possibly approval of these financial products.
The large withdrawals and recent SEC actions are seen as positive indicators for the market. When a lot of money moves Bitcoin off exchanges, it usually means they are choosing to hold their assets for the long term, which shows they have confidence in the cryptocurrency’s value.
Furthermore, the potential introduction of spot Ethereum ETFs soon could attract more institutional investors, which would make the market more legitimate and attractive.
Although there is still some uncertainty, the global outlook is optimistic. These significant Bitcoin withdrawals, combined with regulatory progress, suggest a strengthened market environment for cryptocurrencies.