U.Today – Over the past hour, major exchanges have been surprised by a massive withdrawal of funds (BTC) worth over half a billion dollars, Whale Alert data has revealed.
According to the tracker’s messages, the first in a series of mysterious withdrawals was a transfer of 2,999 BTC, worth approximately $187.64 million, from Huobi to an address “1NBX1,” which Arkham Intelligence identified as a Poloniex account.
Next up was another transfer from Huobi, this time even bigger, as 3,994 BTC worth almost a quarter of a billion dollars landed in the same address as the previous tranche. This was followed by two sudden withdrawals totaling 2,150 BTC, or $135.34 million, from Kraken.
As a general rule in the cryptocurrency market, the withdrawal of enormous amounts of cryptocurrency from centralized exchanges is considered a bullish sign. In many cases, such moves are triggered by enormous players looking to secure their enormous holdings. Whether this is the case here remains to be seen.
What is endgame?
It’s unlikely that all of these moves are related, as Huobi and Poloniex are Asia-focused exchanges under the umbrella of Justin Sun, the founder of TRON. Kraken, on the other hand, is a US-based exchange with a user base that comes primarily from North America.
Bitcoin itself has not yet shown any unusual reaction to these withdrawals. The first cryptocurrency continues to rise in its quotes and has already reached the $ 63,000 zone. If the uptrend continues, the most reasonable resistance can be seen around $ 67,500, where the active level extends.
