Kraken sees second-largest outflow with $225M Bitcoin withdrawn

Quick Take

Bitcoin soars

Bitcoin surged 15% from June 20’s opening price of $26,750 to a peak of $30,820 the following day.

Several factors contributed to this – an escalation in leveraged trading and significant spot buying – with the spot volume on Coinbase hitting late April highs.

Exchange movement

Bitcoin leaving exchanges reached 17,000 BTC on June 21, marking the second-largest outflow since FTX collapsed in November 2022. Following this event, inflows rose, likely from investors aiming to capitalize on the price uptick.

Significant outflow from Kraken

Of all major exchanges, Kraken experienced the largest outflow on June 21. The platform saw approximately $225 million in Bitcoin withdrawn, marking its second-largest outflow on record.

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