Recent data analysis by CryptoSlate brought to light an unusual pattern of massive inflows and outflows on cryptocurrency exchanges. Notably, Kraken, one of the prominent crypto exchanges, has been at the heart of this trend with significant movements of digital assets in recent weeks.
On Nov. 1, Kraken experienced the third largest outflow this year, with approximately $75 million leaving the exchange. In a fascinating deviation, this departure was accompanied by the second largest inflow of the year – a hefty sum reaching nearly $100 million.
The inflow was primarily driven by large investors, often dubbed ‘whales,’ while the outflows were characterized by transactions ranging from $1 million to slightly less than $ 10 million.
The recent week has highlighted a distinct divergence in the transaction patterns on Kraken. Specifically, we observe inflows of Bitcoin exceeding $10 million arriving at the exchanges, while the outflows are predominantly transactions of less than $10 million leaving the exchanges.
Similarly, last week, Crypto.com saw its most significant influx in a year, reinforcing the unprecedented surge of capital mobility on crypto exchanges.
Net Transfer Volume from/to exchanges: 7-Day Moving Average (Source: Glassnode)
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