A newly created wallet has withdrawn 1,398 Bitcoin (BTC), which is valued at $118.3 million from the Kraken exchange today April 17, 2025. This move was tracked by blockchain analytics platform Lookonchain and this news immediately captured the attention of the crypto community.
Bitcoin Price
This withdrawal has come at a time when there is moderate volatility with Bitcoin and the token is currently trading at $84,424.39 on major exchanges with an uptick of 0.5% in the last 24 hours as per CoinGecko.
This transaction will represents a strategic shift in holdings, possibly by a large investor or institution, and could be linked to portfolio rebalancing, security measures (moving assets to cold storage), or positioning ahead of an important market event.
Market Impact and Reactions
Such large withdrawals usually have immediate effects on the market, for example, with such transatcions, there is an reduced exchange liquidity which leads to a decrease in the Kraken’s total BTC balance. The reduction is in availbility of the token can lead to an short-lived price increase due to the scarcity that has been created.
The BTC/USD trading on the Kraken exchange also experienced an 5% uptick in volume right after the withdrawal, and as the bid-ask increases, there will be an increased market activity and volatility.
Other exchanges such as Binance did not experience a significant surge in buying but did experience a small uptick. The overall Bitcoin trading volume saw an increase of 2.5% to $34.2 billion for the day.
At present, Bitcoin price is currently hovering at key support level of $84,000, with the RSI being 48, which indicates a neutral market with a possibility of potential breakout or breakdown.
Strategic Implications
The reason behind this large withdrawal is speculative. There is a possibility that this transfer could signal bullish long-term sentiment, preparation for over-the-counter sales or just a response to recent price dips and regulatory news.
Historically, such movements by whales has influenced both sentiment and price of the token for a short period of time.
What’s Next for Traders?
Market participants are advise to be on a lookout for increased volatility and adjust risk accordingly. Monitoring trading volumes and on-chain activity for any price fluctuations around key support and resistance level.
Also Read: Top Analysts Predict $2 DOGE as 73% of Traders Go Long
