Massive SOL Transfers Between Pump.fun and Kraken Trigger On-Chain Monitoring

• Pump.fun moved over 140,000 SOL via 14 transactions to Kraken in 24 hours.
• Total SOL transfers to Kraken now exceed 3.2 million, valued at $591 million.
• Repeated routing through one wallet suggests organized liquidity or fund cycling strategy.

Over the past 24 hours, wallets linked to Pump.fun have transferred large volumes of Solana (SOL) to Kraken, raising concerns across the blockchain analytics space. Tracked and flagged by Lookonchain, the movements highlight repeated transfers totaling more than 140,000 SOL, valued at approximately $22 million, spread across just 14 transactions.

Pumpfun(@pumpdotfun) just deposited 105,233 $SOL($15.86M) to #Kraken again.

So far, #Pumpfun has deposited 3,202,498 $SOL($591M) to #Kraken at $185 and sold 264,373 $SOL for 41.64M $USDC at $158.https://t.co/5RILtJP0wu pic.twitter.com/JJZHOku8XB

— Lookonchain (@lookonchain) May 2, 2025

On Thursday, Pumpfun (@pumpdotfun) sent Kraken a fresh deposit of 105,233 SOL (worth around $15.86 million). The address has reportedly transferred a cumulative 3,202,498 SOL to Kraken, estimated at $591 million based on an average rate of $185 per token. Pump.Fun has also sold 264,373 SOL at $158 each recently, resulting in $41.64 million in USDC proceeds.

Central Wallet Functions as Temporary Holding Point

The transactions observed were not conducted directly between protocol addresses and Kraken. Instead, the SOL tokens were routed through an intermediary address, 5srU8PNFxF…Ry5pjPyGoE, which has a documented history of engaging with Kraken.

Multiple protocol fee wallets from Pump.fun, such as Fee Accounts 2, 3, 6, and 7, each transferred about 6,700 SOL to the intermediary wallet. Shortly after receipt, the same amounts were forwarded to Kraken.

In one instance, 66,960.78 SOL, worth approximately $10.9 million, was sent from Pump.fun’s Protocol Fee 7 wallet to the intermediary. Within minutes, the same amount was put into Kraken. Mirror transactions of the same kind were observed on the other fee accounts, with the same kind of recurring incoming and outgoing fund flow between the same addresses.

The transfers are organized in terms of structure and sequence for managing funds. The lack of diverse transaction sizes with more roles per wallet indicates they are arranged through some programmed mechanism, such as for liquidity redistribution or platform operations.

Patterns Resemble Liquidity Cycling or Market Rebalancing

There is no indication of unauthorized access or malicious behavior related to the observed transfers. However, the coordinated movement of funds has prompted increased scrutiny from analysts who track whale activity and protocol fund flows. Some noted that the regularity and frequency of the transactions may point to internal liquidity management practices or automated fund cycling.

Due to the continual sending of funds to Kraken, when all other Kraken-addressed funds come from an AMM-labeled wallet, it may indicate that Pump.fun utilizes exchange liquidity as part of a broader market strategy. The precise purpose remains undisclosed.

While they watch them for more high-volume activity, blockchain watchers can flag the addresses. As the ecosystem growth and activity pick up on Solana, attention will remain on these transaction flows.