Kraken Moves $820M in Bitcoin—Mystery or Routine Transfer?

Nearly $820 million worth of Bitcoin (9,890 BTC) has unexpectedly exited Kraken’s cold wallet, raising speculation in the crypto world. The massive transfer, flagged by blockchain tracker Whale Alert, was split into two tranches and sent to the address "bc1qcard." While Kraken has yet to comment, Arkham Intelligence suggests the wallet might still be under Kraken’s control, hinting at a possible internal reshuffle rather than an external transaction.

The timing of this move is significant, as Bitcoin trades at $82,830 amid cautious market sentiment. Traders are watching whether BTC can reclaim the $85,000 level or risk further downward pressure, with $80,000 now a key support zone. Ethereum (ETH) is also under scrutiny, with analysts predicting a potential drop to $1,500.

Adding to the uncertainty, Fidelity recently filed for a staking ETF, but market reaction has been lukewarm, with prices dipping shortly after the announcement. Whether this BTC transfer signals a strategic move or routine management remains to be seen, but investors are keeping a close eye on Kraken’s next move.