Kraken experiences largest outflow with $1.6 billion in Bitcoin transactions


Quick
Take

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.”

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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.

According
to
Glassnode,
Kraken’s
exchange
balance
has
now
dropped
to
approximately
148,000
BTC,
a
level
last
observed
in
May
2020.

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.

Go to Source
Author: James Van Straten


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