As Bitcoin Plunges, Whale Makes Waves With $77.67M Deposit Into Kraken
Portfolio Pulse from Bibhu Pattnaik
A Bitcoin whale deposited 1,200 BTC, worth $77.67 million, into the Kraken exchange, as reported by Lookonchain. This transaction follows the whale's accumulation of 24,755 BTC valued at $1.68 billion between March 1 and April 15. The deposit coincides with a surge in exchange inflows from Bitcoin whales, reaching a five-month high, indicating potential profit-taking and a possible price correction for Bitcoin.
April 27, 2024 | 3:29 pm
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The significant deposit of 1,200 BTC into Kraken by a whale, following an accumulation phase, alongside a surge in whale exchange inflows, suggests potential short-term volatility and a possible price correction for Bitcoin.
Whale transactions, especially of this magnitude, can lead to significant market movements. The deposit into Kraken, coupled with the highest whale inflow in five months, suggests that whales might be looking to take profits, which could lead to a sell-off and a subsequent price correction. Given the historical impact of similar transactions, a negative short-term impact on Bitcoin's price is likely.
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