Combined $340M Worth of Bitcoin (BTC) and Solana (SOL) Were Transferred to Exchange Kraken

Recently, a combined $340 million worth of Bitcoin (BTC) and Solana (SOL) were transferred to major U.S.-based exchange Kraken from two separate unknown sources.

Recently, a combined $340 million worth of Bitcoin (BTC) and Solana (SOL) were transferred to major U.S.-based exchange Kraken from two separate sources.

According to data from Whale Alert, 1,544,974 SOL (around $278,810,030) were moved to Kraken within an hour of 500 BTC (about $51,900,000) also arriving at the exchange.

Initially flagged as coming from “unknown wallets,” more sophisticated blockchain data from Arkham reveals that both transactions originated from previously identified institutional and exchange-linked addresses.

The Solana transaction was linked to one of Kraken’s own cold wallets, suggesting internal reallocation rather than an external deposit. However, the size of the movement is eye-catching and may signal heightened liquidity usage, for increased client trading or market-making activities perhaps.

The Bitcoin transaction was linked to a hot wallet owned by Deribit, an institutional derivatives exchange recently acquired by Coinbase (NASDAQ:COIN). A total of 699.7 BTC were sent, but only 500 BTC was deposited into Kraken; the remainder stayed in the original wallet.

Despite the size of the transfers, the price action of both cryptocurrencies appeared muted. SOL is trading at around $181 after a minor intraday drop and recovery. Meanwhile, Bitcoin remains stable at around $104,000. So, neither asset showed signs of major volatility.

Although there were no immediate exchange-wide announcements following the transactions, their scale and coordination suggest backend exchange operations or larger institutional strategies rather than retail activity.

While these transactions are not uncommon individually, they raise questions about the timing. Hence, it is worth keeping a close eye on the market in the coming hours.

This article was originally published on U.Today

Should you invest in PNG at $118.87 right now?

Consider this: ProPicks AI are 6 easy-to-follow model portfolios created by Investing.com for building wealth by identifying winning stocks and letting them run. Over 150,000 paying members trust ProPicks to find new stocks to buy – driven by AI. The ProPicks AI algorithm has just identified the best stocks for investors to buy now. The stocks that made the cut could produce enormous returns in the coming years. Is PNG one of them?