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Bitcoin’s colossal $2.53 billion retreat stuns major exchanges
Gamza Khanzadaev
A staggering $2.53 billion worth of Bitcoin has been withdrawn from major exchanges in the past 72 hours
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In the last 72 hours, around 37 thousand Bitcoin (BTC)worth around $2.53 billion, were withdrawn from cryptocurrency exchanges, as reported by Ali Martinez. This big move occurred as the price of Bitcoin fell by more than 6.5%, from $71,979 to $67,128 over the same period.
BTC to USD by CoinMarketCap
Many of these withdrawals came from Kraken, a major centralized exchange based in the United States. Interestingly, Kraken helps facilitate many transactions in Tether (USDT) and Bitcoin, both directly and through over-the-counter (OTC) transactions. This specification could suggest that large investors, or whales, are moving their assets, possibly into various trading pools or for potential use in ETFs.
This activity comes as the US SEC advised potential issuers of Ethereum spot ETFs to file their amended S-1 forms by today. The regulator will initiate the 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 big money moves Bitcoin off exchanges, it often means they choose to hold their assets for the long term, which shows they have confidence in the value of the cryptocurrency.
Also, the potential introduction of the commercial Ethereum ETF it could soon attract more institutional investors, which would make the market more legitimate and attractive.
While some uncertainty remains, the overall outlook is optimistic. These significant Bitcoin retreats, combined with regulatory advances, suggest a strengthening market environment for cryptocurrencies.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.