Bitcoin transaction Kraken responsible for 2018-like amounts on exchanges – BTC Direct

It seems like a lot of bitcoin is being withdrawn from exchanges. A chart from Glassnode even suggests that there are now as many bitcoins on exchanges as at the end of 2018. At the time, the price was about 3 thousand euros, marking the start of a mini bull run to 11 thousand euros.

We do not rule out such a run, but that is not based on this data.

2.1 billion euros moved

The American stock exchange Kraken gives more text and explanation. Before we get into that, let’s look at the graph first. This was shared by market analyst Will Clemente. He said there have been two major outflows in the past 24 hours:

“Two huge outflows today: one this morning 23,530 BTC and another batch worth 40,181 BTC about half an hour ago.” Against the current bitcoin price these two transactions together are worth 2.1 billion euros.

If there are few bitcoins on exchanges, this is seen as a bullish signal. Certainly if there is suddenly such a decline as can be seen in the graph above, you could conclude that the assets by large investors in cold wallets be placed or invested in DeFi. Of course, this also applies the other way around, the more bitcoins are sent to exchanges, the more investors are ready to sell.

Kraken explains that this is a movement of coins

How can you see that coins are on an exchange based on blockchain data? Simple, the recipient addresses of all major exchanges are known. So the above chart is a sum of known exchange receiving addresses.

Kraken responds to a question from T50, who in turn responded to Will Clemente. Kraken says this was a planned transaction. Apparently the coins in this transaction have been sent to a receiving address that has not yet been marked as Kraken. As a result, the coins seem to have been removed from the exchange, but actually it is a pocket, a vest pocket.

The moment this receiving address is labeled Kraken, the data will correct itself.

Transparency of bitcoin

It is commendable that the transaction is transparent for anyone who wants to keep an eye on the blockchain. In addition, it is also good that Kraken immediately provides clarification in the simplest way, namely via a tweet.

Such transparency is unthinkable in the traditional financial world, where fiat is king.

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