U.Today

Unknown large-scale activity involving Bitcoin (BTC) was spotted today around the major U.S.-based cryptocurrency exchange Kraken. As reported by Whale Alert, the cryptocurrency was actively withdrawn from the centralized platform to an unknown destination for 14 hours today.

The total amount of coins withdrawn was 2,924 BTC, which is about $182.56 million, from just three transactions. This was followed by the transfer of $60 million in the popular USDT stablecoin from Kraken to Bitfinex, another major crypto exchange known for its long-standing presence in the market.

The similar ping-ponging of stablecoins and Bitcoin has been observed before between these two large centralized marketplaces. However, the current destination of the Bitcoin from Kraken remains unknown.

All three addresses to which the transfer was made are different. One of the transfers appears to have been made by the exchange itself to its own wallet, suggesting the other two withdrawals might be part of some internal Kraken operation.

Bullish?

However, the implications may be significant, as average crypto investors typically perceive movements from exchange wallets to unknown addresses as bullish signals, which affects market sentiment.

Alternatively, this activity might have deeper meanings that warrant further investigation. Regardless of the outcome, the repercussions of these transactions will be reflected first on the BTC price chart.

This article was originally published on U.Today