Whale Alert Detects $277M Bitcoin Transfers to Kraken Amid Market Dip

On-chain tracker Whale Alert has reported two massive Bitcoin transfers totaling 2,529 BTC (worth over $277 million) to U.S.-based crypto exchange Kraken. The first transaction involved 900 BTC, valued at approximately $97.8 million, moved from Binance. The second, even larger transfer of 1,629 BTC worth $178.5 million came from an unidentified wallet. Both occurred within a two-hour window, sparking concerns about potential sell-offs by Bitcoin whales.

These significant inflows to Kraken come during a period of heightened market volatility. Bitcoin, which hit a new all-time high of $111,970 on May 22, has since dropped to around $108,726—a 2.31% daily decline and a 2.68% pullback from its recent peak. The broader crypto market is also experiencing a sharp downturn, with major altcoins following Bitcoin’s downward trend.

The timing of these whale movements suggests increasing selling pressure, especially as macroeconomic uncertainties continue to weigh on investor sentiment. Although the motive behind the transfers remains unclear, such large deposits typically indicate preparations to sell, intensifying fears of further downward momentum.

Despite the short-term dip, Bitcoin remains significantly up from its historic lows, reflecting long-term growth potential. Still, the sudden activity has traders questioning whether this is a temporary correction or a signal of a deeper bearish phase. Market participants are now closely monitoring on-chain flows and exchange activity for further signs of direction.

As the market recalibrates, all eyes remain on how whales navigate these volatile conditions and whether retail investors will follow or resist the bearish momentum.