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Crypto
Large On-Chain Movements: $231M BTC Transfer and $36.7M ETH Kraken Deposit
12/02/2025, 02:06
AI SUMMARY
●Ten new wallets received $231M in BTC from BitGo custody
●Whale deposited $36.7M in ETH to Kraken after swapping from stETH
●Movements signal potential selling pressure and custody shuffling
Data from Lookonchain reveals significant asset movements, with ten newly created wallets receiving 2,612 BTC (approximately $231 million) from BitGo over the past week. This large-scale transfer suggests potential custody reorganization or OTC settlement.
Separately, a whale wallet swapped stETH for ETH and deposited 13,356 ETH ($36.7 million) to Kraken. Such deposits to exchanges are typically monitored by traders as potential indicators of selling intent.