$277 Million Bitcoin (BTC) Transfer Stuns Major Crypto Exchange

Whale Alert Tracks Massive Bitcoin Transfers to Kraken Exchange

On-chain data tracking platform Whale Alert has detected significant Bitcoin transfers flowing into the major U.S.-based cryptocurrency exchange, Kraken. According to a report on Friday, the tracker revealed up to 2,529 BTC worth more than $277 million were transferred into the exchange in less than two hours.

The large Bitcoin transfer, which suggests Bitcoin whales may be preparing to sell, occurred in two separate transactions. The first involved 900 BTC worth $97.8 million moving from Binance to Kraken. Shortly after, an additional 1,629 BTC worth $178.5 million was sent from an unknown wallet to the same exchange.

These substantial transfers coincide with a broader crypto market downturn, indicating whales may be offloading their Bitcoin holdings. Despite Bitcoin reaching a new all-time high of $111,970 on May 22, the market has since turned bearish, with BTC and other major cryptocurrencies experiencing notable declines by Friday.

Bitcoin has dropped 2.31% in the past 24 hours, trading at $108,726 at press time. This represents a 2.68% decline from its recent peak. Other leading altcoins have followed this downward trend, retreating from their recent highs.

While macroeconomic concerns continue to influence market sentiment, investors remain watchful for signs of another potential bull run.