Kraken experiences largest outflow with $1.6 billion in Bitcoin transactions
Kraken, the digital asset exchange, recently experienced its largest outflow in dollar value, with approximately $1.6 billion being transferred out of the platform on May 30, according to Glassnode data.
Net Transfer Volume: Kraken: (Source: Glassnode)
According to Arkham Intelligence Transaction data, this significant movement was executed through five transactions from Kraken’s deposit to an external address: three transactions of 6,000 BTC each and two transactions of 5,000 BTC each. The transferred Bitcoin, totaling roughly 28,000, is currently held in the address “bc1q.”
Transactions from Kraken: (Source: Arkham Intelligence)
The outflows were precisely timed with Bitcoin’s price surge above $69,500, as observed on a 10-minute resolution chart, according to Glassnode data.
Net Transfer Volume: Kraken: (Source: Glassnode)
According to Glassnode, Kraken’s exchange balance has now dropped to approximately 148,000 BTC, a level last observed in May 2020.
Exchange Balance: Kraken: (Source: Glassnode)
It is possible that the transfers were part of an internal transfer to an as-yet untagged Kraken wallet. However, given the timing and price movements, it is certainly possible that this was part of a series of large purchases.
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