On-chain data tracking platform Whale Alert has spotted massive Bitcoin transfers flowing into a major U.S.-based cryptocurrency exchange, Kraken, according to an X post on Friday.
Massive BTC transfer sparks doubts
The tracker revealed up to 2,529 BTC worth more than $277 million have been transferred into the exchange in less than 2 hours.
The large Bitcoin transfer, which suggests that Bitcoin whales might be making attempts to sell off their assets, happened in two separate transactions.
The first transfer saw 900 BTC worth $97,830,897 move from the world’s leading crypto exchange Binance to Kraken.
Meanwhile, the second transfer, which happened consecutively, was spotted from an unknown wallet, involving 1,629 BTC worth $178,533,840 being moved to the same exchange.
The massive Bitcoin transfers come at a time when the crypto market is experiencing a massive bloodbath, suggesting that Bitcoin whales are relenting and dumping their Bitcoin holdings on exchanges to sell.
Although the reason behind the large Bitcoin transfer remains uncertain, it has sparked concerns among market watchers as the plummeting market has left investors in doubt, indicating increased selling activities.
Bitcoin returns to $108K
Despite achieving a new all-time high (ATH) of $111,970 on May 22, Bitcoin has begun trading negatively a day after as the market returns to an uncertain mode. Amid this market bloodbath, Bitcoin and other leading cryptocurrencies have recorded notable lows on Friday.
This negative trend has seen the world’s largest cryptocurrency decline by 2.31% over the last day, according to data from CoinMarketCap. As such, BTC is trading at $108,726 as of press time.
Following this notable plunge in Bitcoin’s price, BTC has fallen by about 2.68% from the ATH it achieved the previous day.
On the contrary, Bitcoin has surged incredibly high with up to a 9-figure increase from its all-time low seen 15 years ago.
Alongside Bitcoin, leading altcoins have followed these bearish trends as they return to previous lows after achieving major breakouts.
While the market dip has been fueled by macroeconomic concerns, investors are curious if there is still a bigger bull run ahead.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team