Nearly 3,080 Bitcoin [BTC] left Kraken in two large transfers, bringing whale accumulation back into focus. The withdrawals consisted of 1,265 BTC worth approximately $81.3 million and 1,815 BTC valued at about $116.6 million, for a combined value close to $198 million.

The transfers were referenced in Whale Alert posts: https://x.com/whale_alert/status/2081126717163282511?s=20 and https://x.com/whale_alert/status/2081126316661702662?s=20.

Rather than indicating imminent selling, the movements showed coins leaving an exchange for unknown wallets. That pattern is often associated with longer-term holding rather than immediate distribution, although unknown wallet destinations mean the transfers cannot by themselves confirm the owners’ intentions. The timing was notable because the transfers occurred while Bitcoin was trading inside a clearly defined recovery structure.

Market participants also assessed the withdrawals together with broader on-chain indicators rather than treating them as isolated transactions. Exchange outflows are closely watched because coins held on trading venues are generally viewed as more immediately liquid than coins moved into external wallets. As a result, the latest whale activity supported the view that large holders continued reducing the amount of Bitcoin readily available on exchanges despite recent market volatility.

Bitcoin scarcity metrics strengthened

Bitcoin’s Stock-to-Flow Ratio rose sharply and reached 46.5K at the time of writing, marking a 350.01% increase over the previous 24 hours. The move suggested that Bitcoin’s scarcity profile had improved after weakening in earlier sessions.

Because the metric compares circulating supply with annual issuance, higher readings generally point to tighter supply conditions. The increase aligned with the latest exchange withdrawals, as both indicators suggested fewer coins were available for immediate selling.

Scarcity by itself does not determine future price direction, however. Market participants still need sustained demand for reduced supply to have a stronger price effect. Even so, the improvement indicated that Bitcoin’s longer-term supply dynamics remained supportive.

For investors, the reading added another fundamental signal to the accumulation narrative shaped by large holders.

Miner selling pressure declined

Bitcoin miners also reduced selling pressure during the latest trading session. At press time, the Miners’ Position Index (MPI) had fallen to -1.2389 after declining 128.44% over the previous day.

Negative MPI readings have historically indicated that miners are selling fewer coins relative to their one-year average. That behavior reduced another potential source of market supply after whale withdrawals had already moved substantial holdings away from exchanges.

Instead of increasing distribution into strength, miners appeared to be retaining a larger share of newly mined Bitcoin. Such positioning usually reflects greater confidence in future valuations rather than urgency to secure profits. Still, miner activity is only one part of Bitcoin’s broader supply picture, and mining-related flows can change as operational needs, reserves, and market conditions shift.

Reduced miner selling nevertheless complemented improving scarcity metrics and reinforced the case that immediate selling pressure remained relatively contained.

Bitcoin holds ascending channel support

Bitcoin traded near $64,368 after pulling back toward the lower boundary of its ascending channel at the time of writing.

BTC continued to respect support around $63,824, which kept the broader recovery structure intact despite the recent pullback. Resistance remained near $66,835, while another significant barrier was positioned around $73,000.

The Relative Strength Index (RSI) eased to 50.85, while its moving average stood at 53.66. Those readings reflected cooling buying strength rather than aggressive bearish control. The indicator also remained above the oversold region, suggesting sellers had not gained complete dominance.

If buyers defend channel support, Bitcoin could revisit $66,835 before attempting another move toward $70,000 and eventually $73,000. However, a loss of $63,824 would likely expose the next major support area around $60,000 and shift short-term conditions back in favor of sellers.

The latest Kraken withdrawals, stronger Stock-to-Flow Ratio, and subdued miner selling all improved Bitcoin’s supply outlook. Although price cooled near channel support, the broader structure remained constructive, with current conditions suggesting accumulation continued to outweigh distribution. The next decisive move would likely depend on whether buyers maintain control above the $63,824 support level while exchange flows and miner behavior continue to show limited immediate supply pressure.