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Massive Bitcoin Withdrawals from Kraken and Coinbase Spark Interest

Recent data reveals significant Bitcoin withdrawals from major exchanges Kraken and Coinbase, totaling over $1.38 billion, as Bitcoin attempts to recover from recent price dips.
Published on 2025-03-12

Massive Bitcoin Withdrawals from Kraken and Coinbase Spark Interest

Recent data from Whale Alert highlights substantial Bitcoin withdrawals from U.S.-based cryptocurrency exchanges Kraken and Coinbase, with transactions exceeding $1.38 billion in total value. These large-scale movements have garnered significant attention in the crypto community, potentially indicating OTC trades or whales redistributing their holdings.

Kraken Sees Multiple Large Withdrawals

Kraken, a major U.S.-based exchange, experienced three notable Bitcoin withdrawals within the past day. The largest of these was a transfer of 4,777 BTC, valued at approximately $394.6 million. Two additional withdrawals from Kraken amounted to 4,069 BTC ($331.65 million) and 4,420 BTC ($359.11 million), respectively. These transactions underscore the exchange's role in facilitating large-scale crypto movements.

Coinbase Involved in Significant BTC Transfer

Coinbase, the largest U.S. crypto exchange, also saw a substantial withdrawal. A transfer of 1,800 BTC, worth around $148.99 million, was moved from the platform. Additionally, Whale Alert detected a separate movement of 1,799 BTC ($149.17 million) between anonymous wallets, which may suggest an over-the-counter (OTC) trade or a whale redistributing funds.

Bitcoin Price Shows Recovery Signs

Amid these significant withdrawals, Bitcoin has shown resilience in its price movement. After dropping to $77,600 on March 11, Bitcoin has surged by 7.3% over the past 24 hours, reaching $83,270. Although it experienced a slight 2.39% dip, the cryptocurrency is currently trading at $82,850 per coin on Bitstamp, indicating ongoing recovery efforts.

These large-scale transactions and Bitcoin's price fluctuations highlight the dynamic nature of the cryptocurrency market, with whales and institutional players continuing to influence market movements.

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