According to a post on Friday in X, on-chain data tracking platform Whale Alert has discovered a massive Bitcoin transfer that flows to Kraken, a leading US-based cryptocurrency exchange.
Large BTC forwarding sparks suspect
The tracker revealed that the value of up to 2,529 BTC, over $277 million, was moved to the exchange within two hours.
A massive Bitcoin transfer, which suggests that Bitcoin Zilla might be trying to sell its assets, happened in two separate transactions.
In the first transfer, 900 BTC was worth $97,830,897, moving from Binance, the world’s leading crypto exchange to Kraken.
Meanwhile, the second consecutive transfer was discovered in an unknown wallet containing 1,629 BTC worth $178,533,840.
Large-scale Bitcoin transfers come when the crypto market is experiencing a massive blood bath.
The reasons behind the massive Bitcoin transfer remain uncertain, but it has sparked concern among market watchers as a plunging market has doubted investors and indicates an increase in sales activity.
Bitcoin is back to $100,000
Despite achieving a new all-time high of $111,970 on May 22nd, Bitcoin began trading negatively a day later as the market returned to uncertain mode. Among the markets, Bloodbath, Bitcoin and other major cryptocurrencies recorded prominent lows on Friday.
This negative trend has led to a 2.31% drop in the world’s biggest cryptocurrency on the last day, according to CoinMarketCap data. As such, BTC is trading at $108,726 at the time of reporting.
Following this notable charge at Bitcoin prices, BTC has dropped by around 2.68% from the ATH that it achieved the day before.
On the contrary, Bitcoin has skyrocketed incredibly high, up from the largest ever low increase seen 15 years ago, to a nine-digit increase.
Alongside Bitcoin, major altcoins followed these bearish trends when they returned to their previous lows after achieving a major breakout.
Market dip has spurred macroeconomic concerns, but investors are interested if a big bull still runs ahead of it.
