Whales Withdraw $198M from Kraken as Long-Term Holders Accumulate Supply
Bitcoin whales withdrew nearly $198 million from Kraken in a series of large transactions. Two transfers totaling 3,080 BTC moved out of Kraken into private wallets, valued at $81.3 million and $116.6 million respectively.
The withdrawals reflect long-term holding strategies rather than immediate distribution, according to market analysis. The removal of assets from exchanges indicates that investors are choosing to hold onto their Bitcoin for extended periods.
On-chain supply metrics strengthened with the withdrawal, driving up the Stock-to-Flow Ratio by 350 percent to 46.5K in 24 hours. This signals a tighter circulating supply, potentially supporting market prices.
Data from CryptoQuant analyst Burakkesmeci revealed that long-term holder (LTH) net position change reached a record high of 1.29 million BTC on May 24, surpassing the previous record set in August 2017. This accumulation metric indicates aggressive buying near Bitcoin's realized price during the downturn.