U.Today - Surprising development unfolded within the crypto community as more than $1 billion worth of was withdrawn from the reputable Kraken exchange starting from yesterday and continuing today.
The withdrawals, ranging from 400 to nearly 1,000 BTC per transaction, caught the attention of industry observers due to their sheer scale. In total, based on data, over 40 such transactions took place, prompting speculation and discussions within the crypto space.
The timing of the significant withdrawals is particularly noteworthy, occurring just three days before the imminent decision on the by the SEC. With the official announcement scheduled for Jan. 10, the crypto community is eagerly awaiting the outcome while engaging in various speculations.
Kraken, a U.S.-based exchange, is known for its regulatory compliance, being registered as a Money Services Business with FinCEN and supervised by the Wyoming Division of Banking. The sudden movement of from such a well-regulated platform has raised questions about the motives behind these large-scale withdrawals.
Too much to consider
The massive Bitcoin outflow from Kraken comes at a critical juncture, heightening anticipation for both the ETF decision and the approaching BTC halving.