Bitcoin Supply Constricted as Whales Withdraw $198M From Kraken

A significant reduction in Bitcoin's circulating market supply has occurred due to large-scale withdrawals from the Kraken exchange. According to data from CryptoQuant, two transactions totaling $198 million worth of BTC (1,265 and 1,815 units) have been withdrawn into private wallets. This move coincides with a broader shift in market metrics indicating reduced selling pressure across the network.

The Stock-to-Flow Ratio spiked 350.01% over 24 hours to reach 46.5K, reflecting a sharp tightening in availability relative to annual production. The Miners' Position Index fell to -1.2389, signaling that mining operations are holding onto newly minted coins rather than selling them into current price levels.

Analyst Burakkesmeci notes that the record 30-day accumulation of 1.29 million BTC by long-term holders in May is a strong bullish signal. However, he emphasizes that this metric alone does not confirm the immediate start of a new bull market.