Bitcoin Supply Tightens as $198 Million Kraken Whale Withdrawal Reduces Exchange Holdings

Around 3,080 BTC—valued at roughly $198 million—was moved from the Kraken exchange in two large transactions (1,265 BTC worth about $81.3 M and 1,815 BTC worth about $116.6 M). Analysts interpret the outflow as a reduction in immediately tradable supply rather than imminent selling, reinforcing a broader narrative of long‑term accumulation by large holders.

The withdrawal coincided with a sharp rise in Bitcoin’s Stock‑to‑Flow ratio, which jumped to 46.5 K, a 350 % increase over the prior 24‑hour period, indicating improved scarcity. Miner‑selling pressure also eased, with the Miners’ Position Index falling to –1.2389, suggesting miners retained more newly minted coins. Bitcoin continued to trade within its established recovery structure, near $65 k, while the on‑chain metrics together point to tighter supply conditions.