Bitcoin Whales Withdraw Nearly $200M from Kraken, Boosting Scarcity Profile
Bitcoin's scarcity profile has improved significantly after nearly $198 million in BTC was withdrawn from Kraken. The two transfers, totaling 1,265 and 1,815 BTC respectively, valued at approximately $81.3 million and $116.6 million, brought the combined value close to $198 million.
Investors viewed these withdrawals alongside broader on-chain indicators instead of treating them as isolated events. This pattern often reflects long-term holding rather than immediate distribution.
The Stock-to-Flow Ratio strengthened considerably, reaching 46.5K with a remarkable 350.01% increase over the previous 24 hours.
Miner behavior also reduced selling pressure, as the Miners' Position Index dropped to -1.2389 after declining 128.44% over the previous day. Negative MPI readings historically indicated that miners sold fewer coins relative to their one-year average.