Data revealed a massive outflow of 2,505 BTC (approximately $211 million) from two different wallets. These transactions indicate the strategic moves of investors.
While the cryptocurrency market continues to move sideways, significant BTC transfers made by large investors continue to attract attention. The on-chain data platform Lookonchain announced that both a newly created wallet and a wallet associated with Abraxas Capital withdrew a large amount of Bitcoin.
In transactions that occurred in the last 24 hours:
A newly created wallet withdrew 1,398 BTC (approximately $118.3 million) from the Kraken exchange about 35 minutes ago.
The wallet associated with Abraxas Capital withdrew an additional 1,107 BTC (approximately $93.47 million) from exchanges today.
Before this transfer, the same wallet had withdrawn 747 BTC (approximately $63.78 million) from Binance after 2 months of inactivity.
These outflows, exceeding a total of $211 million, particularly highlight the transition of institutional investors to over-the-counter wallets and potential long-term storage strategies. Movements like those of large funds such as Abraxas Capital and new wallets often carry significant signals in terms of market expectations.
Investors may closely monitor these transfers to assess the potential for a bullish expectation or the likelihood of institutional buying trends.