According to the tracker’s messages, the first in a series of mysterious withdrawals was a transfer of 2,999 BTC, worth about $187.64 million, from Huobi to the address “1NBX1,” which Arkham Intelligence identified as the Poloniex account.
Next in line was another transfer from Huobi, this time even larger, as 3,994 BTC worth nearly a quarter of a billion dollars alone landed on the same address as the previous tranche. This was followed by two sudden withdrawals totaling 2,150 BTC, or $135.34 million, from Kraken.
According to the general rule on the cryptocurrency market, the withdrawal of large amounts of cryptocurrency from centralized exchanges is considered a bullish sign. In many cases, such moves are precipitated by large players seeking to secure their massive holdings. Whether that is the case here remains to be seen.
Bitcoin itself has not yet shown any unusual reaction to these withdrawals. The first cryptocurrency continues to climb in its quotes and has already reached the $63,000 zone. If the bullish trend continues, the most reasonable resistance is seen around $67,500, where the dynamic level extends.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
