A pair of large Bitcoin withdrawals from Kraken has caught the attention of on-chain analysts, with whale wallets pulling a combined 2,957 BTC, worth roughly $186.6 million, off the exchange in quick succession. The first transaction moved 1,800 BTC valued at $113.56 million, followed shortly after by a second transfer of 1,157 BTC worth $73.06 million, with both batches sent to wallets outside Kraken's custody.
Large withdrawals of this size are typically read as a bullish signal by on-chain observers, since coins leaving exchange custody historically reduce the pool of BTC immediately available for trading. Fewer coins sitting on exchanges can mean less immediate sell-side liquidity, a dynamic some traders interpret as an early setup for a supply squeeze if demand holds steady or accelerates.
Bullish Positioning Persists Among Top Traders
Data on Binance's top traders shows a clear tilt toward bullish exposure over the past 24 hours. Long positions accounted for 69.33% of the top-trader book against 30.67% short, a long-to-short ratio of 2.26. Rather than rotating into defensive positioning after Bitcoin's recent pullback, experienced traders appear to have largely held their bullish bets intact.
Supply-side metrics offered a mixed picture alongside the positioning data. The stock-to-flow ratio slipped 28.57% over the same 24-hour window to 917.24K, while the stock-to-flow reversion metric climbed 40.47% to 1.6893, reflecting the push and pull between newly mined supply and existing holder behavior.
Bitcoin Tests Key Support Levels
On the price chart, Bitcoin's Relative Strength Index sat at 46.23, below its signal line of 51.22, pointing to fading short-term momentum. Analysts flagged $62,162 as the immediate support to watch, with a deeper floor at the psychological $60,000 level should selling pressure intensify. On the upside, $66,835 stands as the nearest resistance, with a break above that zone potentially opening the door toward $70,000.
Technically, Bitcoin has struggled to hold the recovery structure it built after breaking below the ascending channel that had been in place since late June. Whether the latest round of exchange withdrawals translates into a genuine supply squeeze will likely hinge on whether spot demand can absorb any renewed selling as BTC works through this support test.
