Ethereum

Bitcoin

<a href="https://optimisus.com/market/kraken-crypto-exchange-debuts-platform-for-institutions-eyeing-crypto-market-expansion/" rel="noopener noreferrer nofollow">Kraken, a leading cryptocurrency exchange</a>, has recently seen its highest levels of Bitcoin and Ethereum outflows since 2017, as reported by Joao Wedson of Dominando Cripto. Kraken's Bitcoin holdings have decreased to levels not seen since 2018, with withdrawals totaling over $3.33 billion.  
Similarly, the Ethereum reserves have fallen below one million units for the first time since 2016, with outflows amounting to nearly $2.15 billion. These changes in asset allocation are seen as a deliberate realignment or a component of an organizational strategy.  
The occurrence of these moves aligns with the SEC's endorsement of spot Ethereum ETFs, resulting in a decrease in the amount of ETH accessible on centralized exchanges. This has led to anticipation of a supply shortage, potentially increasing the price of Ethereum.  
Ali, a market analyst, saw that around 777,000 ETH were removed after the approval of the ETF. This suggests a trend towards self-custody as institutional participation grows.  
The substantial capital outflows from Kraken indicate a larger market pattern, where prominent participants and institutions are transferring their assets from exchanges to more reliable self-custody alternatives. Kraken should limit risks and prepare for future situations by decreasing the quantity of Bitcoin and Ethereum held in the exchange.

Kraken exchange sees record Bitcoin and Ethereum outflows since 2017

Optimisus

Other articles published on Jun 4, 2024

MoonBag Coin Gains Momentum as Dogeverse, Bitcoin Cash Investors Convert

Zoom Past Bitcoin Cash & Dogeverse with MoonBag Stellar Presale: The Top Meme Coin Presale In 2024

MoonBag, the Best Crypto Presale in June 2024, Eclipses Fetch AI and Floki Inu with 15,000% ROI P...

BlockDAG’s Keynote Victory Propels $41.6M Presale, Alongside Cardano, and Stellar Developments

Senora, The First Web3 Anime Race Car by Sekuya x Radical, Shakedown at Mandalika Circuit

Interest for ‘Onchain’ term on Google hits record high in May

Join our free newsletter for daily crypto updates!