Kraken, one of the world’s largest cryptocurrency exchanges, saw a massive outflow of Bitcoin on June 22, 2023. According to data from the on-chain analytics platform Glassnode, the exchange saw a net outflow worth an estimated $225 million.
This is the second-largest Bitcoin outflow in Kraken’s history, only surpassed by an outflow of 240,000 BTC in December 2017.
The outflow comes at a time when the cryptocurrency market is facing increased volatility, with Bitcoin prices falling below $30,000.
It is unclear why investors are withdrawing Bitcoin from Kraken. Some analysts believe that the outflow could be due to concerns about the recent regulatory crackdown on cryptocurrencies in the United States.
Others believe that the outflow could be due to investors taking profits after the recent rally in Bitcoin prices.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.
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