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.

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.”

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.

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