U.Today – In the last 72 hours, around 37,000 (BTC), worth approximately $2.53 billion, have been withdrawn from cryptocurrency exchanges, as reported by Ali Martínez. This big move came as the price of Bitcoin fell by more than 6.5%, going from $71,979 to $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 many transactions in (USDT) and Bitcoin to be facilitated, both directly and through over-the-counter (OTC) trading. This specification may suggest that large investors, or whales, are moving their assets, probably to various exchange pools or for possible use in ETFs.
This activity comes as the US SEC has advised potential issuers of spot ETFs to file their amended S-1 forms today. The regulator will begin its review process, which could lead to further modifications and possibly approval of these financial products.
The large withdrawals and recent SEC actions are considered positive indicators for the market. When large amounts of money withdraw Bitcoin from exchanges, it often means that they choose to hold their assets for the long term, showing that they have confidence in the value of the cryptocurrency.
Furthermore, the possible introduction of Ethereum spot ETFs soon could attract more institutional investors, making the market more legitimate and attractive.
While there is still some uncertainty, the overall outlook is optimistic. These significant Bitcoin withdrawals, combined with regulatory progress, suggest a strengthening market environment for cryptocurrencies.
This article was originally published on U.Today.
