$277 Million Bitcoin transfer shocks leading Crypto Exchange

The on-chain tracking service Whale Alert has detected an enormous Bitcoin movement into Kraken, a prominent U.S.-based cryptocurrency exchange, according to a post on X on Friday.

In less than two hours, up to 2,529 BTC—worth over $277 million—were transferred into Kraken, raising concerns among market watchers. The data suggests that Bitcoin whales might be offloading their assets.

The transfers happened in two distinct transactions. The first involved 900 BTC valued at approximately $97.8 million, moving from Binance, the world’s top crypto exchange, to Kraken. The second transfer, executed immediately after, involved 1,629 BTC worth around $178.5 million, sent from an unidentified wallet to the same exchange.

This massive movement comes at a time when the crypto market is in a deep downturn, prompting speculation that large holders are liquidating their Bitcoin to capitalize on the market slump.

Meanwhile, Bitcoin’s price has taken a hit. After reaching an all-time high of $111,970 on May 22, Bitcoin began to decline, trading at $108,726 by press time—a drop of about 2.31% within one day, according to CoinMarketCap data. This also marks a 2.68% fall from its peak reached the previous day.

Despite this recent dip, Bitcoin has shown remarkable growth from its all-time lows 15 years ago, with its value soaring into nine-figure territory. Other major altcoins are also following a bearish trend, as they recede to levels seen before their recent breakouts.

While macroeconomic worries continue to dampen market sentiment, investors remain watchful, speculating whether a substantial bull run could be on the horizon.