Kraken Sees Major Bitcoin Whale Activity as Market Enters Late-Cycle Phase

Bitcoin's price recently declined to $97,500, coinciding with significant profit-taking by long-term holders. Daily outflows have doubled to 26,000 BTC since July, with notable activity from whale Owen Gunden, who transferred $237 million worth of Bitcoin to Kraken. This movement aligns with late-cycle distribution rather than panic selling. Additionally, U.S. spot Bitcoin ETFs recorded $869 million in outflows, marking the second-largest withdrawal on record. Glassnode's analysis suggests this behavior mirrors historical late-cycle trends, indicating a cautious but strategic approach by major investors. As of November 2025, the market remains watchful of further whale movements and ETF flows for signals of broader sentiment shifts.

Bitcoin Whales Take Profits as Market Enters Late-Cycle Phase

Bitcoin's price decline to $97,500 coincides with heightened distribution from long-term holders, with daily outflows doubling to 26,000 BTC since July. The movement follows a $237 million transfer by whale Owen Gunden to Kraken, emblematic of late-cycle profit-taking rather than panic selling.

U.S. spot ETFs recorded $869 million in outflows, the second-largest withdrawal on record. Glassnode's analysis suggests this mirrors historical patterns where early investors capitalize on gains during bull market maturation phases.

The cryptocurrency's 5% intraday drop below $100,000 reflects natural market dynamics rather than structural weakness. Similar distribution patterns preceded previous cycle peaks, with seasoned investors methodically rotating capital.

Kraken Dismisses IPO Speculation Amid Strong Financial Position

Kraken, one of the largest cryptocurrency exchanges, is resisting the industry-wide rush toward public listings despite favorable market conditions. Co-CEO Arjun Sethi emphasized the company's robust financial health in a recent interview, stating, "We are financially sound. We know how to manage risk inside our own walls." The remarks come amid speculation that Kraken was eyeing a 2026 IPO.

While competitors like Circle (CRCL) capitalize on the TRUMP administration's relaxed regulatory stance, Kraken appears content to operate as a private entity. "We have enough capital on our balance sheet today," Sethi noted, underscoring the exchange's deliberate growth strategy. The Bloomberg-style narrative reveals a firm charting its own course rather than succumbing to IPO FOMO.