Kraken's 1,694 BTC Transfer Leads $512.6 Million in Crypto Moves

Kraken sent 1,694 Bitcoin (BTC) worth $128.4 million to an unknown wallet at 11:13 p.m. ET Thursday, leading five large transfers worth $512.6 million in a three-hour window ending at 1:01 a.m. ET Friday.

Across the window, $204.3 million moved from exchanges to unknown wallets, compared with $68.5 million moving from unknown wallets to exchanges. The difference between those flows was $135.8 million toward unknown wallets.

A separate six-transfer roundup from Oct. 8 had the same $512.6 million total, but covered a different set of transactions.

The Kraken transfer was joined by a 1,000 BTC transfer worth $75.9 million from Coinbase Institutional to an unknown wallet at 11:13 p.m. ET Thursday. Those two transfers made up the exchange outflow total. At 10:41 p.m. ET, an unknown wallet sent 903 BTC worth $68.5 million to Coinbase Institutional, accounting for the reported inflow.

At 10:09 p.m. ET Thursday, Bitfinex sent 120 million USDT valued at $119.9 million to Tether Treasury. At the same time, Tether Treasury sent 120 million USDT worth $119.9 million to Bitfinex. The two transfers totaled $239.8 million and were separate from the exchange-flow figures.

Transfers to exchanges are sometimes watched as potential selling activity, while transfers away from exchanges may be viewed as potential holding activity. The movements alone do not establish whether any asset was bought or sold.