A staggering $820 million worth of Bitcoin (BTC) vanished from Kraken’s cold wallet earlier today, raising eyebrows across the crypto community. The unexpected transfer—totaling 9,890 BTC—was split into two tranches and sent to a wallet labeled “bc1qcard,” leaving traders and analysts scrambling for answers.
What We Know So Far
Blockchain tracking service Whale Alert was the first to flag the massive withdrawal, but details remain scarce. Kraken has yet to clarify whether this was a routine internal transfer or a move with deeper implications.
Adding to the intrigue, blockchain analytics firm Arkham Intelligence suggests that the destination wallet may still be controlled by Kraken itself. If true, this would indicate an internal reshuffling rather than an external withdrawal. However, the timing of the move has fueled speculation.
Market Impact & Bitcoin’s Next Move
The withdrawal comes at a critical juncture for Bitcoin, currently trading around $82,830. Analysts warn that unless BTC can reclaim the $85,000 resistance level, further downward pressure could follow.
Ethereum (ETH) is also under scrutiny, with some predicting a potential decline toward the $1,500 range if market sentiment weakens further.
Meanwhile, Fidelity’s staking ETF application, filed just 30 hours ago, failed to provide the bullish momentum many had anticipated. Instead, Bitcoin and the broader market have seen prices dip following the announcement.
Key Levels to Watch
- BTC Support: $80,000
- BTC Resistance: $85,000
- ETH Support: $1,500
With uncertainty looming, all eyes remain on Bitcoin’s price action and whether Kraken will shed light on this high-stakes movement of funds.
