1
0
A brand-new wallet has withdrawn 1,398 BTC valued at $118.3 million from the Kraken Exchange. Could this be another institutional buyer?
Bitcoin is signalling a potential mid-term rally and has drawn significant institutional interest as of Q1 2025. As of press time, BTC is trading at $84,460 per CoinMarketCap data. Despite slight price fluctuations, Whale Insider has reported a mysterious wallet accumulating BTC, potentially anticipating a rally soon. According to the X post:
Newly created wallet withdraws 1,398 $BTC worth $118.3 million from Kraken exchange.
A look at the on-chain metrics reveals that this is a new wallet with no prior transaction history.
So, what does this suggest?
As centralized exchange reserves drop due to large withdrawals (potential accumulation), BTC’s scarcity rises. As demand grows, Bitcoin surges as traders anticipate and speculate on future price increases.
While the withdrawal seems like another crypto transfer, timing and scale influence the market behaviour in the crypto space.
