Kraken Withdrawal Sends $198M in BTC Off-Exchange, Bolstering Supply Outlook

A large withdrawal from Kraken, totaling nearly $198 million in Bitcoin, has eased immediate exchange selling pressure and strengthened the cryptocurrency's supply outlook.

The two transfers included 1,265 BTC worth approximately $81.3 million and 1,815 BTC valued at about $116.6 million, bringing the combined value close to $198 million.

This pattern of coins leaving an exchange for unknown wallets often reflects long-term holding instead of immediate distribution.

The Stock-to-Flow Ratio strengthened considerably, reaching 46.5K as of writing, posting a remarkable 350.01% increase over the previous 24 hours.

Bitcoin miners also reduced selling pressure, with the Miners' Position Index (MPI) dropping to -1.2389 after declining 128.44% over the previous day.