6,000 ETH Withdrawn from Kraken by Metalpha
- Metalpha withdraws 6,000 ETH from Kraken.
- Suggests institutional interest in Ethereum ETH +0.11% .
- Potential impact on ETH liquidity and price.
Metalpha, a Hong Kong-based digital asset manager, withdrew 6,000 ETH valued at $18.64 million from Kraken on January 9, highlighting institutional interest in Ethereum.
The withdrawal signals institutional accumulation of Ethereum, suggesting confidence in its potential growth despite ongoing market volatility and resistance levels.
Metalpha, a Hong Kong-based digital asset manager, has been linked to the withdrawal of 6,000 ETH from Kraken. On-chain analysts identified Metalpha’s wallet as the source of this transaction, suggesting continued institutional accumulation of Ethereum.
In two transactions on January 9, Metalpha withdrew a total of $18.64 million in Ethereum. This event highlights ongoing interest in ETH from institutional players, though neither Metalpha nor Kraken has officially confirmed this association.
According to LookOnChain, Metalpha’s withdrawal of 6,000 ETH from Kraken could reduce ETH liquidity on the exchange. This movement to an external wallet signifies longer-term holding strategies rather than immediate sales.
Such institutional withdrawals are often interpreted as bullish signals, suggesting confidence in Ethereum’s future performance. This aligns with KuCoin’s report stating that “big money” is still interested in ETH, reinforcing market confidence.
Market reactions to these withdrawals hint at possible bullish positioning amid Ethereum’s testing of resistance levels. Reflecting a broader investment strategy, these actions may influence spot supply dynamics on centralized exchanges.
The 6,000 ETH withdrawal comes as Ethereum was valued around $3,095, testing the $3,297 Fibonacci resistance. Historical precedent suggests such moves might support Ethereum’s price, affecting potential options and derivatives trades in the ecosystem.
