In the last 24 hours, a Bitcoin whale transferred 1,519 BTC, valued at over $104 million, to the centralized exchange Kraken, following a series of other whale transactions.
Concurrently, BlackRock’s spot Bitcoin ETF is nearing all-time highs in assets under management (AUM).
Prior to the 1,519 BTC transfer, Kraken’s wallets initiated several significant transfers ranging from 4,206 to 4,999 BTC to unknown wallets. The exchange also conducted large transactions for other cryptocurrencies like Tron (TRX), Ethereum (ETH), and Ripple (XRP).
These massive transfers could indicate Kraken moving assets to cold wallets for security or part of a portfolio rebalancing by large investors. Nonetheless, the movement of these cryptocurrencies off Kraken may suggest a bullish sentiment by reducing available assets for sale on the exchange.
Simultaneously, investors are increasing their allocations to BlackRock’s iShares Bitcoin Trust (IBIT), with inflows of $24.5 million recorded on May 29. IBIT now holds over 289,035 BTC, surpassing Grayscale Bitcoin Trust (GBTC) to become the largest spot Bitcoin ETF.
IBIT’s remarkable performance has led to its assets under management (AUM) exceeding $19 billion since its launch at the beginning of the year. Analysts note the unprecedented growth of IBIT compared to other ETFs, with expectations of further expansion potentially rivaling iShares Gold ETF.
On-chain data reveals IBIT added 364 BTC to its holdings in the past 24 hours, while GBTC experienced outflows with 1,550 BTC leaving its reserves. Overall, nine ETFs decreased their collective holdings by 667 BTC, worth approximately $45.5 million.
May 2024, Cryptoniteuae
