Transfers from exchanges to wallets labeled unknown exceeded movements from such wallets into exchanges by $135.8 million in a reported five-transfer snapshot, a gap that measures transfer direction but not completed trades.
At the snapshot window’s 1:01 a.m. ET Nov. 6 close, transfers from exchanges to wallets labeled unknown totaled $204.3 million; transfers from wallets labeled unknown to exchanges totaled $68.5 million.
Two Bitcoin transfers accounted for the exchange outflow: Coinbase Institutional moved 1,000 BTC, valued at $75.9 million, at 11:13 p.m. ET Nov. 5, while Kraken moved 1,694 BTC, worth $128.4 million, at the same time. Both went to wallets labeled unknown. Kraken’s transfer had the highest stated value among the five movements.
In the other direction, 903 BTC valued at $68.5 million reached Coinbase Institutional from a wallet labeled unknown at 10:41 p.m. ET Nov. 5.
The full tally was $512.6 million. Two transfers between Bitfinex and Tether Treasury made up $239.8 million of that amount: each sent 120 million Tether (USDT) to the other at 10:09 p.m. ET Nov. 5, with each transfer valued at $119.9 million. Those movements were excluded from the exchange-flow comparison.
Market watchers sometimes read an exchange deposit as a potential sale signal; an outbound transfer may be taken as a sign that tokens are being held. The records alone do not show whether an asset was bought or sold.
