![Kraken experiences largest outflow with $1.6 billion in Bitcoin transactions](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/05/kraken-3.png&w=70&h=37&q=75)
Quick Take
Kraken, the digital asset exchange, recently experienced its largest outflow in dollar value, with approximately $1.6 billion being transferred out of the platform on May 30, according to Glassnode data.
![Net Transfer Volume: Kraken: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/05/kraken.png)
According to Arkham Intelligence Transaction data, this significant movement was executed through five transactions from Kraken’s deposit to an external address: three transactions of 6,000 BTC each and two transactions of 5,000 BTC each. The transferred Bitcoin, totaling roughly 28,000, is currently held in the address “bc1q.”
![Transactions from Kraken: (Source: Arkham Intelligence)](https://cryptoslate.com/wp-content/uploads/2024/05/kraken-1.png)
The outflows were precisely timed with Bitcoin’s price surge above $69,500, as observed on a 10-minute resolution chart, according to Glassnode data.
![Net Transfer Volume: Kraken: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/05/kraken-2.png)
According to Glassnode, Kraken’s exchange balance has now dropped to approximately 148,000 BTC, a level last observed in May 2020.
![Exchange Balance: Kraken: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/05/kraken-3.png)
It is possible that the transfers were part of an internal transfer to an as-yet untagged Kraken wallet. However, given the timing and price movements, it is certainly possible that this was part of a series of large purchases.