Data from Whale Alert indicates a withdrawal of over half a billion dollars in bitcoins from Huobi and Kraken exchanges in the last hours.
Introduction
Unexpected large withdrawals of bitcoins worth over half a billion dollars have stunned cryptocurrency exchanges within the last hour.
First Series of Transfers
According to the tracker's messages, the first in a series of mysterious transfers was a transaction of 2,999 BTC, worth about $187.64 million, from Huobi to the address '1NBX1,' which Arkham Intelligence identified as a Poloniex account. Next in line was another transfer from Huobi, this time even larger, as 3,994 BTC worth nearly a quarter of a billion dollars alone landed on the same address. This was followed by two sudden withdrawals totaling 2,150 BTC, or $135.34 million, from Kraken.
What Could This Mean?
According to the general rule on the cryptocurrency market, the withdrawal of large amounts of cryptocurrency from centralized exchanges is considered a bullish sign. In many cases, such moves are precipitated by large players seeking to secure their massive holdings. Whether that is the case here remains to be seen. It is unlikely that all of these moves are related, as Huobi and Poloniex are Asia-centric exchanges under the umbrella of Justin Sun, the founder of TRON. Kraken, on the other hand, is a U.S.-based exchange, and its user base is predominantly North American.
Bitcoin itself has not yet shown any unusual reaction to these withdrawals. The first cryptocurrency continues to climb in its quotes and has already reached the $63,000 zone. If the bullish trend continues, the most reasonable resistance is seen around $67,500, where the dynamic level extends.
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