Kraken Witnesses Largest BTC And ETH Outflows Since 2017

Kraken Witnesses Largest BTC And ETH Outflows Since 2017

The post Kraken Witnesses Largest BTC And ETH Outflows Since 2017 appeared first on Coinpedia Fintech News

Kraken witnessed an outflow of over 49,100 BTC, the largest since 2017. In terms of USD, this is the largest outflow in the exchange’s history, totaling $3.33 billion. It also saw a massive outflow of 572,100 ETH, equivalent to $2.15 billion! Kraken’s BTC reserves dropped to 2018 levels, holding 122,300 BTC. For Ethereum, Kraken’s reserves have fallen below 1 million units. The synchronized and rapid coin movements might indicate that these outflows were executed by Kraken itself to reposition its reserves or as part of an institutional strategy.