Kraken's Record-Breaking $1.6 Billion BTC Outflow: Whale Accumulation Rumors
CryptoNewsTerminal Staff31 May, 2024
Kraken's Record-Breaking $1.6 Billion BTC Outflow: Whale Accumulation Rumors
Kraken, a major cryptocurrency exchange, recently recorded its largest-ever daily Bitcoin (BTC) outflow of $1.6 billion, sparking speculation about possible whale accumulation. According to data from Glassnode, analyzed by CryptoSlate, approximately 28,000 BTC was withdrawn from Kraken in five transactions at around 1 AM KST on the 31st. The funds were transferred to a single external address beginning with 'bc1q.' The timing of the outflow coincides with a surge in the BTC price to around $69,500. While it's possible that this was an internal fund transfer within Kraken, the magnitude and timing suggest the possibility of large-scale purchases by a whale or institutional investor.
