U.Today – As revealed by data from Whale Alert, a massive withdrawal of over $500 million worth of (BTC) has shocked major exchanges in the last hour.
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 the address “1NBX1,” which Arkham Intelligence identified as the Poloniex account.
Another Huobi transfer followed, this time even larger, as 3,994 BTC worth nearly a quarter of a billion dollars arrived at 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 per the general rule in the cryptocurrency market, the withdrawal of large amounts of cryptocurrencies from centralized exchanges is considered a bullish signal. In many cases, these moves are precipitated by large players looking to secure their huge holdings. It remains to be seen whether this is the case in this case.
What is the endgame?
It is 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 and its user base is predominantly North American.
Bitcoin itself has not yet shown any unusual reaction to these falls. The first cryptocurrency continues to rise in its quotes and has already reached the $63,000 zone. If the upward trend continues, the most reasonable resistance is seen around $67,500, where the dynamic level extends.
This article was originally published on U.Today
